Debt

  • Administration order

    This is a court order which requires a debtor to pay money to the court, which then distributes it amongst any...

  • Assets

    Any property or rights which do not inlclude land or interest in...

  • Attachment of Earnings

    An order which directs a Debtor's employer to regularly deduct an amount from their earnings for payment to the...

  • Bailiff

    County Court Officer who can serve Court documents and execute...

  • Charge

    Security for the payment of a debt upon sale of a...

  • Charging Order

    This 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...

  • County Court Judgment CCJ

    This is a judgment of a county court which orders a defendant to pay a sum of money to a...

  • Creditor

    A person to whom money is owed by a...

  • Creditors Voluntary Liquidation

    The most common type of...

  • Debenture

    Formal debt...

  • Debtor

    Person owing money to another...

  • Execution

    Seizure of debtors goods following non payment of a Court...

  • Floating Charge

    A form of security for a Debt - generally goods or assets rather than...

  • Garnishee Order

    A summons issued by a plaintiff, against a third party, for seizure of money or other assets which belong to the...

  • Guarantee

    A secondary agreement by which one person promises to honour the debt of another if that debtor fails to...

  • Indemnity

    This is a promise by a third party to pay a debt owed, or repay a loss caused, by another...

  • Individual Voluntary Agreement

    This is an arrangement between the debtor and their creditors to repay a percentage of the debt over the life of the...

  • Insolvency

    See...

  • Joint and Several Liability

    Where 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 action

    This is a formal letter setting out any debts before going to court, usually sent as a final...

  • Levy

    The process of a bailiff asserting a claim to...

  • Lien

    A legal right to withhold goods or property until payment is made by a...

  • Official Receiver

    A civil servant who manages insolvency...

  • Redemption of Shares

    A company can redeem shares which are issued as redeemable shares by repaying the nominal value to the shareholder, whereupon the shares are...

  • Retention of title

    This 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 Affairs

    This is a form of financial statement setting out the debtor's assets and...

  • Walking possession

    A 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 Delivery

    Method 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 Execution

    Method 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 Up

    The voluntary or compulsory closure of a company and subsequent realisation of assets and payment to...
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