Businesses in cities in the north of England are struggling, new figures released by the Insolvency Service reveal.
The city with the highest business insolvency rate in the country is ...
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Sep
Nadir to face fresh creditor claims
Asil Nadir faces the prospect of fresh legal action to recoup up to £375m claimed by his personal creditors following his return from northern Cyprus to the UK.
Nadir remains an undisc ...
Glossary
This glossary of terms is offered to assist you understand some of the terminology used in Insolvency and financial industry.
Administration order - An order made in a county court to arrange and administer the payment of debts by an individual;
or an order made by a court in respect of a company that appoints an administrator to take control of the company. A company can also be put into administration if a floating charge holder, or the directors or the company itself file the requisite notice at court.
Administrative receiver - An IP appointed by the holder of a debenture that is secured by a floating charge that covers the whole or substantially the whole of the company's assets. The IP's task is to realise those assets on behalf of the debenture holder.
Administrative receivership - The process where an insolvency practitioner is appointed by a debenture holder (lender) to realise a company's assets and pay preferential creditors and the debenture holder's debt. The right of a debenture holder to appoint an administrative receiver has been restricted by the Enterprise Act 2002.
Administrator - An IP appointed by the court under an administration order or by a floating charge holder or by the company or its directors filing the requisite notice at court.
Annulment - Cancellation.
Assets - Anything that belongs to the debtor that may be used to pay his/her debts.
