I have found it:
Insolvency is defined as a financial condition or state experienced when:
1. A legal entity* or a person’s liabilities (debts) exceeds their assets, commonly referred to as 'balance-sheet' insolvency; or
2. When a legal entity* or person can no longer meet their debt obligations on time as they become due, commonly referred to as 'cash-flow' insolvency.
Bankruptcy is defined as a successful legal procedure that resulted from:
1. An application to the relevant court by a legal entity* or a person in order to have themselves declared bankrupt; or
2. An application to the relevant court by a creditor of a legal entity* or a person in order to have the legal entity* or person declared bankrupt; or
3. A special resolution which a legal entity* files with the Registrar of Companies in order to be declared bankrupt.
(* legal entity: Close Corporation or Company )
Be aware that I am not a native speaker nor a teacher.