A legal proceeding to recover money that is owed to the debtor by some third party.

A total of the current and fixed assets.

Amounts currently owing for goods or services received, whether invoiced or not.

The address of the company where business is carried out if different from the registered office and where the company's assets are likely to be found.

Shares can be issued but only partly paid and the difference between the face value and the amount paid is known as uncalled capital.

A person who has not been granted his discharge or formal permission to resume business dealings. An undischarged bankrupt cannot seek credit over the sum of £50 without disclosing his position to his [..]

A liability to pay all the debts incurred by a business. For a sole trader/proprietor the liability of the owners is not limited to the amount the owner has agreed to invest. All debts of the business [..]

A creditor who has no security for his debt and will therefore rank with other unsecured creditors on an equal basis with no preference in the event of a liquidation or bankruptcy.

The abandonment of a right by one party so that afterwards he or she is prevented from claiming it. It is possible to waive rights by conduct or by express agreement.

Promise or covenant offered usually by a seller to a buyer to describe the goods or services offered and the remedies available to the buyer in the event of default.