A court order placing a company, that is or is likely to become insolvent under the control of an administrator in order to achieve the purpose of administration, following a petition by the company, [..]

A licensed insolvency practitioner appointed in relation to a company to manage its affairs and to achieve the purpose of administration. Assets

An individual against whom a bankruptcy order has been made. Bankruptcy

An order made by the court against an individual which signifies that the individual is unable to pay his/her debts. Bankruptcy Petition

A charge is a right given to a creditor to have a designated asset of the debtor appropriated to the discharge of the indebtedness, but not involving any transfer either of possession or ownership of [..]

A composition is an agreement between a debtor and his/her creditors where creditors agree with the debtor and between themselves to accept a lesser sum from the debtor in satisfaction of their claims [..]

A person to whom an individual or company is indebted. Creditors’ Voluntary Liquidation (CVL) A liquidation of a company which is commenced by way of a resolution of its shareholders although the comp [..]

This is a legal process by which a creditor may pursue a debtor for recovery of a claim, once having obtained a Court Decree. A Court Decree establishes the amount of the debtor’s claim and is the Sco [..]

The sum distributed to a creditor by the office holder, based upon the quantum of the creditors claim and paid from the proceeds of the sale of the assets realised by the office holder after certain c [..]

A form of security granted to a creditor over general assets of a company that may change over time in the normal course of business (e.g. stock). The entity that has granted the floating charge can c [..]