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PETITION
A written application to the court for relief or remedy.
POLICYHOLDERS PROTECTION ACT 1975
An act which established Policyholders Protection Board to provide compensation to the public in the event of the liquidation of an insurance company. The Board will make payment in full of liabilities under certain policies of compulsory insurance and 90 per cent of liability to provide policyholders under other general and investment type policies. Compensation is restricted to individual policyholders or partnerships; corporate policyholders are not protected.
PREFERENCE
A payment or other transaction in the six month to two year period preceding a liquidation, administration or bankruptcy, which places a creditor or a person connected with the insolvent, respectively, in a better position than they would have been otherwise. A liquidator, administrator or trustee in bankruptcy may recover any sums which are found to be preferences.
PREFERENTIAL CREDITOR
Defined in Schedule 6 of The Insolvency Act 1986. Has priority when funds are distributed by a liquidator, administrative receiver or trustee in bankruptcy.
PROOF OF DEBT
The document submitted in an insolvency to establish a creditor's claim. It may be informal (by e.g. letter) or in a prescribed form (in bankruptcy and compulsory liquidations).
PROVING
A creditor who claims is referred to as "proving" for his debt, and the document by which he seeks to establish his claim is his "proof".
PROVISIONAL LIQUIDATOR
The person appointed by the court to deal with the affairs of the company until a compulsory winding up order.
PROXY
The authority given by a creditor or member to another person (proxy holder) to attend a meeting and speak and vote at a meeting on behalf of the creditor (principal) or member.
PROXY HOLDER
A person who is authorised to attend a meeting on behalf of someone else.
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