Technical Insolvency ?, page-11

Insolvency applies to companies with debt. If a company cannot pay interest and cap return on its loans, then it becomes insolvent.

TMT has NO debt.

Insolvency is a term where an organisation or individual can no longer meet its financial obligations with its lender
or lenders as debts become due.

Financial obligations like rent, staff, etc, ASIC is not interested in at all. This has to be negotiated between the individual parties
and the firm.