42 relations: Authority, Bankruptcy, Barclays Bank Ltd v Quistclose Investments Ltd, Bona vacantia, Chapter 7, Title 11, United States Code, Company, Corporation, Country, Creditor, Customs, Debt, Debtor-in-possession financing, Dissolution (law), Duty (economics), Floating charge, Fraudulent trading, Government agency, Insolvency, Lawsuit, Liquidating distribution, Liquidator (law), Official receiver, Petition, Phoenix company, Preferential creditor, Prima facie, Provisional liquidation, Republic of Ireland, Secretary of State (United Kingdom), Secured creditor, Security interest, Solvency, Specific performance, Title retention clause, Trust law, Undervalue transaction, Unfair preference, United Kingdom, United States, Void (law), Voidable, Wrongful trading.
Authority derives from the Latin word and is a concept used to indicate the foundational right to exercise power, which can be formalized by the State and exercised by way of judges, monarchs, rulers, police officers or other appointed executives of government, or the ecclesiastical or priestly appointed representatives of a higher spiritual power (God or other deities).
Bankruptcy is a legal status of a person or other entity that cannot repay debts to creditors.
(sub nom Quistclose Investments Ltd v Rolls Razor Ltd) is a leading property, unjust enrichment and trusts case, which invented a new species of proprietary interest in English law.
Bona vacantia (Latin for "ownerless goods") is a legal concept associated with property that has no owner.
Chapter 7 of the Title 11 of the United States Code (Bankruptcy Code) governs the process of liquidation under the bankruptcy laws of the United States (in contrast, Chapters 11 and 13 govern the process of reorganization of a debtor in bankruptcy).
A company, abbreviated as co., is a legal entity made up of an association of people for carrying on a commercial or industrial enterprise.
A corporation is a company or group of people or an organisation authorized to act as a single entity (legally a person) and recognized as such in law.
A country is a region that is identified as a distinct national entity in political geography.
A creditor is a party (for example, person, organization, company, or government) that has a claim on the services of a second party.
Customs is an authority or agency in a country responsible for collecting tariffs and for controlling the flow of goods, including animals, transports, personal, and hazardous items, into and out of a country.
Debt is when something, usually money, is owed by one party, the borrower or debtor, to a second party, the lender or creditor.
Debtor-in-possession financing or DIP financing is a special form of financing provided for companies in financial distress, typically during restructuring under corporate bankruptcy law (such as Chapter 11 bankruptcy in the US or CCAA in Canada).
In law, dissolution has multiple meanings.
In economics, a duty is a kind of tax levied by a state.
A floating charge is a security interest over a fund of changing assets (e.g. stocks) of a company or other artificial person.
In company law, fraudulent trading is doing business with intent to defraud creditors.
A government or state agency, sometimes an appointed commission, is a permanent or semi-permanent organization in the machinery of government that is responsible for the oversight and administration of specific functions, such as an intelligence agency.
Insolvency is the state of being unable to pay the money owed, by a person or company, on time; those in a state of insolvency are said to be insolvent.
A lawsuit (or suit in law) is "a vernacular term for a suit, action, or cause instituted or depending between two private persons in the courts of law." A lawsuit is any proceeding by a party or parties against another in a court of law.
A liquidating distribution (or liquidating dividend) is a type of nondividend distribution made by a corporation or a partnership to its shareholders during its partial or complete liquidation.
In law, a liquidator is the officer appointed when a company goes into winding-up or liquidation who has responsibility for collecting in all of the assets under such circumstances of the company and settling all claims against the company before putting the company into dissolution.
An officer of the Insolvency Service of the United Kingdom, an official receiver (OR) is an officer of the court to which he is attached.
A petition is a request to do something, most commonly addressed to a government official or public entity.
A phoenix company is a commercial entity which has emerged from the collapse of another through insolvency.
A preferential creditor (in some jurisdictions called a preferred creditor) is a creditor receiving a preferential right to payment upon the debtor's bankruptcy under applicable insolvency laws.
Prima facie is a Latin expression meaning on its first encounter or at first sight.
Provisional liquidation is a process which exists as part of the corporate insolvency laws of a number of common law jurisdictions whereby after the lodging of a petition for the winding-up of a company by the court, but before the court hears and determines the petition, the court may appoint a liquidator on a "provisional" basis.
Ireland (Éire), also known as the Republic of Ireland (Poblacht na hÉireann), is a sovereign state in north-western Europe occupying 26 of 32 counties of the island of Ireland.
In the United Kingdom, a secretary of state (SofS) is a Cabinet minister in charge of a government department (though not all departments are headed by a secretary of state, e.g. HM Treasury is headed by the Chancellor of the Exchequer).
A secured creditor is a creditor with the benefit of a security interest over some or all of the assets of the debtor.
A security interest is a legal right granted by a debtor to a creditor over the debtor's property (usually referred to as the collateral) which enables the creditor to have recourse to the property if the debtor defaults in making payment or otherwise performing the secured obligations.
Solvency, in finance or business, is the degree to which the current assets of an individual or entity exceed the current liabilities of that individual or entity.
Specific performance is an equitable remedy in the law of contract, whereby a court issues an order requiring a party to perform a specific act, such to complete performance of the contract.
A retention of title clause (also called a Romalpa clause in some jurisdictions) is a provision in a contract for the sale of goods that the title to the goods remains vested in the seller until certain obligations (usually payment of the purchase price) are fulfilled by the buyer.
A trust is a three-party fiduciary relationship in which the first party, the trustor or settlor, transfers ("settles") a property (often but not necessarily a sum of money) upon the second party (the trustee) for the benefit of the third party, the beneficiary.
An undervalue transaction is a transaction entered into by a company who subsequently goes into bankruptcy which the court orders be set aside, usually upon the application of a liquidator for the benefit of the debtor's creditors.
An unfair preference (or "voidable preference") is a legal term arising in bankruptcy law where a person or company transfers assets or pays a debt to a creditor shortly before going into bankruptcy, that payment or transfer can be set aside on the application of the liquidator or trustee in bankruptcy as an unfair preference or simply a preference.
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain,Usage is mixed with some organisations, including the and preferring to use Britain as shorthand for Great Britain is a sovereign country in western Europe.
The United States of America (USA), commonly known as the United States (U.S.) or America, is a federal republic composed of 50 states, a federal district, five major self-governing territories, and various possessions.
In law, void means of no legal effect.
Voidable, in law, is a transaction or action that is valid but may be annulled by one of the parties to the transaction.
Wrongful trading is a type of civil wrong found in UK insolvency law, under Section 214 Insolvency Act 1986.
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