A debtor is a person or company that owes money to another person or company. A company is therefore owed money by its debtors and the people it owes money to are its creditors.

Bankruptcy is a term used to describe a situation when a person or other legal entity like a limited company is unable to pay what they owe, and then either voluntarily debtors petition or involuntarily creditors petition seek the protection of the court in dealing with their bankrupt estate.
In the UK today the number of [...]

The condition of insolvency; the state or condition of a person who is insolvent; the condition of one who is unable to pay his debts as they fall due, or in the usual course of trade and business; as, a merchant’s insolvency.
To be insovent means to have the insufficiency or inability to discharge all debts [...]

A procedure whereby you may have a court order made against you or give an undertaking which will mean that bankruptcy restrictions and repayments may continue for a period from between two to fifteen years.
You can conduct an online search of bankruptcy restriction orders.
This database contains the reasons for misconduct for bankrupts subject either to [...]

In the United Kingdom, Individual Voluntary Arangements (IVAs) are a formal alternative for individuals wishing to avoid petitioning for their own bankruptcy.
An Individual Voluntary Arrangement allows a debtor to repay their what they owe for as little as 25 per cent of the original balances in a binding plan in which the creditors eliminate [...]

A creditor is a party (e.g. person, organisation, company, or government) that claims that a second party owes the first party some money or assets or services.
The first party, in general, has provided some money, property or service to the second party under the assumption (usually enforced by contract) that the second party will [...]

Receivership is when an administrative receiver is put into a company to secure the assets. Creditors petition the court for receivership and a receiver is appointed by the courts.
Administration happens when an administrator is put into a company to run it, and to try to save it. If this is not possible, the administrator will [...]

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If you can’t meet your mortgage repayments, or you’re worried you might fall behind, it’s important to contact your lender as soon as possible. Lenders have procedures for tackling payment difficulties and they’ll try to help. You can also get free independent advice from Myvesta.
Contact your lender [...]