Glossary
Legal Charge
A legal charge is a document signed by the borrower which allows a lender to protect the money they have lent to a company or person and is secured against specified property and appropriately registered.
Liability
A liability is when you are legally responsible for something a person or company owes, usually a sum of money.
Lien
A Lien is a form of security granted over an item of property to secure a payment of a debt, there are 2 types Consensual is when you agree as part of your finance agreement, non-consensual is obtained through a court order for an unpaid debt.
Limited Company
A Limited Company is a company that has been registered at Companies House and has limited liability.
Limited Liability
Limited liability means that any monies due are from the company (the entity) and not from the individuals that manage (directors) or control (shareholders) the company.
Liquidation
Liquidation is a term used for the legal mechanism of closing a business and ensuring that any assets (after expenses) are distributed evenly amongst its creditors in an order of priority. There are 3 types of Liquidations the first two are insolvent Liquidations, being Creditors Voluntary Liquidations and a Compulsory Liquidations and the third is a Members Voluntary Liquidations, which is also known as a solvent Liquidation.
Liquidator
A Liquidator is someone who is appointed to carry out the Liquidation of the company. The Liquidator will be a licensed Insolvency Practitioner or in some cases an Official Receiver. The Liquidator will have the power over the company is appointed to realise the assets of the company, where possible make distributions to the company’s creditors and ultimately close the company.
London Gazette
The London Gazette is one of the official journals of record or Government gazettes of the British government, and the most important among such official journals in the United Kingdom, in which certain statutory notices are required to be published.
LPA Receiver
An LPA receiver is appointed where a borrower is in default under a mortgage. AN LPA Receiver is typically appointed over a specific property (and given the powers as defined in the legal charge). The task of an LPA receiver is to take control of the property and recover monies for the lender by selling it.
