Glossary
Receiver
A Receiver is a person appointed by a secured lender to recover monies from the assets that they held as security. Whilst not commonly used in these days, the option remains available to the secured lender.
Receivership
Receivership is the state when a Receiver has been appointed over a business or assets.
Redundancy Payments Office
The Redundancy Payments Office is the Government department that is responsible for calculating and paying employees of insolvent companies, the monies they are due (to certain levels).
Retention of Title
This is the ability to recover goods from a customer if they fail to pay for those (or other depending on the clause used) goods.
Romalpa Clause
The “Romalpa clause” is a paragraph that is usually in a suppliers terms and conditions that will allow then to retain title to any goods that they have provided if they are not paid for those goods. The goods will only be those that relate to an unpaid invoice.
