Glossary
Bailiff
A bailiff is a legally authorised person who is employed to collect outstanding debts. If payment is not made, they can repossess goods. They can also carry out evictions of properties where the outstanding debt relates to the property.
Balance Sheet
A balance sheet is a statement of assets and liabilities held by a business at a particular point in time.
Balance Sheet Insolvency
A company is balance sheet insolvent if it has more current liabilities than current assets. I.e. it owes more monies out than it has or is expected to have in the short term.
Bank Facility (Overdraft)
A bank facility is an agreed arrangement with a bank to borrow money when required, up to a certain limit.
Bankrupt
A bankrupt is a person who is unable to pay their debts and has obtained a bankruptcy order.
Bankruptcy
Bankruptcy is the process which results from the inability of somebody to pay their debts and having a bankruptcy order made against them.
Bankruptcy Estate
All the assets which an individual owns or has an interest in, at the time they are made bankrupt is classified as the bankruptcy estate.
Bond
The bond makes the surety (the insurer who issued the bond) jointly liable with the insolvency practitioner for losses in relation to the insolvent estate caused by the fraud or dishonesty of the insolvency practitioner (whether acting alone or in collusion), or the fraud or dishonesty of any person committed with the connivance of the insolvency practitioner.
Book Debt
A book debt is an amount that is due for services/works already completed or for goods already provided.
Book Value
A book value is the value of an assets found on its balance sheet.
Business Cycle
A business cycle is a period of time (usually a year) where the business activities will fluctuate and form a pattern.
Business Entity
A business which exists and operates independent from its owners is a business entity.
