Glossary of restructuring and insolvency terms

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

  • Glossary of restructuring and insolvency terms
  • A
  • Asset-backed security (ABS)
  • Acceleration
  • Ad-hoc committee
  • Administration
  • Administration order
  • Administrator
  • Administrative receiver
  • Administrative receivership
  • More...

Glossary of restructuring and insolvency terms

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.


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 whereby an Administrator is appointed to a company in financial distress to achieve one of the statutory purposes set out in IA 1986, Sch B1.

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 IA 1986, Sch B1.

Administrative receiver

Administrative receivership is the appointment of an Insolvency Practitioner by a Creditor who holds a floating charge over

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