FIRSTfactor
FINANCE
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Working Capital Specialists

FACTORING & INVOICE DISCOUNTING GLOSSARY

A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|X|Y |Z

A

Account receivable - see debtor
Acquittal - Discharge of defendant when found not guilty
Acquisition - The act of one business acquiring the shares or assets of another business
Accounts Receivables - Accounts receivables represent money owed to a company by the customer for goods or services delivered but not yet paid for
Act - Law, as an act of parliament
Adjudication - Judgment or decision of a Court or tribunal
Administration charge - An ad valorem charge made by the invoice financier (often by deduction from the purchase price of debts) calculated on the amount of each debt purchased by the invoice financier. The charges made to compensate the invoice financier for taking over certain administrative functions and /or the risk of bad debts
Administration order - An order by a County Court directing a debtor to pay a specified monthly installment into Court in respect of outstanding debts. Then distributes the money between the creditors on a pro-rata basis
Adoption - An act by which the rights and duties of the natural parents of a child are extinguished and equivalent right sand duties become vested in the adopter(s), to whom the child then stands in all respects as if born to the min marriage
Adultery - Voluntary sexual intercourse between a married person and another person who is not the spouse, while the marriage is still valid
Advance - The percentage of an invoice's face value which a invoice financier pays upon its purchase.
Advocate - A barrister or solicitor representing a party in a hearing before a Court
Affirmation - Declaration by a witness who has no religious belief,or has religious beliefs that prevent them taking the oath, that the evidence they are giving is the truth
Aged balance report - A schedule of outstanding debts by reference of their due dates
Agency - Factoring disclosed to the debtors but with the sales accounting and collection functions retained by the client
Alternative Dispute Resolution (ADR) - An alternative method to the Courts by which parties can resolve their dispute - could be arbitration
Ancillary relief - Additional claims (e.g.in respect of maintenance) attached to the petition for divorce
Ancillary rights - All rights under the contract of sale or service giving rise to a debt (including the right to return goods) and all guarantees and insurance in relation to a debt
Annul - To declare no longer valid
Appeal - Application to a higher Court or authority for review of a decision of a lower Court or authority
Appellant - Person who appeals
Applicant- Person making the request or demand
Approved -In relation to a debt:
  • in the case of non-recourse Factoring,not subject to recourse to the client by reason of the financial inability of the debtor to pay the debt; and/or

  • in the case of most forms of Factoring (except maturity),eligible for a prepayment on account of its purchase price.

Asset Based Lending -Encompasses funding against debtors in the form of Factoring or Invoice Discounting, and can incorporate an element of funding against stock, property, existing plant and machinery. Also includes hire purchase and leasing products to fund assets in the form of new plant, equipment and vehicles. Can be extended to cover the funding of payroll specifically for recruitment agencies
Asset Finance - Financing for the purchase of assets in exchange for a security interest in those assets. The most common kind of asset financing is to extend loans to purchase company cars, vans, machinery and equipment
Assignment notice - The written instruction to the debtor to pay the invoice financier normally placed on the face of each invoice issued by the client other than in Invoice Discounting or undisclosed Factoring
Associate -A person connected with the client by reason of common control or relationship
Attachment of earnings - An order that directs an employer of a debtor to deduct regularly an amount, fixed by the Court, from the debtor's earnings and pay that sum into Court
Award -Result of an arbitration hearing or the amount of damages assessed by a Court
Availability -The amount payable, at any time, by the invoice financier to the client for or on account of the purchase price of debts sold to the invoice financier

