noun
a word that refers to a person, place, thing, event, substance, or quality
preposition
a word that shows the relationship between a noun (or pronoun) and other words in a sentence
article
a word that is used to point out or refer to a noun
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The act of insolvency occurs when a company is unable to pay its debts.
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When a company can't pay its bills, that's considered an act of insolvency.
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If a business is broke and can't settle its debts, it's in the act of insolvency.
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His reckless spending was the final act of insolvency that led to his financial downfall.