Glossary - Insolvency

Brian Dennison
Partner

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	Insolvency
	Accountant in Bankruptcy Government official responsible for administering the conduct of personal insolvency in Scotland, including the regulation of Interim Trustees (qv) and Permanent Trustees (qv). Administration Form of Court insolvency designed to assist in saving a business through restructuring. Administrator Insolvency Practitioner appointed by the Court to conduct an Administration. Bankruptcy Personal insolvency (see also Sequestration). Commissioners Creditors committee appointed by the creditors in a Sequestration (qv). Company Voluntary Arrangement (CVA) Procedure to try and obtain agreement from creditors for a scheme to pay a proportion of the debts of a company. Compulsory Liquidation Liquidation (qv) initiated through the Court. Creditors Voluntary Liquidation (CVL) Liquidation (qv) initiated by a company by calling a meeting of creditors. Floating Charge A security which allows a company the free use of its assets until the security is called up when it attaches to all the assets of the company. Interim Liquidator Insolvency Practitioner appointed by the Court in a Compulsory Liquidation (qv). Interim Trustee Insolvency Practitioner appointed by the Court in a Sequestration (qv). Liquidation Procedure whereby creditors appoint an Insolvency Practitioner to wind up the affairs of a company and pay a dividend to the creditors. Liquidation Committee Creditors committee appointed by the creditors in a Liquidation (qv). Liquidator Insolvency Practitioner appointed by the creditors to wind up a company. Permanent Trustee Insolvency Practitioner appointed by the creditors to conduct a Sequestration. Provisional Liquidator Insolvency Practitioner appointed by the Court in a Compulsory Liquidation (qv) to preserve the assets of a company. Receiver Insolvency Practitioner appointed by the holder of a Floating Charge (qv). Receivership Insolvency initiated by a creditor who has a Floating Charge (qv). Sequestration Scottish term for a personal insolvency. Supervisor Insolvency Practitioner appointed by a company to conduct a CVA (qv). Trust Deed Transfer by a debtor of assets to an Insolvency Practitioner for the benefit of the debtor's creditors. Trustee Insolvency Practitioner appointed by a debtor to realise his assets to pay his creditors.

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