if you can't meet your obligations as and when they fall due, you're insolvent. Contractual specification from there.
Paying someone a week late (or not at all) on net 30 terms does not trigger insolvency proceedings. The type of obligation matters.
alt Hacker News
Paying someone a week late (or not at all) on net 30 terms does not trigger insolvency proceedings. The type of obligation matters.