Debt

Our Debt Glossary

 

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

Assets 

 

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

 

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

 

County Court Officer who can serve Court documents and execute warrants

Charge 

 

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

 

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 Debtor

 

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

 

A person to whom money is owed by a debtor

 

The most common type of Liquidation

 

Formal debt agreement

Debtor 

 

Person owing money to another party

 

Seizure of debtors goods following non payment of a Court order

 

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

 

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

 

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

 

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

 

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

 

See Bankruptcy

 

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 them

 

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

Levy 

 

The process of a bailiff asserting a claim to goods

Lien 

 

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

 

A civil servant who manages insolvency proceedings

 

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

 

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 goods

 

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

 

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 debtor

 

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 debtor

 

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 auction

 

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