B

Back-to-back Factoring - the provision of Factoring services to a debtor in order to provide security for approval of the debtor's indebtedness arising from the sales of another client
Balance payment - Payment, of the purchase price of a debt purchased by the invoice financier, on the due date for payment of the purchase price (the maturity date or collection date) after deducting any prepayment made in respect of that purchase
Bail -Release of a defendant from custody, until their next appearance in Court, subject sometimes to security being given and/or compliance with certain conditions
Bailiff -Officer of the County Court empowered to serve Court documents and execute warrants
Bankrupt (insolvent) - unable to pay creditors and having all goods/effects administered by a liquidator or trustee and sold for the benefit of those creditors
Bar -The collective term for barristers
Barrister (see Counsel; Silk) - The branch of the legal profession which has rights of audience before all Courts
Batch -A bundle of copy invoices accompany a notification
Bulk Factoring - see Agency Factoring
Bill of costs -(see Taxation of cost sand Summary assessment)
Bill of Exchange - An instrument similar to a time or sight draft which the buyer signs. This is acknowledgement of debt for the goods he is buying
Bill of Lading - A shipping document which gives instructions to the company transporting the goods
Bill of Sale - document used to transfer the title of certain goods from seller to buyer
Bona fide (in good faith) - A Bona Fide agreement is one entered into genuinely without attempt to fraud
Bonavacantia - Denotes the absence of any known person entitled to the estate of a deceased person
Brief -Written instructions to counsel to appear at a hearing on behalf of a party prepared by the solicitor and setting out the facts of the case and any case law relied upon

C

Case number - A unique reference number allocated to each case by a Court
Caveat- A formal notice given to the registrar,that asks a court to suspend action until the party which filed the challenge can be heard
Chain -An international association of correspondent factors
Charge -A formal accusation against a person that a criminal offence has been committed
Charge back - An amount payable by the client to the invoice financier in respect of a debt the subject of recourse and debited to the clients account with the invoice financier
Charging order - An order directing that a charge be registered at the Land Registry on property owned by the debtor. This is also a form of enforcing civil debt,preventing the sale or disposal of a property until the charge has been cleared
Civil -Matters concerning private rights and not offences against the state
Claim -Proceedings issued in the County or High Court. Previously known as an Action
Claimant -The person issuing the claim. Previously known as the Plaintiff
Claim form - The form that a claim is issued on. Previously known as a Summons
Client -A business with which the invoice financier has entered into a Factoring agreement
Codicil -An document signed and executed which amends or adds something to a will
Collection date - The date on which the invoice financier has received payment (by way of cleared funds) for a debt.
Collection only - in relation to a Factoring agreement,the invoice financier is responsible to pay the purchase price only on the collection date with no prepayments.
Committal -
  • committal for trial: Following examination by the Magistrates of a case, the procedure of directing the case to the Crown Court to be dealt with

  • committal for sentence: Where the Magistrates consider that the offence justifies a sentence greater than they are empowered to impose they may commit the defendant to the Crown Court for sentence

  • committal order: An order of the Court committing someone to prison

Common law - The law established, by precedent,from Court decisions and established within a community
Commission - Administration charge
Compensation -Sum of money to make up for or make amends for loss,breakage, hardship, inconvenience or personal injury caused by another
Composmentis (of sound mind) - Legally fit to conduct/defend proceedings
Concurrent sentence - A direction by a Court that a number of sentences of imprisonment should run at the same time
Concentration - The value of your sales ledger expressed as percentage accounted for by your biggest client or clients
Conditional discharge - A discharge of a convicted defendant without sentence on condition that he/she does not re-offend within a specified period of time
Confidential Factoring - Factoring (either with or without recourse), without notices of the assignments to the debtors,whereby the client administers the sales ledger and collects as agent for the invoice financier

Contempt of Court - Disobedience or wilful disregard to the Court process
Cost of funds - The interest rate you will be charged on the money lent to you (usually expressed in amount over bank base rate)
Cor(Coram) in the presence of Co-respondent -A person named as an adulterer (or third person)in a petition for divorce
Corroboration -Evidence to confirm evidence by another or supporting evidence, for example forensic evidence (bloodstain,fibres etc) in murder cases
Correspondent invoice financier - a invoice financier who is prepared to act as an import invoice financier
Counsel -A barrister
Count -An individual offence
Counter claim -A claim made by a defendant against a claimant in an action. There is no limit imposed on a counterclaim,but a fee is payable according to the amount counterclaimed
County Court - Sometimes inaccurately referred to as the Small Claims Court, it deals with civil matters including all monetary claims up to £15,000.Many County Courts have extra powers which enable them to deal with divorce and other family proceedings,bankruptcy actions, matters relating to children and cases involving ships/boats known as admiralty actions
Court of appeal - Divided into:
  • civil and

