Legislation – laws made by a government or parliament.

Fiduciary duty – a legal obligation of loyalty and trust, usually of directors towards their company.

Statute – a written law passed by a legislative body.

Codified duties – duties written and organized in legal codes or statutes.

Infringed – violated or broken (a law, rule, or right).

Authorised – officially approved or given permission.

Quorum – the minimum number of members needed to conduct a meeting legally.

Bribe – money or a benefit offered illegally to influence someone’s actions.

Commits an offence – carries out an illegal act or crime.

Insolvency Procedures in the UK

Insolvency – the state of being unable to pay debts when they are due.

Debenture – a type of long-term loan to a company, usually secured against assets.

Due – something owed or payable.

Liquidation – the process of closing a company and selling its assets to pay debts.

Wound up (Winding up) – another term for liquidation (ending a company’s business).

Creditor – a person or organization owed money.

Official Receiver – a government officer responsible for handling bankruptcies and liquidations.

Administration – a legal process to protect a company from creditors while it reorganizes or sells assets.

Petition – a formal request to a court, often to start insolvency proceedings.

In force – a law or regulation currently active and applicable.

Legal proceedings – actions taken in court regarding a dispute or case.

Receivership / Administrative receivership – when a receiver is appointed to take control of a company’s assets to repay creditors.

Floating charge – a security interest over a group of changing assets (e.g., stock, inventory).

Company voluntary arrangement (CVA) – an agreement between a company and its creditors to repay debts over time.

Solvency – the ability of a company to pay its debts.

• Fiduciary duty → A special responsibility to act in someone else’s best interest, not your own.

• Statute → A written law passed by the government.

• Codified duties → Rules or responsibilities that are written down and organized in law.

• Infringed → When someone’s rights or laws are broken or not respected.

• Authorised → Officially allowed or given permission to do something.

• Quorum → The minimum number of people who must be present at a meeting for decisions to be valid.

• Bribe → Money or a gift given to someone in power to make them act unfairly in your favor.

• Commits an offence → When a person breaks the law and does something illegal.

2.

Insolvency: Inability to pay debts as they fall due.

Due: A debt that is ready for immediate payment.

Debenture: A long-term loan to a company; a type of debt.

Liquidation: Selling a company's assets to pay its debts.

Wound Up (Winding Up): The legal process of closing a company.

Creditor: A person or entity to whom a debt is owed.

Official Receiver: A public official who manages a bankrupt's or a company's assets in court-ordered cases.

3. 
   

   Administration: A process to save a company from liquidation by appointing an administrator to manage its affairs.

Petition: A formal request to a court for an order, such as for a company to be wound up.

In Force: A law or rule that is legally valid and currently in effect.

Legal Proceedings: The formal process of a lawsuit or other action within a court system.

Receivership/Administrative:

Receivership: A secured creditor appoints a receiver to sell specific assets to recover their debt.

Administration: Broader process to rescue a company for the benefit of all creditors.

Floating Charge: A security interest over a company's fluctuating assets (e.g., inventory) that allows the company to use them until a default occurs.

Company Voluntary Arrangement (CVA): A binding agreement between an insolvent company and its creditors to repay debts over time and avoid liquidation.

Solvency: The financial state of being able to pay all debts as they become due.

Fiduciary duty – A legal duty to act honestly, loyally, and in the best interests of another party (e.g., directors must act in the best interests of the company).

Statute – A written law passed by Parliament.

Codified duties – Duties written down and organized into law (in this case, under the Companies Act 2006).

Infringed – Broken or violated (e.g., if a director breaks their duties, they have infringed the law).

Authorised – Officially approved or given permission.

Quorum – The minimum number of members that must be present at a meeting to make decisions legally valid.

Bribe – Money or a gift given illegally to persuade someone to act in your favour.

Commits an offence – To carry out an action that breaks the law (a crime).

Insolvency Procedures in the UK

Insolvency – When a company or person cannot pay their debts.

Debenture – A type of loan document that is secured against company assets.

Due – Money that must be paid (owed at a certain time).

Liquidation – The process of closing a company, selling its assets, and paying creditors.

Wound up (Winding up) – Another term for liquidation, closing the company.

Creditor – A person or organization that is owed money.

Official Receiver – A government officer who deals with bankruptcies and liquidations.

