A certificate from the court to signify that a County Court Judgment has been paid in full. CHAPS

All monies a business owes a creditor for the provision of its goods or services. Accounts receivables

A court order that allows a county court to administer all your payments to creditors. Applicable if you have at least one County Court or High Court Judgment against your business, combined debts of [..]

When an invoice is raised before the goods are delivered or service commenced. Adverse credit history

A document detailing the balances a business is owed from each customer, split either by the invoices’ issued dates or due dates. Arrears

The process whereby a company sells a debt to another company. Audit

Bankers’ Automated Clearing System: the process by which funds are transferred electronically from one bank account to another, taking three days to clear. Bad debt

Reclaiming the VAT paid to HM Revenue & Customs for the sale by writing off bad debts of more than six months. Bailiffs

A certificate awarded by the court to a bailiff who is deemed a ‘fit and proper person’. This should always be available for inspection when carrying out their work, including their photographic ident [..]

A legal process where a business is declared insolvent and therefore unable to settle any outstanding debts. Any remaining assets are transferred to a trustee and sold to settle debts, with any remain [..]