The Collaborative International Dictionary of English v.0.48:

Insolvent \In*sol"vent\, a. [Pref. in- not + solvent: cf. OF.
   insolvent.] (Law)
      (a) Not solvent; not having sufficient estate to pay one's
          debts; unable to pay one's debts as they fall due, in
          the ordinary course of trade and business; as, in
          insolvent debtor.
      (b) Not sufficient to pay all the debts of the owner; as,
          an insolvent estate.
      (c) Relating to persons unable to pay their debts.
          [1913 Webster]

   Insolvent law, or Act of insolvency, a law affording
      relief, -- subject to various modifications in different
      States, -- to insolvent debtors, upon their delivering up
      their property for the benefit of their creditors;
      bankruptcy law. See Bankrupt law, under Bankrupt, a.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Insolvent \In*sol"vent\, n. (Law)
   One who is insolvent; as insolvent debtor; -- in England,
   before 1861, especially applied to persons not traders.
   --Bouvier.
   [1913 Webster]

Moby Thesaurus II by Grady Ward, 1.0:

28 Moby Thesaurus words for "insolvent":
   bankrupt, broke, broken, busted, destitute, down-and-out, failed,
   failure, fortuneless, homeless, impoverished, in Queer Street,
   in receivership, in the gutter, in the red, indebted,
   insolvent debtor, lame duck, landless, moneyless, on the rocks,
   out of funds, penniless, propertyless, ruined, unsound, wiped out,
   without a sou