Administration – A procedure where an insolvent company is managed by an administrator to try to rescue it or repay creditors.

Petition – A formal written request to a court (e.g., asking to wind up a company).

In force – When a law or legal rule is active and must be followed.

Legal proceedings – The formal process of taking a matter through the courts.

Receivership / Administrative receivership – When a creditor (like a bank) appoints a receiver to take control of a company’s assets to recover debts.

Floating charge – A type of security (like a mortgage) over a company’s assets that can change in value (e.g., stock or inventory).

Company voluntary arrangement (CVA) – An agreement between a company and its creditors to repay debts over time, avoiding liquidation.

Solvency – The ability of a company to pay its debts when they are due (opposite of insolvency).

- Fiduciary duty: the duty to act honestly and in the best interest of someone else (like shareholders); duty of loyalty, trust obligation.

- Statute: a written law passed by Parliament.

- Codified duties: duties that are officially written down and organised into a legal system or code.

- Infringed: broken, violated, or not respected, breached. Opposite: complied with, obeyed.

- Authorised: officially approved or given permission. Synonyms: allowed, permitted. Opposite: forbidden, unauthorised.

- Quorum: the minimum number of people who must be present to make a meeting valid, required members.

- Bribe: money or a gift given illegally to influence someone.

- Commits an offence: does something illegal or against the law, breaks the law, commits a crime.

- Insolvency: when a company or person cannot pay debts.

- Debenture: a type of long-term loan given to a company, debt instrument.

- Due: something owed or payable.

- Liquidation: the process of closing a company and selling its assets to pay debts; winding up, dissolution.

- Wound up (Winding up): the formal closing of a company; terminated, dissolved.

- Creditor: a person or company that is owed money.

- Official Receiver: a government officer who manages insolvency cases.

- Administration: a legal process where a company is managed by an administrator to save it from closing.

- Petition: a formal written request to a court. Synonyms: application, request.

- In force: currently valid and legally effective

- Legal proceedings – formal actions in court.

- Receivership / Administrative receivership: when a receiver is appointed to control company assets, usually by creditors.

- Floating charge – a type of security on company assets that can change (like stock or inventory)

- Company voluntary arrangement (CVA): a deal between a company and its creditors to repay debts over time. Synonyms: debt arrangement plan.

- Solvency: when a person or company can pay debts.

Legislation – Laws made by a government or parliament.

Fiduciary duty – A legal obligation of trust, requiring directors to act in the best interests of the company.

Statute – A written law passed by a legislative body.

Codified duties – Duties that are formally written down and included in the law.

Infringed – Broken or violated (usually referring to laws or rights).

Authorised – Officially approved or given legal permission.

Quorum – The minimum number of members required to be present for a meeting to be valid.

Bribe – Money or benefit given illegally to influence someone’s actions.

Commits an offence – To do something that is against the law.

Insolvency Procedures in the UK

Insolvency – The financial state when a person or company cannot pay their debts.

Debenture – A type of debt instrument or loan agreement, often secured against company assets.

Due – Something that must be paid or done at a certain time.

Liquidation – The process of closing a business and selling its assets to pay creditors.

Wound up (Winding up) – Another term for liquidation; the formal ending of a company.

Creditor – A person or organization to whom money is owed.

Official Receiver – A government officer who manages the affairs of a bankrupt person or company.

Administration – A legal process in which a company is managed by an appointed administrator to protect it from creditors.

Petition – A formal written request to a court to start insolvency proceedings.

In force – A law or regulation that is currently valid and being applied.

Legal proceedings – The formal process of taking a case through court.

Receivership / Administrative receivership – When a receiver is appointed to take control of company assets on behalf of creditors.

Floating charge – A security interest over a company’s changing assets (e.g., stock, inventory).

Company voluntary arrangement (CVA) – An agreement between a company and its creditors to repay debts over time to avoid liquidation.

Solvency – The financial ability of a company to meet its debts when they are due.

