Bankruptcy Terms and Definitions

11th June 2018
Published by Insolvency & Liquidation at 11th June 2018
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Bankruptcy

Bankruptcy is a term used to describe a situation when a person or other legal entity like a limited company is unable to pay what they […]
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11th June 2018
Published by Insolvency & Liquidation at 11th June 2018
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Debtor

A debtor is a person or company that owes money to another person or company. A company is therefore owed money by its debtors and the […]
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11th June 2018
Published by Insolvency & Liquidation at 11th June 2018
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Trustee

The trustee in bankruptcy is either the Official Receiver or an insolvency practitioner who takes control of your assets. The trustee’s main duties are to obtain […]
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11th June 2018
Published by Insolvency & Liquidation at 11th June 2018
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Unsecured Creditor

An unsecured creditor is a creditor that lends you money simply based on your promise to repay rather than requiring you to pledge collateral as security […]
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