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Insolvency - whereby a company ceases to trade. Insolvency can be either voluntary or compulsory and the company usualy owes money to other companies (creditors).
Insolvency can take many forms - IVA (individual Voluntary Arrangement), CVA (Company Voluntary Arrangement), Bankruptcy, Administration, Moratorium, Receivership, Liquidation, etc, - the key is that a court has agreed to some form of action.
Note that if you cannot persue a company or individual through the courts because an IVA or CVA has been proposed or agreed, and then the IVA/CVA subsequently fails or is not agreed by the creditors, then you can recommence legal action.
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