Which term refers to a person unable to pay their debts?

The term "insolvent" specifically refers to a person or entity that is unable to pay their debts as they become due. When an individual or business finds itself in a situation where its liabilities exceed its assets, or it simply cannot meet its financial obligations, they are considered insolvent. This legal status is significant because it can lead to bankruptcy proceedings or other forms of debt restructuring to address the financial difficulties.

Other terms listed, such as convict, corporation, and alien friend, do not relate to the financial condition of being unable to pay debts. A convict refers to a person who has been found guilty of a crime, a corporation is a legal entity created under corporate law, and an alien friend is a term used to describe foreign nationals who are not citizens but are residing in a country legally. None of these terms pertain to insolvency or the inability to meet financial obligations.