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Debt
- Administration orderThis is a court order which requires a debtor to pay money to the court, which then distributes it amongst any...
- AssetsAny property or rights which do not inlclude land or interest in...
- Attachment of EarningsAn order which directs a Debtor's employer to regularly deduct an amount from their earnings for payment to the...
- BailiffCounty Court Officer who can serve Court documents and execute...
- ChargeSecurity for the payment of a debt upon sale of a...
- Charging OrderThis is a charge imposed by the court on the debtor's property to secure payment of the sum that is due and also An order directing that a charge be registered at the Land Registry on property owned by a...
- CreditorA person to whom money is owed by a...
- Creditors Voluntary LiquidationThe most common type of...
- DebentureFormal debt...
- DebtorPerson owing money to another...
- ExecutionSeizure of debtors goods following non payment of a Court...
- Floating ChargeA form of security for a Debt - generally goods or assets rather than...
- Garnishee OrderA summons issued by a plaintiff, against a third party, for seizure of money or other assets which belong to the...
- GuaranteeA secondary agreement by which one person promises to honour the debt of another if that debtor fails to...
- IndemnityThis is a promise by a third party to pay a debt owed, or repay a loss caused, by another...
- Individual Voluntary AgreementThis is an arrangement between the debtor and their creditors to repay a percentage of the debt over the life of the...
- InsolvencySee...
- Joint and Several LiabilityWhere two or more people enter into an obligation together, joint and several liability allows that the lender or creditor to recover debt from any one of...
- Letter before actionThis is a formal letter setting out any debts before going to court, usually sent as a final...
- LevyThe process of a bailiff asserting a claim to...
- LienA legal right to withhold goods or property until payment is made by a...
- Official ReceiverA civil servant who manages insolvency...
- Redemption of SharesA company can redeem shares which are issued as redeemable shares by repaying the nominal value to the shareholder, whereupon the shares are...
- Retention of titleThis is a clause which ensures that where goods are supplied on credit, if the buyer subsequently goes into bankruptcy, the seller can repossess the...
- Statement of AffairsThis is a form of financial statement setting out the debtor's assets and...
- Walking possessionA signed agreement by a debtor not to remove goods levied by a bailiff and to allow the bailiff access to inspect the goods, in consideration of which the bailiff leaves the goods in the possession of the...
- Warrant of DeliveryMethod of enforcing a judgment for the return of goods or value of the goods by which a bailiff is allowed to recover the goods or their value from the...
- Warrant of ExecutionMethod of enforcing a monetary claim whereby a bailiff is authorised, instead of payment, to seize and remove goods belonging to a defendant for sale at public...
- Winding UpThe voluntary or compulsory closure of a company and subsequent realisation of assets and payment to...