insolvent

"Conditions of our funding are that we would seek repayment if the business becomes insolvent," said a spokesperson.

The program's funding is already in crisis and expected to become insolvent as early as 2033.

Garvey also joined a long line of creditors trying to claw back some money from the insolvent company in bankruptcy court, filing a claim for $675,832 that he said he was owed.

With 58% of the top 92 technically insolvent and annual loses of £10m a year in the Championship viewed as 'a success', football is an industry in desperate need of financial reform.

State guaranty associations protect policyholders when an insurer defaults or becomes insolvent.