  • criminal divisions and hears appeals: i) from decision in the High Court and County Courts and

  • against convictions or sentences passed by the Crown Court

Court of protection - The branch of the High Court with jurisdiction over the estates of people mentally incapable of handling their own financial affairs
Covenant -A formal agreement or a contract constituting an obligation to perform an act
Credit approval - The approval of a debt of in a non-recourse Factoring arrangement whereby the credit risk in relation to that debt is accepted by the invoice financier without recourse to the client
Credit limit -A limit established by the invoice financier in relation to a debtor within which outstanding debts are deemed to approved
Credit Insurance - Credit Insurance is a policy that is bought to cover losses due to unpaid accounts receivable
Credit risk - The risk of the inability of the debtor to pay for a debt, purchased by a invoice financier, solely by reason of financial inability to pay
Creditor -A person to whom money is owed by a debtor
Current account - An account between the invoice financier and the client for the recording of some or all of the transactions between them (according to the accounting system in use)
Customer - debtor
Cut-off period - A clause in a contract of sale or service by which each invoice shall be deemed to arise from a separate contract

D

Damages -An amount of money claimed as compensation for physical/material loss, e.g. personal injury, breach of contract
Dated invoices - Invoices to which forward dating has been applied
Debit back - Charge back
Debt -All debtors obligations under a contract of sale or service
Debtor -Person owing money to another party
Debts purchased account - an account maintained by the invoice financier on which are recorded the value of all un matured debts purchased by the invoice financier
Debt turn - The average period of credit taken by the debtors of a client
Decree absolute - Certificate dissolving a marriage
Decree nisi - Order for divorce unless cause to contrary is shown within a set period
Declaration -Court order setting out the rights of a party in the form of a statement
Deed -A legal document which sets out the terms of an agreement,which is signed by both parties
DeFacto (in fact) - "As a matter of fact"
Default judgment - Obtained by the claimants a result of the failure of a defendant to comply with the requirements of a claim i.e. reply or pay within a 14 day period after service of the claim
Defendant -Person sued; person standing trial or appearing for sentence
Deposition -A statement of evidence written down and sworn on oath,or by affirmation
Direct import Factoring - The provision of Factoring services by a invoice financier in the country of the debtors to an exporter in another country without the intervention of a correspondent invoice financier in that country
Disapproved -In relation to a debt (see unapproved)
Disclosed Invoice Discounting - term for agency Factoring
Dismissal -To make order or decision that a claim be ceased
Discount/Discounting charge - The charge made by a invoice financier (often as a deduction in calculating the purchase price of debts) for the provision of prepayments
Dispute-The failure of the debtor to accept the goods or service sand the invoice the subject of a debt purchased by the invoice financier for any reason whatsoever
Dispute notice - A written notice from the invoice financier to the client (or,in the two invoice financier system, from the import invoice financier) advising the latter of a dispute
District judge - A judicial officer of the Court whose duties involve hearing applications made within proceedings and final hearings subject to any limit of jurisdiction
Divorce -Dissolution or nullity of marriage
Domestic Factoring - The Factoring of debts arising from sales of a client to debtors in the same country
Drop-in -A provision in non-recorse Factoring where by a debt (or part of) in excess of a credit limit may fall within it to the extent that an item within the limit is paid or credited

