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Definitions (149)
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Third party debt order
A legal proceeding to recover money that is owed to the debtor by some third party.
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total assets
A total of the current and fixed assets.
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Trade creditors & accruals
Amounts currently owing for goods or services received, whether invoiced or not.
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Trading address
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.
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Uncalled capital
Shares can be issued but only partly paid and the difference between the face value and the amount paid is known as uncalled capital.
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undischarged bankrupt
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 [..]
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Unlimited liability
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 [..]
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unsecured creditor
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.
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WAIVER
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.
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WARRANTY
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.
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