1. A person who is unable to pay their debts; one whose liabilities exceed their assets
The insolvent person was forced to declare bankruptcy.
A pessoa insolvente foi obrigada a declarar falência.
2. In legal terms, an individual lacking sufficient funds or assets to meet financial obligations
As an insolvent person, he had to appear before the court.
Como pessoa insolvente, ele teve que comparecer perante o tribunal.