Glossary

County Court Judgment – CCJ
A decision of the Court in favour of one of your creditors in respect of a debt you owe.

Annulment
A formal application to the Court, the effect of which is to cancel the Bankruptcy Order.

Creditor
A person who is owed money.

Debtor
A person who owes money.

Debt consolidation
Taking out one large loan to pay off a number of smaller debts.

Debt management plan
A repayment scheme to pay off part or all of your debts.

Equity in a property
The amount left, if you were to sell or re-mortgage your house having paid off all of the secured creditors.

Individual Voluntary Arrangement
A formal agreement between the debtor and his creditors administered by a licensed insolvency practitioner usually in full and final settlement of all debts.

Official Receiver
A civil servant working for The Department of Trade and Industry who deals with the affairs of those individuals that have been made bankrupt.

Supervisor (of an IVA)
The licensed insolvency practitioner appointed to see that the debtors proposal is implemented.

Trustee in Bankruptcy
the licensed insolvency practitioner appointed by either the Official Receiver or the creditors to deal with the affairs of the bankrupt.

Undischarged bankrupt
An individual against whom a Bankruptcy Order has been made and has not yet received their discharge.