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What is Bankruptcy?
Assets
Any items owned by the debtor which can be seized and used to clear the outstanding debt
Bankruptcy
The debtor's last resort, - The liquidation of assets to settle part of the debt
Bankruptcy Order
A court imposed declaration of bankruptcy.
Charge
A charge is the seizure of personal property to pay off a debt.
Consolidation Loan
A consolidation loan is one larger loan used to clear smaller debts into one affordable payment
Creditor
A party owed money by a bankrupt person or business.
Director
An individual who directs a company's affairs.
Discharged Bankrupt
Someone whose debt has been written off by bankruptcy.
Disqualification of Directors
Should a director be found guilty of conducting their insolvent company's affairs in an unfit manner, it may lead to a ban on their holding any management position for 2 to 15 years.
Fraudulent Trading
This is when a company continues to operate with the intention of defrauding their creditors. Anyone involved could held be personally liable.
Winding up order
Normally, the result of a creditor's petition, this is a legally binding court order to liquidise a company.
Guarantee
An agreement to repay debt owed by a third party.
PTD
IVA
Petition
An official submission to court.
Preferential creditor
A creditor who's paid before floating charge holders and any other unsecured creditors, including pension schemes and employees.
Proof of debt
A form that is submitted by a creditor during the liquidation procedure. It outlines the details of the claim.
Proxy
Sending a representative to any meetings on your behalf.
Realise
Selling an asset to raise funds for debt repayment.
Rescission
This is the term used when a winding-up order is being called off
Release
Freeing the Official Receiver or Insolvency Practitioner from their duties as trustee, liquidator or administrator.
Secured Creditor
A secured creditor is a creditor that holds collateral over a debtor's assets.
Statement of affairs
Details of all assets, debts and associated creditors, compiled by the bankrupt and sworn under oath.
Trustee
The authorised insolvency practitioner who is tasked with handling the bankrupt person's estate.
Voluntary liquidation
This kind of liquidation in carried out independently, without need the for court action or an official receiver. Solvent companies apply for a Members' Voluntary Liquidation and insolvent companies for a Creditors' Voluntary Liquidation.
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