Glossary
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Account
receivable - see
debtor
Acquittal -
Discharge of defendant when found not guilty
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 charge
is 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 rights
and duties become vested in the adopter(s), to whom the
child then stands in all respects as if born to them
in 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
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To declare no longer valid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
Asset
Based Lending - A business loan where
the borrower pledges as collateral for the loan any
assets, such as invoices, purchase orders or equipment,
used in the conduct of his or her business. Funds
are used for business related expenses. All asset-based
loans are secured.
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 un
disclosed 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
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
Bill
of costs -(see Taxation of costs
and 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
Bona
vacantia - 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
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 -
i)
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
ii) 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
iii) 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
Compensation -
Sum of money to make up for or make amends for loss,
breakage, hardship, inconvenience or personal injury
caused by another
Compos
mentis (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
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
Consecutive
sentence - An order for a subsequent
sentence of imprisonment to commence as soon as a
previous sentence expires. Can apply to more than
two sentences
Contempt
of Court - Disobedience or wilful
disregard to the Court process
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
Counterclaim -
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:
i)
civil and,
ii) criminal divisions and hears appeals:
i) from decision in the High Court and County Courts and,
ii) 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
limit -A limit established by the
invoice financier in relation to a
debtor within
which outstanding
debts are deemed
to
approved
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
Crown
Court - The Crown Court deals with
all crime committed for trial by Magistrates Courts
Cases and are heard before a judge and jury. The
Crown Court also acts as an appeal Court for cases
heard and dealt with by the Magistrates.
The Crown Court is divided into tiers, depending on the type of work dealt
with.
First
Tier
· Defended
High Court Civil work.
· All classes of offence in criminal proceedings.
· Committals for sentence from the Magistrates' Court.
· Appeals against convictions and sentences imposed at Magistrates' Court.
Second
Tier
· All
classes of offence in criminal proceedings.
· Committals for sentence from Magistrates' Court.
· Appeals against convictions and sentences imposed at Magistrates' Court.
Third
Tier
· Class
4 offences only in criminal proceedings.
· Committals for sentence from Magistrates' Court.
· Appeals against convictions and sentences.
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)
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
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
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
De
Facto (in fact) - "As a matter
of fact"
Default
judgment - Obtained by the claimant
as 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
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 services
and 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
Drop-in -
A provision in
non-recorse factoring whereby
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
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.
Ex
Parte (by a party) - An ex parte
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
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 £5000 but not more than £15000
are allocated to
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
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
Habeas
corpus (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:-
i) 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
ii) Family - concerned with matrimonial maters and proceedings relating
to children
iii) Chancery - property matters including fraud and bankruptcy
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 1
offence
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
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 may
be 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
Insolvent -
see Bankrupt
Inter
Alia (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
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
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 carry
out 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
claimed 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
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
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/statements
and 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 £15000 are allocated to
Non-molestation -
An order within an injunction to prevent one person physically
attacking another
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
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:-
i)
a liquidator when a company is being wound up;
ii) 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
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
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
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
i)
Trustee for Trusts managed by the Public Trust Office;
ii) Accountant General for Court Funds;
iii) Receiver (of last resort) for Court of Protection patients
Putative
father - The alleged or supposed father of an illegitimate
child
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
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 a
part 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.
Refactoring 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
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
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, eg 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
Surety -
A person's undertaking to be liable for another's default
or 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
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,
eg 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
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)
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, eg 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)
