Bit cheeky to wrap neckline in the red (9)
I believe the answer is:
insolvent
'in the red' is the definition.
(I've seen this before)
I don't understand how the remainder of the clue works.
Can you help me to learn more?
(Other definitions for insolvent that I've seen before include "on the rocks" , "strapped for cash" , "gone to the wall" , "Broke" , "In the red" .)