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CHARGE
The appropriation of real or personal property for the discharge of a debt without giving the creditor any property in, or possession of, the subject of security.
CHARGING ORDER
Court order placing restrictions on the disposal of certain assets, such as property or securities, given after judgement and gives priority of payment over other creditors.
COMPANY DIRECTORS DISQUALIFICATION ACT (1986)
Consolidation Act on the disqualification of directors.
COMPANY VOLUNTARY ARRANGEMENT (CVA)
A voluntary agreement for a company is a procedure whereby a plan of reorganisation or composition in satisfaction of debts, is put forward to creditors and shareholders. There is limited involvement by the court and the scheme is under the control of a supervisor.
COMPOSITION
An agreement between debtor and his creditors whereby the compounding creditors agree with the debtor between themselves to accept from the debtor payment of less than the amounts due to them in full satisfaction of their claim.
COMPULSORY LIQUIDATION
The placing of a company into liquidation as a result of an application to the court, usually by a creditor.
CONNECTED PERSONS
Directors or shadow directors and their associates, and associates of the company.
CONTRIBUTION
Shareholder, every person liable to contribute to the assets of a company in the event of it being wound up.
COURT APPOINTED RECEIVER
A person, not necessarily a licensed insolvency practitioner, appointed to take charge of assets usually where they are subject to some legal dispute. Not strictly an insolvency process, the procedure may be used other than for a limited company, e.g. to settle a partnership dispute.
CREDITORS COMMITTEE
A creditors' committee is formed to represent the interests of all creditors in supervising the activities of an administrator or trustee in bankruptcy, or receiving reports from an administrative receiver.
CREDITORS' VOLUNTARY LIQUIDATION (CVL)
Relates to an insolvent company. It is commenced by resolution of the shareholders, but is under the effective control of creditors, who can choose the liquidator, liquidation committee.
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If you can't find the term you would like more information about or you have a question you can reach us on our contact page or on 0800 071 1616.
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