A
| Accounts Payable |
Money owed by a company to its creditors.
|
| Accounts Receivable |
Money owed to a company by its debtors.
|
| Adverse |
Any negative event that has occurred in the bureau such as Default, ExAd, Court Action, Mercantile Agent Enquiry.
|
| ASIC |
Australian Securities and Investments Commission.
|
| ABN |
Australian Business Number. A unique 13 digit identifying number issued by the Australian Business Register.
|
| ACN |
Australian Company Number. A unique 9 digit identifying number ASIC issues to a company on registration under the Corporations Act 2001.
|
B
| Bankrupt | A person or organisation declared in law as unable to pay their debts. |
C
| Creditor | A person or company to whom money is owing. |
D
| Debtor |
A person or organisation that owes money.
|
| Default |
The failure to fulfil an obligation, especially to repay a loan or appear in a law court.
|
| Director | A natural person appointed as a director of a company who is then responsible for directing and managing the affairs of a company. Also includes a shadow director. |
E
| Equifax Score |
The Equifax Score is a credit rating between 0-1200 that lenders can look at when deciding whether to accept an application for a loan or credit. Generally, the higher the score, the better you look to lenders.
|
| External Administration |
External administration includes administration, receivership and liquidation.
|
| External Administrator | A general term for an external person formally appointed to a company or its property. An external administrator is sometimes also referred to as an insolvency practitioner. |
I
| Indemnity |
An agreement between the external administrator and a third party to cover the fees and other debts incurred by the external administrator.
|
| Insolvent | Unable to pay all debts when they fall due for payment. |
L
| Legal Action |
A civil or criminal judicial proceeding intended to resolve a legal dispute, claim, or accusation.
|
| Liability |
A legal obligation to pay a person.
|
| Liquidation | The orderly winding up of a company’s affairs. It involves realising the company’s assets, cessation or sale of its operations, distributing the proceeds of realisation among its creditors and distributing any surplus among its shareholders. |
M
| Mercantile Agent Enquiry | A mercantile agent enquiry is an enquiry registered on a credit file by a mercantile agent who may have an interest in taking on a debt. |
O
| Officer (of a company) | A director, secretary or external administrator (in most cases) of the company. |
P
| Payment Trends |
Payment trends are a measurement of the days beyond terms that the organisation is taking to pay its invoices.
|
| Phoenix Company | A phoenix company is a commercial entity which has emerged from the collapse of another through insolvency. |
R
| Receivership | An insolvency procedure where a receiver, or receiver and manager, is appointed over some or all of the company’s assets. |
S
| Secured Creditor | A creditor who has a security (e.g. charge or mortgage) over some or all of a company’s property. |
U
| Unsecured Creditor | A creditor who does not hold a security over a company’s property. |
V
| Voluntary Administration | An insolvency procedure where the directors of a financially troubled company or a secured creditor appoints an external administrator called a ‘voluntary administrator’ to report to creditors and to recommend whether the company should enter into a deed of company arrangement, go into liquidation or be returned to the directors. |
W
| Writ | A writ is a formal written order issued by a body with administrative or judicial jurisdiction, generally a court. |