Accountant in Bankruptcy
Government official responsible for administering the conduct of personal insolvency in Scotland, including the regulation of Interim Trustees (qv) and Permanent Trustees (qv).

Administration
Form of Court insolvency designed to assist in saving a business through restructuring.

Administrator
Insolvency Practitioner appointed by the Court to conduct an Administration.

Bankruptcy
Personal insolvency (see also Sequestration).

Commissioners
Creditors committee appointed by the creditors in a Sequestration (qv).

Company Voluntary Arrangement (CVA)
Procedure to try and obtain agreement from creditors for a scheme to pay a proportion of the debts of a company.

Compulsory Liquidation
Liquidation (qv) initiated through the Court.

Creditors Voluntary Liquidation (CVL)
Liquidation (qv) initiated by a company by calling a meeting of creditors.

Floating Charge
A security which allows a company the free use of its assets until the security is called up when it attaches to all the assets of the company.

Interim Liquidator
Insolvency Practitioner appointed by the Court in a Compulsory Liquidation (qv).

Interim Trustee
Insolvency Practitioner appointed by the Court in a Sequestration (qv).

Liquidation
Procedure whereby creditors appoint an Insolvency Practitioner to wind up the affairs of a company and pay a dividend to the creditors.

Liquidation Committee
Creditors committee appointed by the creditors in a Liquidation (qv).

Liquidator
Insolvency Practitioner appointed by the creditors to wind up a company.

Permanent Trustee
Insolvency Practitioner appointed by the creditors to conduct a Sequestration.

Provisional Liquidator
Insolvency Practitioner appointed by the Court in a Compulsory Liquidation (qv) to preserve the assets of a company.

Receiver
Insolvency Practitioner appointed by the holder of a Floating Charge (qv).

Receivership
Insolvency initiated by a creditor who has a Floating Charge (qv).

Sequestration
Scottish term for a personal insolvency.

Supervisor
Insolvency Practitioner appointed by a company to conduct a CVA (qv).

Trust Deed
Transfer by a debtor of assets to an Insolvency Practitioner for the benefit of the debtor's creditors.

Trustee
Insolvency Practitioner appointed by a debtor to realise his assets to pay his creditors.