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  2. Preferential creditor - Wikipedia

    en.wikipedia.org/wiki/Preferential_creditor

    The courts will allocate a designated amount of money to pay for the cleanup efforts. [2] In the United Kingdom, employees' holiday pay/wages are classed as preferential – if they are paid via redundancy payments fund then the Department of Employment becomes a secured creditor. If there is a shortfall, in those cases where someone earns in ...

  3. Severance package - Wikipedia

    en.wikipedia.org/wiki/Severance_package

    Severance pay in Luxembourg upon termination of a work contract becomes due after five years' service with a single employer, provided the employee is not entitled to an old-age pension and the termination is due to redundancy, unfair dismissal, or covered in a collective labor agreement. [32]

  4. Company voluntary arrangement - Wikipedia

    en.wikipedia.org/wiki/Company_voluntary_arrangement

    Under UK insolvency law an insolvent company can enter into a company voluntary arrangement (CVA). The CVA is a form of composition, similar to the personal IVA (individual voluntary arrangement), where an insolvency procedure allows a company with debt problems or that is insolvent to reach a voluntary agreement with its business creditors regarding repayment of all, or part of its corporate ...

  5. Insolvency Service - Wikipedia

    en.wikipedia.org/wiki/Insolvency_Service

    The Agency Chief Executive is the Agency Accounting Officer and is responsible for the day-to-day running of the Service. Dean Beale succeeded Sarah Albon on 4 November 2020. The Insolvency Service Board is responsible for the long-term success of the agency. This includes: setting strategic aims and objectives

  6. Liquidation - Wikipedia

    en.wikipedia.org/wiki/Liquidation

    Liquidation is the process in accounting by which a company is brought to an end. The assets and property of the business are redistributed. The assets and property of the business are redistributed. When a firm has been liquidated, it is sometimes referred to as wound-up or dissolved , although dissolution technically refers to the last stage ...

  7. Generally Accepted Accounting Principles (United States)

    en.wikipedia.org/wiki/Generally_Accepted...

    Generally Accepted Accounting Principles (GAAP) [a] is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC), [1] and is the default accounting standard used by companies based in the United States.

  8. Pre-packaged insolvency - Wikipedia

    en.wikipedia.org/wiki/Pre-packaged_insolvency

    The term "pre-pack sale" has been defined by the Association of Business Recovery Professionals as "an arrangement under which the sale of all or part of a company’s business or assets is negotiated with a purchaser prior to the appointment of an administrator, and the administrator effects the sale immediately on, or shortly after, his appointment". [1]

  9. Liquidating distribution - Wikipedia

    en.wikipedia.org/wiki/Liquidating_distribution

    A liquidating distribution (or liquidating dividend) is a type of nondividend distribution made by a corporation or a partnership to its shareholders during its partial or complete liquidation. [1] Liquidating distributions are not paid solely out of the profits of the corporation. Instead, the entire amount of shareholders' equity is ...