hopelessly insolvent

hopelessly insolvent
Irretrievably insolvent; such state of insolvency that it is manifestly impossible to continue in business and meet obligations. Forsythe v First State Bank, 185 Minn 255, 241 NW 66, 81 ALR 1074. Where, at the time in question, there is a reasonable hope and expectation on the part of the officers of a bank that a consolidation plan may be consummated and that the business of the bank may be continued and its fortunes retrieved, the bank is not hopelessly and irretrievably insolvent. Washington Shoe Mfg. Co. v Duke, 126 Wash 510, 218 P 232, 37 ALR 611.

Ballentine's law dictionary. . 1998.

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