E

Early payment - prepayment
EAT -Employment Appeal Tribunal
Eligible debt - A debt in relation to which the invoice financier has prescribed that the client may draw a prepayment on account of the purchase price.
Enforcement -Method of pursuing a civil action after judgment has been made in favour of a party. Process carried out by Magistrates Court to collect fines and other monetary orders made in the Crown Court
Estate -The rights and assets of a person in property
Execution -(see Levy) Seizure of debtors goods following non payment of a Court order
Exempt -To be freed from liability
Exhibit- Item or document referred to in a statement or used as evidence during a Court trial or hearing
Export invoice financier - A invoice financier(normally in the country of his client)providing Factoring for exports and using the two invoice financier system.
ExParte (by a party) - An application is made to the Court during proceedings by one party in the absence of another or without notifying the other party
Expert witness - Person employed to give evidence on a subject in which they are qualified or have expertise

F

Factor Financing - Factor Financing is a financial transaction where a business sells its unpaid invoices to a Factoring company at a discounted rate
Factoring company - A factor company is a business that provides an advance against unpaid sales invoices
Factoring Financing - Factoring Financing is a financial transaction where a business sells its unpaid invoices to a Factoring company at a discounted rate
Factoring UK - Factoring UK is a service within the United Kingdom where businesses are able to gain an advance of finance from outstanding sales invoices though a Factoring company
Facultative agreement - An agreement which provides for each debt to be offered by the client to the invoice financier who may exercise his discretion as to whether or not to accept it.
Fast track - The path that defended claims of more than £5,000 but not more than £15,000 are allocated to
Full Factoring - A Factoring arrangement whereby the invoice financier takes on the administrative functions of the sales ledger and collection from debtors,relieves the client from dad debts and provides finance by way of prepayments.
Funds in use - The aggregate amount, at any one time, of prepayments and amounts charged to the client by the invoice financier un recovered by prepayments from the debtors

G

Garnishee - A summons issued by a plaintiff, against a third party,for seizure of money or other assets in their keeping,but belonging to the defendant
Guarantor -Someone who promises to pay if payment is not made by the person responsible for repayments of a loan
Guardian -A person appointed to safeguard/protect/manage the interests of a child or person under mental disability

H

Habeascorpus (produce the body) - A writ which directs a person to produce someone held in custody before the court
High Court- A civil Court which consists of 3 divisions:-
  • Queen's Bench (can be known as King's Bench Division if a King is on the throne) - civil disputes for recovery of money, including breach of contract, personal injuries, libel/slander

  • Family - concerned with matrimonial maters and proceedings relating to children

  • Chancery - property matters including fraud and bankruptcy

I

Import invoice financier - A correspondent factor (normally in the country of the debtors)who is prepared to take sub-assignment of debts owing by such debtor and consequently be responsible for collection and/or the credit risk
Indictable offence- A criminal offence triable only by the Crown Court. The different types of offence are classified 1, 2, 3 or 4. Murder is a class 1offence
Indirect payment - A payment made by a debtor to the client for a debt purchased by the invoice financier contrary to a notice of the assignment of that debt
Ineligible debt - A debt a invoice financier is not prepared to make a prepayment on account of the purchase price e.g. for reason of breach of warranty by the client or the the amount is in excess of a prescribed limit
Initial payment - prepayment
Injunction -An order by a Court either restraining a person or persons from carrying out a course of action or directing a course of action be complied with. Failure to carry comply maybe punishable by imprisonment
Inter-factor agreement - An agreement between corresponding invoice financiers whereby they mutually agree to act as import and export invoice financiers in accordance with a code of practice(e.g. factors chain international)
Introductory letter - Letter sent to each of the debtors by a client at the start of a Factoring arrangement to explain the Factoring arrangement and instructing the debtor to pay the invoice financier for all supplies until further notice
Invoice discounting - Confidential Invoice Discounting, normally without recourse
Insolvent -see Bankrupt
InterAlia (among other things) - Indicates that the details given are only an extract, not the full picture
Intestate -Without leaving a will
Issue -To initiate legal proceedings in pursuit of a claim

