Glossary of Scottish insolvency words and expressions
Glossary of Scottish insolvency words and expressions

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

  • Glossary of Scottish insolvency words and expressions
  • Absolute insolvency
  • Accountant in Bankruptcy (AiB)
  • Acquirenda
  • Act and warrant
  • Act of division and sale
  • Action of specific implement
  • Action for recovery of possession of heritable property
  • Adjudication for debt
  • Affidavit
  • More...

This is a glossary of common words and expressions used in Scottish insolvency law with the nearest England and Wales insolvency law equivalent (where relevant).

Absolute insolvency

MeaningNearest English Equivalent
Where an individual debtor's debts exceed the total value of assetsbalance sheet insolvency

Accountant in Bankruptcy (AiB)

MeaningNearest English Equivalent
This is an Agency of the Scottish Government, which supervises the process of personal bankruptcy (sequestration) in Scotland and can act as trustee in sequestrations where no insolvency practitioner is nominated to act. It also records corporate insolvencies (receivership and liquidations only) in Scotland, but does not act as an Official Receiver (see Practice Note: Scotland: the Accountant in Bankruptcy)N/A

Acquirenda

MeaningNearest English Equivalent
Any property or right acquired or received by a debtor for a period of four years after the date of sequestration. Prior to 1 April 2015, the period for acquirenda finished when the debtor was discharged from sequestrationN/A

Act and warrant

MeaningNearest English Equivalent
A document issued by the court in sequestrations commenced prior to 1 April 2008 formally vesting a debtor’s estate in a trustee. Since that date, the Award of Sequestration vests debtor's estate in the trusteeN/A

Act of division and sale

MeaningNearest English Equivalent
An action which

Popular documents