Any matter of fact that a party to a claim or action offers to provide to prove or disprove an issue in the case. The strongest type of evidence is that which provides direct proof of the truth of an assertion. At the other extreme is evidence that is merely consistent with an assertion but does not rule out other, contradictory assertions, and may be viewed as circumstantial evidence.

The state or condition of being unable to pay money owed, by a person or a company, on time. Those in a state of insolvency are referred to as insolvent.

A formal promise by one party (the guarantor or surety) to another party (the creditor) to accept responsibility of a third party’s (the principal debtor) debt, if that third party cannot or refuses to pay it.

A legal status imposed by a court order that usually refers to an individual that cannot repay the debts that it owes to creditors.

Is a document that governs the relationship between the company and the outside. It is basically a statement that the subscribers wish to form a company, have agreed to become members, and in the case of a company which is to have a share capital, to take at least one share each.