Insolvency & Bankruptcy

The state of not being able to pay one's debts or having an excess of liabilities over assets.

• insolvent

• bankrupt

• liquidation

• winding-up

The procedure whereby the assets of a company are gathered in and realized, the liabilities met and the surplus, if any, distributed to members.

• insolvent

• winding-up

• liquidator

• bankruptcy

The person appointed to deal with the the assets and liabilities of the company once the resolution to wind-up has been passed or a compulsory winding-up order has been made.

• trader

• liquidator

• creditor

• officer

The liquidator appointed by court whose responsibilities cover bankruptcies and compulsory liquidation.

• liquidator

• creditor

• discharged bankrupt

• official receiver (OR)

Where a company has carried on business with intent to deceive creditors or misrepresenting facts to benefit itself.

• administration order

• undischarged bankruptcy

• fraudulent trading

• compulsory liquidation

The placing of a company into liquidation as a result of an application to the court, usually by a creditor.

• bankruptcy

• insolvency

• compulsory liquidation

• winding-up

Someone against whom a bankruptcy order has been made.

• creditor

• liquidator

• official receiver (OR)

• bankrupt

A court order placing a company that is, or is likely to become, insolvent under the control of an administrator.

• administration order

• compulsory liquidation

• bankruptcy

• winding-up