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  2. Convention of disclosure - Wikipedia

    en.wikipedia.org/wiki/Convention_of_disclosure

    The convention of disclosure requires that all material facts must be disclosed in the financial statements.For example, in the case of sundry debtors, not only the total amount of sundry debtors should be disclosed, but also the amount of good and secured debtors, the amount of good but unsecured debtors and amount of doubtful debts should be stated.

  3. Debtor - Wikipedia

    en.wikipedia.org/wiki/Debtor

    A debtor or debitor is a legal entity (legal person) that owes a debt to another entity. The entity may be an individual, a firm, a government, a company or other legal person.

  4. Creditor - Wikipedia

    en.wikipedia.org/wiki/Creditor

    An unsecured creditor does not have a charge over the debtor's assets. [2] The term creditor is frequently used in the financial world, especially in reference to short-term loans, long-term bonds, and mortgage loans. In law, a person who has a money judgment entered in their favor by a court is called a judgment creditor.

  5. Companies' Creditors Arrangement Act - Wikipedia

    en.wikipedia.org/wiki/Companies'_Creditors...

    Insolvent person (whether natural or a business entity), upon application to the court OR creditors of a business entity, upon showing of cause to the court Company, its directors, or a holder of a floating charge (either unilaterally or on application to the court), or any other creditor (on application to the court) The directors of a company

  6. Solidary obligations - Wikipedia

    en.wikipedia.org/wiki/Solidary_obligations

    When the debt is cancelled, the creditor forgives the debt, thereby releasing that debtor from the whole obligation. In the context of a solidary obligation, if the obligee cancels the debt of some—but not all—of the obligors, the obligation is reduced by an amount proportionate to those whose debts have been cancelled; the obligee ...

  7. Debt compliance - Wikipedia

    en.wikipedia.org/wiki/Debt_compliance

    Generally regarded as a subdivision of tax law, debt compliance is most often enforced through a combination of audits and legal restrictions. For example, a provision of the Federal Debt Collection Procedures Act of 1990 states that a person or organization indebted to the United States, against whom a judgment lien has been filed, is ...

  8. Bankruptcy discharge - Wikipedia

    en.wikipedia.org/wiki/Bankruptcy_discharge

    This is common when the debtor has a special relationship with the creditor, such as a family member or doctor. [4] If the debtor loses the discharge order, the debtor can request a copy of the document from the clerk of the bankruptcy court that entered the order. Typically, fees are associated with the retrieval and certification of the ...

  9. Attachment (law) - Wikipedia

    en.wikipedia.org/wiki/Attachment_(law)

    Attachment is a legal process by which a court of law, at the request of a creditor, designates specific property owned by the debtor to be transferred to the creditor, or sold for the benefit of the creditor. [1] A wide variety of legal mechanisms are employed by debtors to prevent the attachment of their assets.