Glossary Accountant in Bankruptcy - Glossario Contabile nel Fallimento




Home| A | B | C | D | E | F | G | H | I | L | M | N | O | P | Q | R | S | T | U 
| V | W


  - A -  


Absolute Insolvency

The debtor's condition if debts exceed the total value of assets.

It is not as precise as it may seem because it may not be possible to determine the value of the assets until they are actually sold or realised.

It is possible for an 'absolutely insolvent' person to still meet their debts or instalments on debts when they are due for payment (for example, when a couple's mortgage far exceeds the value of their assets, they may be quite able to meet the monthly payments out of their current income.

Act and Warrant

A document issued by the court formally vesting a debtor's estate in a permanent trustee.

Accruals Accounting

A method of recording expenditure as it is incurred and income as it is earned during an accounting period.

By contrast cash accounting records cash payments and receipts when they are made or received.

Action of Removing from Heritable Property

Gives authority to remove someone from property and includes recovering possession.

Adjudication for Debt

Process which give creditors a right over heritable property owned by a debtor.

Admiralty Arrestment

A process which allows the arrestment of ship and cargo for debts due.

Administration Costs

Expenditure (and related income) that as a general rule is concerned with items such as staff costs and related overheads.

Apparent Insolvency

A legal term that means you are unable to pay your debts and that at least one of your creditors has taken legal action against you.

Arrestment

Process by which a creditor can seize a debtor's moveable property, where that property is in possession of a third party.

Assets (Finance Team)

Rights or other access to future economic benefits controlled by an entity as a result of past transactions or events.

Fixed Assets are assets with an expected life of more than 1 year held for use on a continuous basis eg land and buildings, patents.

Current Assets include cash or other assets which can reasonably be expected to be converted to cash in the normal course of business, including stocks, debtors accrued income and payments in advance.

Attachment

Attachment prevents you from selling your possessions and can lead to a Messenger at Arms or Sheriff Officer taking the items to sell at auction to recover the money owed to your creditor.

Usually, a creditor cannot attach items kept in your home or items essential to your trade or profession but there are exceptions to this.

Award (of Sequestration)

The court order declaring a person to be bankrupt and sequestrating their estate.


AVVERTENZE D'UTILIZZO: Il presente elenco contiene la definizione dei termini indicati con riferimento alla Contabilità in caso di Fallimento nel Regno Unito.
La spiegazione di ciascuno dei termini indicati in questo glossario è di carattere meramente orientativo e priva di valore legale; si raccomanda, quindi, di tenere conto del contesto e dell'evento in cui essi vanno applicati, in quanto il significato loro attribuito potrebbe differire rispetto a quello qui rappresentato.

AVVERTENZE LEGALI - Il contenuto del sito web "www.dottoricommercialistilondra.com" è di carattere puramente divulgativo e, pertanto, non costituisce offerta diretta al pubblico e non intende in alcun modo favorire reati fiscali, riciclaggio di denaro, esportazione di capitali, terrorismo ed altri illeciti. Nessuno dei nostri servizi è svolto direttamente in Italia; su richiesta, è possibile unicamente il contatto con professionisti regolarmente abilitati, nostri referenti, dietro rilascio di fattura e regolare pagamento anticipato. La navigazione di questo sito web è subordinata alla conoscenza e piena accettazione delle nostre condizioni di erogazione dei servizi e dell'informativa sul trattamento dei dati.