declararse insolvente
declare insolvent
The Spanish phrase 'declararse insolvente' translates to 'declare insolvent' in English. This term is often used within legal and financial contexts, implying an individual or organization's inability to pay off their debts. When a person or entity 'declares insolvency', it's a formal acknowledgement of their financial state, often leading to bankruptcy proceedings to alleviate or manage the owed amounts.
Example sentences using: declararse insolvente
Mi empresa tuvo que declararse insolvente debido a las pérdidas financieras.
My company had to declare bankruptcy due to financial losses.
In this example, the phrase 'declararse insolvente' refers to a financially failing company that is unable to meet its debts, so it files for bankruptcy.
Después de que su inversión falló, Juan no tuvo más opción que declararse insolvente.
After his investment failed, Juan had no other option but to declare bankruptcy.
Here, the phrase 'declararse insolvente' is used to refer to an individual (Juan) declaring bankruptcy. After a failed investment, he was unable to pay his debts and therefore had to take this step.
La familia tuvo que declararse insolvente después de ser víctima de fraude.
The family had to declare bankruptcy after being victims of fraud.
In this context, 'declararse insolvente' is used to describe a family's financial state following a fraudulent incident. They were, subsequently, unable to meet their financial commitments and had to declare bankruptcy.