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"Does insolvency not occur when the asset value does not exceed the liability value?" Yes it can do. Alternatively, when a business is cashflow insolvent.
"Does the IP not have access to the assets for the purpose of pursuing a legitimate claim?" Not necessarily, no. On most occasions, assets are charged to the bank and the IP is not free to sell them and use them to pursue litigation.
"Does the IP not charge for the work he does irrespective of whether that work is done in the pursuit of a debt or in merely writing for an unpaid account?" Many charge on a time cost basis. To the extent that ultimately there is nothing in the pot, they end up writing their time off.

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