J

Judgment -The final decision of a Court
Judicial/Judiciary -i) Relating to the administration of justice or to the judgment of a Court ii) A judge or other officer empowered to act as a judge
Juror -(see Jury) A person who has been summoned by a Court to be a member of the jury
Jury -Body of jurors sworn to reach a verdict according to the evidence in a Court
Justice of the Peace - A lay magistrate -person appointed to administer judicial business in a Magistrates Court. Also sits in the Crown Court with a judge or recorder to hear appeals and committals for sentence
Jurisdiction -The area and matters over which a Court has legal authority
Juvenile -Person under 17 years of age

K

L

Law Lords - Describes the judges of the House of Lords who are known as the Lords of Appeal
Lease -The letting of land, e.g. rent etc, for property for a prescribed period
Legatee -Person to whom personal estate is given by will
Letters of Administration - Authority granted by a Probate Registry to someone interested in the estate of a person who has died without leaving a will. The order allows the 'administrator' to carryout the duties relating to the estate
Levy -(see Execution) A duty carried out by a bailiff or sheriff under the authority of a warrant for a sum of money, whereby goods of value belonging to the debtor are reclaimed with a view to removal and sale at a public auction in an attempt to obtain payment
Libel -A written and published statement/article which infers damaging remarks on a persons reputation
Litigation -Legal proceedings
Lord Chancellor - The cabinet minister who acts as speaker of the House of Lords and oversees the hearings of the Law Lords. Additional responsibilities include supervising the procedure of Courts other than Magistrates or Coroners Courts and selection of judges, magistrates, queens counsel and members of tribunals
Lord Chief Justice - Senior judge of the Court of Appeal (Criminal Division) who also heads the Queens Bench division of the High Court
Lord Justice of Appeal - Title given to certain judges sitting in the Court of Appeal

M

Maintenance pending suit - A temporary order for financial provision made within divorce proceedings until the proceedings are finalised
Master of the Rolls - Senior judge of the Court of Appeal (Civil Division)
Maturity fixed date the due date for a payment of the purchase price of a debt purchased by the invoice financier after deduction of any prepayment made in respect of that debt.
Maturity Factoring - A Factoring arrangement where the purchase price of each and every debt is made on a maturity date often without any provision for prepayments.
Maturity date -The number of days after a invoice date (or the end of the month in which the invoice is dated or the date of the receipt by the invoice financier of copy invoices) fixed by reference to a historical average period of credit taken by debtors.The period is the basis for fixing a maturity date
Magistrates Court - A Court where criminal and some civil proceedings are commenced before Justices of the Peace who examine the evidence/statement sand either deal with the case themselves or commit to the Crown Court for trial or sentence
Minimum balance - Retention
Minor -Someone below 18 years of age and unable to sue or be sued without representation, other than for wages
Mitigation -Reasons submitted on behalf of a guilty party in order to excuse or partly excuse the offence committed, in an attempt to minimise the sentence
Mortgage -A loan of money advanced to purchase property. The property is used as security for payment
Mortgagor -The party obtaining the loan
Mortgage -The party that gives the loan
Motion -An application by one party to the High Court for an order in their favour
Multi track - The path that defended claims over £15,000 are allocated to

N

Non-molestation -An order within an injunction to prevent one person physically attacking another
Non-notification Factoring - Confidential Factoring
Non recourse Factoring - Full Factoring or any variation by which the invoice financier has no right of recourse in relation of approved unpaid by reason only of the financial inability of the debtor to pay
Non-suit -Proceedings where the plaintiff has failed to establish to the Court's satisfaction that there is a case for the defendant to answer
Notary public - Someone who is authorised to swear oaths and certify the execution of deeds
Notice to quit - Gives prior notice, when served in possession proceedings, of termination of a tenancy
Notification -A report by the client to the invoice financier of the coming into existence of debts (already purchased by the invoice financier pursuant to a whole turnover type agreement often by submission of copy invoices.The expression is also used to denote notice to the debtor of the assignment of his indebtedness.
Nullity -Application to the Court for a declaration that a marriage be declared 'void' or be annulled, i.e. declared never to have existed until the Court dissolved it

O

Oath -(see Affirmation) A verbal promise by a person with religious beliefs to tell the truth
Official receiver - A civil servant who works for the Department of Trade and Industry and is appointed by the Court to act as:-
  • a liquidator when a company is being wound up;

  • a trustee when an individual is made bankrupt.

