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Ch 17: Debt Recovery and Bankruptcy
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receivership:When an independent and qualified person is appointed by a creditor of the company to take control of some or all of the company's assets.
liquidation:Aims to end a company's affairs, pay its debts and pay any leftovers to shareholders.
bankruptcy:A procedure where a person who cannot pay there debts when they are due gives up their assets and control of their finances.
debtor:The party owing a debt.
garnishment:An order for an employer to pay instalments from a wage to the creditor to satisfy the debt that the employee owes.
creditor:The party owed a debt.
liquidateddebt:A debt that is for a certain amount that can be fixed with certainty (two words).
debtors:A ..................... petition. An application to the Registrar of the Federal Court wilfully asking to be declared bankrupt.
voluntary:..................... administration. An administrator is appointed to the company and takes full control to try to work out a way to save the company.
payment:A letter of demand is a final request for this.
relationback: Doctrine of ................ Allows the period of bankruptcy to begin six months before a creditors petition is presented to the court.
discharge:This occurs automatically after three years and means that the person is no longer considered 'bankrupt'.
insolvent:A company is considered this if it is unable to pay its debts when they fall due.
Ch 17: Debt Recovery and Bankruptcy
Across:2. | A ..................... petition. An application to the Registrar of the Federal Court wilfully asking to be declared bankrupt. | 6. | ..................... administration. An administrator is appointed to the company and takes full control to try to work out a way to save the company. | 9. | When an independent and qualified person is appointed by a creditor of the company to take control of some or all of the company's assets. | 11. | The party owing a debt. | 12. | Doctrine of ................ Allows the period of bankruptcy to begin six months before a creditors petition is presented to the court. |
| | Down:1. | The party owed a debt. | 3. | An order for an employer to pay instalments from a wage to the creditor to satisfy the debt that the employee owes. | 4. | A procedure where a person who cannot pay there debts when they are due gives up their assets and control of their finances. | 5. | Aims to end a company's affairs, pay its debts and pay any leftovers to shareholders. | 7. | A debt that is for a certain amount that can be fixed with certainty (two words). | 8. | This occurs automatically after three years and means that the person is no longer considered 'bankrupt'. | 10. | A letter of demand is a final request for this. |
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© 2013
PuzzleFast.com, Noncommercial Use Only
Ch 17: Debt Recovery and Bankruptcy
Across:2. | A ..................... petition. An application to the Registrar of the Federal Court wilfully asking to be declared bankrupt. | 6. | ..................... administration. An administrator is appointed to the company and takes full control to try to work out a way to save the company. | 9. | When an independent and qualified person is appointed by a creditor of the company to take control of some or all of the company's assets. | 11. | The party owing a debt. | 12. | Doctrine of ................ Allows the period of bankruptcy to begin six months before a creditors petition is presented to the court. |
| | Down:1. | The party owed a debt. | 3. | An order for an employer to pay instalments from a wage to the creditor to satisfy the debt that the employee owes. | 4. | A procedure where a person who cannot pay there debts when they are due gives up their assets and control of their finances. | 5. | Aims to end a company's affairs, pay its debts and pay any leftovers to shareholders. | 7. | A debt that is for a certain amount that can be fixed with certainty (two words). | 8. | This occurs automatically after three years and means that the person is no longer considered 'bankrupt'. | 10. | A letter of demand is a final request for this. |
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© 2013
PuzzleFast.com, Noncommercial Use Only