1. Legislation – Laws passed by a governing authority.

2. Fiduciary duty – A director’s duty to act in the best interests of the company.

3. Statute – A written law created by Parliament.

4. Codified duties – Duties written down and officially recognized in law.

5. Infringed – Broken or violated (a law or right).

6. Authorised – Officially permitted or approved.

7. Quorum – The minimum number of members required for a valid meeting.

8. Bribe – An illegal payment or gift to influence decisions.

9. Commits an offence – Performs an unlawful act.

10. Insolvency – The state of being unable to pay debts.

11. Debenture – A type of loan or debt instrument issued by a company.

12. Due – Owed or payable at a specific time.

13. Liquidation – Selling company assets to pay debts.

14. Wound up (Winding up) – The legal closing of a company.

15. Creditor – A person or entity that is owed money.

16. Official Receiver – A court-appointed officer who handles insolvency cases.

17. Administration – A process to protect a company and try to rescue it instead of liquidation.

18. Petition – A formal written request to a court.

19. In force – Legally valid and active.

20. Legal proceedings – Court actions or formal legal steps.

21. Receivership / Administrative receivership – When a receiver takes control of company assets to repay creditors.

22. Floating charge – A security interest over company assets that change, like stock or inventory.

23. Company voluntary arrangement (CVA) – A legal deal with creditors to repay debts over time.

24. Solvency – The condition of being able to meet financial obligations.

A fiduciary duty : is a legal responsibility to act in someone else's interests, without considering your own.

Statute: a written law passed by Parliament

Codified duties: duties written down and officially included in the law

Infringed: broken, violated (e.g. a law or rule)

authorised: give official permission for or approval to (an undertaking or agent).

Quorum: the minimum number of people who must be present for a meeting to be valid

Bribe: to try to make someone do something for you by giving them money, presents, or something else that they want.

Commits an offence: does something illegal or against the law

Insolvency : the state of being insolvent; inability to pay one's debts.

Debenture : an unsecured loan certificate issued by a company, backed by general credit rather than by specified assets

Due: Something that is owed or payable.

Liquidation: The process of closing a company and selling its assets to pay creditors.

Wound up (Winding up): The legal process of dissolving a company.

Creditor: A person or entity to whom money is owed.

Official Receiver: A government officer who handles the affairs of bankrupt individuals or insolvent companies.

Administration: A legal process to protect a company while attempts are made to rescue it or pay creditors.

Petition: A formal request to a court asking for legal action.

In force: Currently valid and effective (used about laws or regulations).

Legal proceedings: Steps taken through the courts to enforce or defend legal rights.

Receivership / Administrative receivership: When a receiver is appointed to manage and sell a company’s assets to repay debts.

Floating charge: A security interest over a group of changing assets of a company (e.g., stock, receivables).

Company voluntary arrangement (CVA): A legally binding agreement between a company and its creditors about repayment of debts.

Solvency: The ability of a company to pay its debts.

1. Legislation – A law or set of laws passed by a legislative body.

2. Fiduciary duty – A director’s duty to act honestly, loyally, and in the best interests of the company.

3. Statute – A written law enacted by Parliament or another legislative authority.

4. Codified duties – Duties that are expressly written into legislation, such as those in the Companies Act 2006.

5. Infringed – Breached or violated a legal right or statutory duty.

6. Authorised – Officially permitted or given legal power to act.

7. Quorum – The minimum number of members required to be present for a meeting to make valid decisions.

8. Bribe – An unlawful payment or advantage offered to influence someone in power.

9. Commits an offence – Carries out an act that constitutes a crime under the law.

II

1. Insolvency – The financial state of being unable to pay debts when they fall due.

2. Debenture – A long-term debt instrument issued by a company, often secured against its assets.

3. Due – A debt or obligation that must be paid at a specific time.

4. Liquidation – The process of closing a company, selling its assets, and distributing the proceeds to creditors and shareholders.

5. Wound up (Winding up) – The legal process of dissolving a company by settling debts and distributing any remaining assets.

6. Creditor – A person or entity to whom money is owed.

7. Official Receiver – A government officer who manages insolvency and bankruptcy proceedings.

8. Administration – An insolvency procedure placing a company under the control of an insolvency practitioner to rescue or reorganise it.

9. Petition – A formal application to a court requesting the start of insolvency proceedings.

10. In force – A law, order, or regulation that is currently valid and legally effective.

11. Legal proceedings – Formal actions taken in court to enforce rights or obligations.

12. Receivership / Administrative receivership – A process where a receiver is appointed, usually by a secured creditor, to manage and realise company assets.