The duties of an official receiver will include examining the company/bankrupt's property which is available to pay the debts and distributing the money amongst the creditors
Open account credit -Credit not covered by a bill of exchange or promissory note
Order -A direction by a Court

P

Particulars - Details relevant to a claim
Party - Any of the participants in a Court action or proceedings
Party and party - Costs that one party must pay to another
Penal notice - Directions attached to an order of a Court stating the penalty for disobedience may result in imprisonment
Permitted limit - Credit limit
Petition -A method of commencing proceedings whereby the order from the petitioner to the Court is expressed as a prayer,e.g. the petitioner prays that the marriage be dissolved(divorce proceedings)
Petitioner -A person who presents the petition
Plaintiff -see Claimant
Plea -A defendant's reply to a charge put to him by a court;i.e. guilty or not guilty
Pleadings -Documents setting out claim/defence of parties involved in civil proceedings
Possession proceedings - Legal proceedings by a landlord to recover land/property e.g. house
Precedent -The decision of a case which established principles of law that act as an authority for future cases of a similar nature
Probate -The legal recognition of the validity of a will
Prepayment -A payment, made by the invoice financier to the client on receipt of a notification or schedule offer, on account of the purchase price of the debts included in the notification or offer
Pro Forma (a matter of form) - A procedure performed subject to and following an agreed manner
Pro Rata (in proportion) - Money distributed on a pro rata basis would be according to the amount of investment
Prosecution -The conduct of criminal proceedings against a person
Prosecutor -Person who prosecutes
Public trustee - A person (usually a barrister or solicitor) appointed by the Lord Chancellor as
  • Trustee for Trusts managed by the Public Trust Office

  • Accountant General for Court Funds

  • Receiver (of last resort) for Court of Protection patients


Putative father - The alleged or supposed father of an illegitimate child

Q

Quantum -In a damages claim the amount to be determined by the court
Quash -To annul; i.e. to declare no longer valid
Queens Counsel - Barristers of 10 years experience may apply to become queen's counsel. QCs undertake work of an important nature and are referred to as 'silks' which is derived from the Courts gown they wear. Will be known as king's counsel if a king assumes the throne

R

Receivable - debt
Receiver -Person appointed by the Court of Protection to act on behalf of a patient
Recorder- Members of the legal profession (barristers or solicitors)who are appointed to act in a judicial capacity on apart time bases. They may progress to become a full time judge
Recourse -The right of the invoice financier to be guaranteed the due payment of a purchased debt by the debtor or to have an unpaid debt repurchased by the client.
Re Factoring charge - An additional administration charge made by some invoice financiers in respect of any debt, which is subject to recourse and remains unpaid after a specified period, in consideration for the invoice financiers not exercising his right of recourse
Related rights - Ancillary rights
Registrar -(see District Judge) Registrars and deputy registrars were renamed District Judges and Deputy District Judges respectively in the Courts and Legal Services Act 1990
Remand -To order an accused person to be kept in custody or placed on bail pending further Court appearance
Respondent -The person on whom a petition is served
Right of Audience - Entitlement to appear before a Court in a legal capacity and conduct proceedings on behalf of a party

