pbcbusinessrecovery.co.uk

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Definitions (34)

1

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cvl


Creditors’ Voluntary Liquidation
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administration


Administration is designed to protect a company or partnership whilst plans are formulated to achieve one of the statutory objectives
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administrator


A licensed insolvency practitioner appointed to manage the affairs of a company in administration.
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bankruptcy


Bankruptcy is used to deal with an individual who is unable to pay their debts
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bond


Mandatory insurance cover to protect the uncharged assets of an estate, required by legislation for a licensed insolvency practitioner once formally appointed to act.
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bordereau


Another name for a bond
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cdda


Company Directors Disqualification Act (1986)
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company directors disqualification act 1986


An act concerned with the disqualification of persons from being directors or otherwise concerned with a company’s affairs. This act is triggered when a company is placed into administration, receiver [..]
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company voluntary arrangement


A Company Voluntary Arrangement is a procedure which enables an insolvent company to reach an agreement with its creditors to delay or compromise the payment of its debts.
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compulsory winding-up


Compulsory liquidation is a process where the court orders that the company is wound up, following a winding-up petition being presented to the court. It is the only way an unsecured creditor can dire [..]
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