13. Floating charge – A security interest over assets that change over time (e.g. stock, inventory), which becomes fixed upon default.

14. Company voluntary arrangement (CVA) – A binding agreement between a company and its creditors to repay debts over a set period, supervised by an insolvency practitioner.

15. Solvency – The financial condition of being able to meet debts as they fall due.

Fiduciary duty

The obligation to act in the best interest of another party (e.g., company or shareholders).

Statute A written law passed by a legislative body.

Codified duties Duties that are formally written into law.

Infringed Violated; broken a rule or law.

Authorised Given official permission or approval.

Quorum The minimum number of members needed for a meeting to be valid.

Bribe Money or gift given to influence someone dishonestly.

Commits an offence To do something illegal or against the law.

Insolvency The state of being unable to pay debts when they are due.

Debenture A type of long-term loan or bond issued by a company.

Due Expected at a certain time; owed as a debt.

Liquidation The process of closing a business and selling its assets to pay debts.

Wound up (Winding up) The process of dissolving a company.

Creditor A person or organization to whom money is owed.

Official Receiver A government officer who manages the affairs of an insolvent company.

Administration A legal process where an insolvent company is managed to repay creditors.

Petition A formal written request to a court asking for action (e.g., insolvency).

In force Currently valid and effective (about a law).

Legal proceedings Formal steps taken in a court of law.

Receivership / Administrative receivership When a receiver is appointed to control a company’s assets.

Floating charge A security interest over a group of changing assets (e.g., stock, inventory).

Company voluntary arrangement (CVA)

An agreement between a company and its creditors to repay debts over time.

Solvency The ability of a company to pay its debts as they fall due.

- Fiduciary duty: a legal and ethical obligation of one party to act in the best interest of another party

- Statute: a written law passed by a legislative body

- Codified duties: duties that have been written down and formally enacted into law

- Infringed: to break, violate, or encroach upon a law, rule, or someone’s rights

- Authorized: officially approved, certified, or legitimate

- Quorum: the minimum number of members required to be present at a meeting

- Bribe: money, a gift, or a benefit offered to someone in power to influence their actions unfairly.

- Commit an offense: To do something that is against the law; to break a criminal law or legal rule

- Insolvency: the condition of not having enough money to pay debts, buy goods, etc., or an occasion when this happens

- Debenture: a type of loan, often used by companies to raise money, that is paid back over a long period of time and at a fixed rate of interest

- Due: A debt that is ready for immediate payment.

- Liquidation: the process of closing a business so that its assets can be sold to pay its debts

- Wound up (winding up): to close a business or organization

- Creditor: someone who money is owed to

- Official receiver: a person who is ordered by the government to deal with the income and property of a company or a person after they have gone bankrupt

- Administration – Managing a company in debt to save it from bankruptcy.

- Petition: A request form sent to the court.

- In force: Currently valid or effective.

- Legal proceedings: Court or legal process.

- Receivership / Administrative receivership: A person is appointed to manage company assets to repay debts.

- Floating charge: Company’s assets used as security, but not fixed (can change).

- Company voluntary arrangement (CVA): A voluntary deal between the company and creditors to repay debts gradually and avoid bankruptcy

- Solvency: ability to pay debts

Legislation – laws made by the government.

Fiduciary duty – a duty to act honestly and in the best interests of others (for example, directors must act in the company’s best interest).

Statute – a written law made by Parliament.

Codified duties – duties that are written down clearly in law.

Infringed – when a rule or law is broken.

Authorised – officially approved or allowed.

Quorum – the minimum number of people who must be present for a meeting to make decisions.

Bribe – money or a gift given illegally to make someone act in your favour.

Commits an offence – does something illegal.

Insolvency Procedures in the UK

Insolvency – when a person or company cannot pay their debts.

Debenture – a type of loan given to a company, usually with interest.

Due – something that must be paid.

Liquidation – selling all assets to pay debts, usually when closing a business.

Wound up (Winding up) – closing a company by law.

Creditor – a person or organisation who is owed money.

Official Receiver – a government officer who manages the process when a company or person goes bankrupt.

Administration – a process where an administrator takes control of a company to try to save it.

Petition – a formal request to the court.

In force – when a law or rule is active and must be followed.

