Glossary of restructuring and insolvency terms
Glossary of restructuring and insolvency terms

The following Restructuring & Insolvency guidance note provides comprehensive and up to date legal information covering:

  • Glossary of restructuring and insolvency terms
  • Restructuring & Insolvency glossary—A
  • Restructuring & Insolvency glossary—B
  • Restructuring & Insolvency glossary—C
  • Restructuring & Insolvency glossary—D
  • Restructuring & Insolvency glossary—E
  • Restructuring & Insolvency glossary—F
  • Restructuring & Insolvency glossary—G
  • Restructuring & Insolvency glossary—H
  • Restructuring & Insolvency glossary—I
  • more

This glossary explains many of the terms commonly used in the restructuring & insolvency market. Terms contained in the definitions themselves that are in bold are defined elsewhere in the glossary.

Restructuring & Insolvency glossary—A

Asset-backed security (ABS)

Security supported by assets such as loans, leases and credit card receivables.


Acceleration refers to the taking of a formal step by lenders following an Event of default such as demand for early repayment of the loan. Actions that can be taken by the lenders following an event of default are normally set out in a list at the end of the Event of default clause.

Ad-hoc committee

A creditors' committee used on a temporary basis (often in contrast to a formal committee) with no rights to formal recognition.


Administration is a procedure under the IA 1986, under which a company in financial difficulties is run by an Administrator as a going concern prior to the implementation of longer-term options such as break-up and sale.

Administration order

an order made by a court to appoint an Administrator to take control of a company.


An Insolvency Practitioner appointed by the court or by a Floating charge holder or the directors or the company to control the company and achieve one of the purposes set out in