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Liquidation terms - what do they mean? |
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Creditor - someone to whom the company owes money.
Debt - the money the company owes.
Dissolution - the process by which a company is removed from the Register held at Companies House and therefore ceases to exist.
Execution - a creditor who has obtained judgment against the company and has not been paid can apply to the court for 'execution', which gives the sheriff or bailiff the power to seize the company's assets to pay the debt.
Insolvency practitioner - an authorised person who specialises in insolvency, usually an accountant or solicitor. They are authorised by the Secretary of State or one of a number of recognised professional bodies.
Liabilities - the money the company owes.
Liquidator - may be either the Official Receiver or an insolvency practitioner. The liquidator's main duties are to collect and sell the company's assets and pay the creditors.
Realisation - sale or disposal of assets.
Rescission of a winding-up order - a court order that cancels the winding-up order.
Winding-up order - a court order that places a company into liquidation.
Winding-up petition - a request to the court for a company to be placed into liquidation.
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