Legal proceedings – actions taken in court.

Receivership / Administrative receivership – when a receiver is appointed to take control of a company’s assets to pay creditors.

Floating charge – a type of security (collateral) for a loan, which can cover changing assets like stock.

Company voluntary arrangement – an agreement where a company pays its debts over time, instead of going bankrupt.

Solvency – when a company is able to pay its debts.

• Legislation: the process of making and passing law; a law passed by the parliament

• Fiduciary duty: a legal obligation to act in the best interest of another rather than ones self

• Statute: a written law passed by a legislative body.

• Codified duties: Duties that are written down and set out in legislation, rather than only existing in case law or common law.

• Infringed: (v) act so as to limit or undermine something. (Adj) Limited or undermined

• Authorised: Having official legal permission or approval to act.

• Quorum: the smaller number of people needed to be present at a legal meeting

• Bribe: is a criminal offence which means offering money or another advantage to persuade someone to act improperly or illegally.

• Commits an offence: to do something wrong that break a particular law

Insolvency Procedures in the UK

• Insolvency: inability to pay debts as they fall due.

• Debenture: a document almost invariably by or on behalf of a company that creates on acknowledge.

• Due: a debt or obligation that must be paid

• Liquidation: A procedure by which a company can be dissolved

• Wound up (Winding up): another term for liquidation

• Creditor: one to whom a debt is owed

• Official Receiver: a government officer who acts as a liquidator or trustee in bankruptcy/insolvency cases.

• Administration: a formal insolvency procedure in the UK where an administrator is appointed to try to rescue the company or achieve a better outcome for creditors than liquidation.

• Petition: a written application for a legal remedy or relief that is only available if statute or rules of procedure permit it

• In force: a law or regulation that is currently active and legally binding.

• Legal proceedings: formal steps taken in a court of law to enforce rights or resolve disputes.

• Receivership / Administrative receivership: a process where a receiver is appointed (often by a secured creditor) to take control of the company’s assets in order to recover debts.

• Floating charge: a type of security interest over a company’s assets that can change over time (e.g., stock, inventory). It “crystallises” into a fixed charge if the company defaults.

• Company voluntary arrangement (CVA): a legal agreement between an insolvent company and its creditors to repay debts over time, supervised by an insolvency practitioner.

• Solvency: the ability of a company to pay its debts as they fall due

- Fiduciary duty: a legal and ethical obligation of one party (the fiduciary) to act in the best interests of another party (the beneficiary or principal).

- Statute: a formal, written law enacted by a legislative body.

- Codified duty: a legal obligation that has been written into a statute or legal code, making it a clear and accessible part of the law. 

-  Infringed: violate or break a law, contract, or agreement, or limit or trespass upon someone's rights or freedom. 

- Authorized: having official permission to do something or for something to happen.

- Quorum: the smallest number of people needed to be present at a meeting before it can officially begin and before official decisions can be taken.

- Bribe: to try to make someone do something for you by giving them money, presents or something else they want.

- Commits an offence: a person has done an act (or failed to do an act when legally required) that violates criminal law.

- Insolvency: a state in which a business can no longer pay its debts

- Debenture: a type of loan, often used by companies to raise money, that is paid back over a long period of time and at a fixed rate of interest

- Due: some definite obligation (such as debt, claim of right, etc.) being owed or payable.

- Liquidation: the act of reducing assets to cash and distributing cash accordingly, especially of a business that is being wound up.

- Wound up (Winding up): another term of liquidation (ending a company’s business)

- Creditor: a person or organization owed money

- Official receiver: a government officer responsible for handling bankruptcies and liquidations

- Administration: a legal process to protect a company from creditors while it reorganizes or sells assets

- Petition: a formal request to a court, often to start insolvency proceedings

- In force: a law or regulation currently active and applicable

- Legal proceedings: actions taken in court regarding a dispute or case

- Receivership: a secured creditor appoints a receiver to sell specific assets to recover their debt

- Administrative receivership: a broader process to rescue  a company for the benefit of all creditors

- Floating charge: a security interest over a company’s fluctuating assets that allows the company to use them until a default occurs

- Company voluntary arrangement (CVA): a binding agreement between a company and its creditors to repay debts over time

- Solvency: the ability of a company to pay its debts