1. unable to convert an investment to cash in a short period of time with a minimum capital loss.
2. lacking cash (or working capital) or having a low current ratio. See also liquid .

Finance: firm that lacks sufficient cash flow to meet current and maturing obligations.
Investments: not readily convertible into cash, such as a stock, bond, or commodity that is not traded actively and would be difficult to sell at once without taking a large loss. Other assets for which there is not a ready market, and which therefore may take some time to sell, include real estate and collectibles such as rare stamps, coins, or antique furniture.

asset not easily sold for cash, for example, a loan with a limited secondary market. Such loans can, however, be sold through private placement with an investor, sometimes at a discount from face value.

Also, assets that are not counted toward a bank's core capital, such as real estate owned through foreclosure and nonmarketable securities.

Finance: firm that lacks sufficient cash flow to meet current and maturing obligations.
Investments: not readily convertible into cash, such as real estate, collectibles (rare stamps, coins, antique furniture, etc.), or inactive securities.