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  2. Fixed liability - Wikipedia

    en.wikipedia.org/wiki/Fixed_liability

    A fixed liability is a debt, bond, mortgage or loan that is payable over a term exceeding one year. Such debts are better known as non-current liabilities [1] or long-term liabilities. [2] Debts or liabilities due within one year are known as current liabilities. [3]

  3. Long-term liabilities - Wikipedia

    en.wikipedia.org/wiki/Long-term_liabilities

    [1] [better source needed] The normal operation period is the amount of time it takes for a company to turn inventory into cash. [2] On a classified balance sheet , liabilities are separated between current and long-term liabilities to help users assess the company's financial standing in short-term and long-term periods.

  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. Unfair preference - Wikipedia

    en.wikipedia.org/wiki/Unfair_preference

    After such avoidance, the recovered property becomes property of the bankruptcy estate. [11] The period is usually 90 days. However, if the preferential transfer is made to an "insider," then the period is one year. An "insider" is generally a relative or one who has the ability to control the activities of the debtor. [12]

  6. Balance sheet - Wikipedia

    en.wikipedia.org/wiki/Balance_sheet

    In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity.

  7. Discounting - Wikipedia

    en.wikipedia.org/wiki/Discounting

    In finance, discounting is a mechanism in which a debtor obtains the right to delay payments to a creditor, for a defined period of time, in exchange for a charge or fee. [1] Essentially, the party that owes money in the present purchases the right to delay the payment until some future date. [2]

  8. Insolvency - Wikipedia

    en.wikipedia.org/wiki/Insolvency

    (a) if a creditor (by assignment or otherwise) to whom the company is indebted in a sum exceeding £750 then due has served on the company, by leaving it at the company's registered office, a written demand (in the prescribed form) requiring the company to pay the sum so due and the company has for 3 weeks thereafter neglected to pay the sum or ...

  9. Bankruptcy - Wikipedia

    en.wikipedia.org/wiki/Bankruptcy

    In Chapter 13, debtors retain ownership and possession of all their assets but must devote some portion of future income to repaying creditors, generally over three to five years. [60] The amount of payment and period of the repayment plan depend upon a variety of factors, including the value of the debtor's property and the amount of a debtor ...