mbiequity.co.uk

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Definitions (26)

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administrator


A Licensed Insolvency Practitioner who controls the business of the company during the period of the Administration. He will normally continue to work with the Directors in order to achieve the aims of the Administration.
Source: mbiequity.co.uk (offline)

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administrative receiver


A Licensed Insolvency Practitioner appointed by the holder of a floating charge. He can carry on the company’s business and sell the business and other assets comprised in the charge to repay the secured and preferential creditors. Floating charges created after 15 September 2003 can no appoint Administrative Receivers. Administrative Receivership [..]
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bankruptcy petition


A Debtor himself or a Creditor can petition for a debtor to be made bankrupt if the debtor passes various insolvency tests that main one being that the creditor is owed more than £750.
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berr


The department for Business, Enterprise and Regulatory, previously known as the DTI: A Government agency which amongst other things runs The Insolvency Service in England & Wales. The BERR is headed by the Secretary of State who often directly appoints the Trustee in Bankruptcy.
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compulsory liquidation


A formal procedure where a company is placed into liquidation by order of the Court.
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creditors’ voluntary liquidation/cvl


A formal procedure relating to an insolvent company. The company ceases to trade and its affairs are wound up by a Liquidator. The procedure is initiated by the shareholders.   Directors Disqualification
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fixed charge


A fixed charge is created by written agreement between a lender and a borrower. The most obvious subject matter of such a charge is immovable property – i.e. a house or factory premises.
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floating charges


A floating charge is created by written agreement between a lender and a borrower. A floating charge is a form of security granted to a creditor over general assets of the company which are usually constantly changing i.e. stock and raw materials. The company can continue to use such assets without reference to the holder of the floating charge. Th [..]
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interim order


A protection order for an individual seeking to enter into an IVA.
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insolvency practitioner


See Licensed Insolvency Practitioner.
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