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Law

Of or pertaining to the system of rules which a particular country or community recognizes as regulating the actions of its members and which it may enforce by the imposition of penalties.

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Law > Contracts

indemnity

Law; Contracts

A promise by a third party to pay a debt owed, or repay a loss caused, by another party. Unlike a guarantee, the person owed can get the money direct from the indemnifier without ...

insolvency

Law; Contracts

The situation where a person or business cannot pay its debts as they fall due (see bankruptcy, liquidation and receivership).

liquidation

Law; Contracts

The formal breaking up of a company or partnership by realising (selling or transferring to pay a debt) the assets of the business. This usually happens when the business is ...

receivership

Law; Contracts

The appointment of a licensed insolvency practitioner to take over the running of a company. A creditor with a secured debt appoints the receiver. The job of the receiver is to ...

bankruptcy

Law; Contracts

The formal recognition that a person cannot pay their debts as they are due. Note this only applies to individuals, companies and partnerships that become insolvent are wound up.