S

Schedule of offer - a list of invoices constructing an offer under a facultative type of agreement to the invoice financier by the client of the debts represented by the invoices
Self billing - the buyer raises invoices on the basis of orders placed and goods delivered
Seller - client
Service charge - Administration charge
Sheriff -An officer of the Crown whose duties, amongst other things,consist of the enforcement of High Court writs
Silk -Queens Counsel, a senior barrister sometimes referred to as leading counsel
Slander -Spoken words which have a damaging effect on a person's reputation
Small claims track - The path that defended claims of no more than £5000 (and Personal Injury and Housing Disrepair claims of no more than £1000)are allocated
Solicitor -Member of the legal profession chiefly concerned with advising clients and preparing their cases and representing them in some Courts. May also act as advocates before certain Courts or tribunals
Squatter -A person occupying land or property without the owners consent
Statutory instrument - A document issued by the delegated authority (usually a Government Minister or committee) named within an act of parliament which affects the workings of the original Act, e.g. The County Courts Act 1984 confers authority on to the County Court Rule Committee to make rules relating to the operation of the County Courts act
Stay of execution - An order stating judgment cannot be enforced without instruction from the court
Suit- Legal proceedings commenced by petition
Summary assessment (of costs) - Where the question of costs is dealt with at the conclusion of the hearing
Summary judgment - Judgment obtained by a plaintiff where there is no defence to the case or the defence contains no valid grounds
Summary offence - (see Indictable offence)A criminal offence which is triable only by a Magistrates Court
Summing up - A review of the evidence and directions as to the law by a judge immediately before a jury retires to consider its verdict
Summons - Order to appear or to produce evidence to a Court, the old name for a claim form
Summons(jury) - Order to attend for jury service
Summons(witness) - Order to appear as a witness at a hearing
Supplier - client
Surety - A person's undertaking to be liable for another's defaultor non-attendance at Court
Suspended sentence- A custodial sentence which will not take effect unless there is a subsequent offence within a specified period
Survey - An investigation by a invoice financier as to the suitability of a prospective client

T

Take-on - The start of an agreement. All debts are purchased by the invoice financier at the date of commencement of the Factoring agreement.
Taxation of costs - (see Summary assessment)An examination of a solicitor's bill in civil proceedings by a Court to ensure that all charges against the legal aid fund are fair and reasonable
Testator - A person who makes a will
Tort - A civil wrong committed against a person for which compensation may be sought through a civil court, e.g. personal injury,negligent driving, libel etc
Tribunal - A group of people consisting of a chairman (normally solicitor/barrister) and others who exercise a judicial function to determine matters related to specific interests,e.g. VAT Tribunal - appeals against the amount of duty levied by Customs and Excise; Lands Tribunal - appeals against the valuation of land
Trust - Property legally entrusted to a person with instructions to use it for another person (or persons) benefit
Trustee - A person who holds or administers property in a trust for another (or others)
TUC - Trade Union's Congress - With member unions representing over six and a half million working people, TUC campaigns for a fair deal at work and for social justice at home and abroad.
TUPE - Transfer of Undertakings Protection of Employment regulations

U

Unapproved - debts subject to recourse and are not eligible for prepayment
Undisclosed Factoring - Confidential Invoice Discounting

V

Verdict -The finding of guilty or not guilty by a jury
Vice Chancellor - Senior judge and head of the Chancery Division of the High Court of Justice(although the Lord Chancellor is the nominal head)

W

Waiver - A release of debts from a charge or other encumbrance
Ward of Court - The title given to a minor who is the subject of a wardship order. The order ensures that custody of the minor is held by the Court, with day to day care of the minor being carried out by an individual(s) or local authority. As long as the minor remains a ward of Court, all decisions regarding the minors upbringing must be approved by the Court, e.g. transfer to a different school, medical treatment etc
Whole turnover agreement - An agreement which itself provides for the assignment to the invoice financier of all existing and future debts (or all of a class of debts) of the client without any further act of transfer of the individual debts
Will - A declaration of a person's intentions to distribute his/her estate and assets
Winding up - The voluntary or compulsory closure of a company and the subsequent realisation of assets and payment to creditors
Witness - A person who gives evidence in Court (see also Expert witness)

X

Y

Z