Glossary



This glossary is provided as general guidance to help explain some common insolvency terms. It does not cover every insolvency term and many of the terms can have different meanings in different contexts that are not covered here. If you require specific advice about insolvency you should seek professional advice.

  • Accountant in Bankruptcy ("AIB")
  • Accountanting periods
  • Administration
  • Administration period
  • Agency Sequestration
  • Agent for the Accountant in Bankruptcy
  • Agent
  • Asset
  • Award of Sequestration
  • Bankruptcy Restrictions Order (BRO)
  • Book debts
  • Break-up sale (or forced sale)
  • Chair
  • Charge
  • Charge holder
  • Committee
  • Commissioners
  • Company Voluntary Arrangement ('CVA')
  • Court Liquidation
  • Consideration
  • Contingent liability
  • Court Reporter
  • Creditor
  • Creditors' Voluntary Liquidation ('CVL')
  • Cross guarantee ('CG')
  • Crown debts
  • Debt Arrangement Scheme ('DAS')
  • Debenture
  • Debt
  • Debtor
  • Decision procedure
  • Declaration of Solvency
  • Deemed consent
  • Deferred consideration
  • Director
  • Disbursements
  • Dissolution
  • Distribution
  • Dividend
  • EU Regulation
  • Entity
  • Fixed charge holder
  • Floating charge holder
  • Guarantee
  • Heritable Property
  • Inhibition
  • Insolvency Act 1986 ('the Act')
  • The Insolvency (Scotland) (Company Voluntary Arrangements and Administration) Rules 2018
  • The Insolvency (Scotland) (Receivership and Winding Up) Rules 2018
  • Insolvency Practitioner ('IP')
  • Insolvent
  • Interim Liquidation
  • Liquidation
  • Liquidator
  • Liability
  • Low Income Low Assets "LILA"
  • Member
  • Members Voluntary Liquidation ('MVL')
  • Moratorium
  • Net Property
  • Nominee
  • Office holder
  • Outlays
  • Personal guarantees ('PG's)
  • Petition
  • Physical meeting
  • Pre-administration costs
  • Preferential creditor
  • Pre-pack administration ('pre-pack')
  • Prescribed Part
  • Progress report
  • Proposals (also known as Paragraph 49 report)
  • Protected Trust Deed
  • Provisional Liquidation
  • Proxy
  • Proxy form
  • Qualifying Floating Charge holder ('QFC')
  • Receipts and payments account ('R&P')
  • Receiver
  • Receivership
  • Redundancy Payments Service ('RPS')
  • Registrar of Companies
  • Registrar of Inhibitions & Adjudications
  • Register of Insolvencies
  • Remuneration
  • Resolutions
  • Retention of Title ('RoT')
  • Scheme of Division
  • Secured creditor
  • Sederunt Book
  • Sequestration
  • Standard Security
  • Statement of Affairs ('SoA')
  • Statement of Claim Form
  • Statements of Insolvency Practice (SIPs)
  • Statutory demand
  • Supervisor
  • Transfer of Undertakings (Protection of Employment) Regulations 2006 ('TUPE')
  • Trust Deed
  • Trustee
  • Unsecured creditor
  • VAT

Please note, there are other insolvency glossaries available including: