The act of dishonestly withholding assets for the purpose of stealing them, by one or more persons to whom the assets were entrusted, either to be held or to be used for specific purposes. It is a type of financial fraud and is usually a premeditated crime performed methodically, with the embezzler taking precautions to conceal his or her activities, because it is occurring without the knowledge or consent of the affected person.

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