Glossary

An agent registered with Companies House for specified activities. ACSP registration, AML supervision and authorisation to act as an insolvency practitioner are separate matters.

The legal and regulatory framework for assessing and controlling money laundering risk. Insolvency work also requires consideration of terrorist financing, proliferation financing and the relevant supervisor’s guidance.

Checks required to understand and verify relevant parties and assess risk. Enhanced measures apply where the law requires them; an identity check alone does not complete the assessment.

A statutory defence sought through the NCA in relation to a specified proposed act involving suspected criminal property. It is not general approval of a case or an exemption from sanctions law.

The Insolvency Service’s Great Britain reporting route for relevant office-holder reports. Northern Ireland has its own conduct-reporting framework. A report is not a finding of misconduct.

A request for a person’s own personal data under data-protection law. Also called a SAR in that context; it is distinct from a suspicious activity report to the NCA.

Usually a reference to the Employment Rights Act 1996 in Great Britain. The Employment Rights Act 2025 introduces phased amendments; Northern Ireland has a separate employment-rights framework and provision-specific exceptions.

The Great Britain notification process for specified proposed collective redundancies. Notification to the authority and consultation with employees or their representatives are separate duties.

The person responsible for the relevant internal reporting and assessment arrangements within a regulated business, according to the applicable legal framework and firm structure.

The HM Treasury office responsible for UK financial sanctions implementation. Use the current UK Sanctions List and regime-specific rules when examining designations and restrictions.

Great Britain case and employee information supplied by the insolvency practitioner to RPS. These returns are distinct from the employee’s own RP1 or RP2 application and require supporting entitlement checks.

The service handling specified statutory employment insolvency payments. Great Britain and Northern Ireland have distinct operational routes; eligibility and limits must be checked locally.

In financial crime, a suspicious activity report to the NCA/UKFIU. In data protection, a subject access request for personal data. These processes have different purposes, recipients and confidentiality rules.

Rules protecting employment in qualifying transfers. Insolvency provisions can change their operation; the transfer facts, proceeding and applicable territorial provisions need separate examination.

The unit within the National Crime Agency that receives and analyses suspicious activity reports. Its current guidance covers SAR quality and DAML/DATF requests.

An administrator takes control of a company to pursue the statutory administration objectives. Rescue of the company is the first objective, subject to the applicable statutory tests.

Property, money or a right with economic value. Ownership, security interests and realisation costs affect what is available in an insolvency.

A formal procedure for an individual. A trustee deals with assets for creditors. Scotland commonly uses the term sequestration.

A statutory arrangement between a company and its creditors. The approval rules and the effect on secured and preferential creditors need separate consideration.

A winding-up started by the company’s members, with creditor participation in the appointment and oversight of the liquidator.

A person or organisation with a claim. The legal nature of that claim, security and priority affect how it is treated.

A statutory Scottish debt management scheme. A debt payment programme under DAS is not bankruptcy and is not itself an insolvency procedure.

Removal of a company from the register. Dissolution is distinct from liquidation, and restoration may be possible in specified circumstances.

A payment from available estate funds towards admitted claims. A dividend is often expressed as pence in the pound.

A formal debt solution available to eligible individuals in England and Wales and Northern Ireland under distinct rules. It is not available in Scotland.

A form of security usually tied to identified property. Whether a charge is legally fixed depends on its substance and control, not just its label.

Security which may cover assets a company deals with in ordinary trading. Statutory priorities and the prescribed part can affect the holder’s recovery.

An individual authorised to act in specified formal insolvency appointments. The particular office and jurisdiction determine their powers and duties.

A formal arrangement between an individual and creditors, overseen by an insolvency practitioner. It is distinct from a Scottish protected trust deed.

A process in which the liquidator deals with a company’s affairs, assets and liabilities before its eventual dissolution. A liquidation can be solvent or insolvent.

A route into Scottish bankruptcy for eligible people meeting the relevant income, asset and debt conditions. Eligibility must be checked against current AiB guidance.

A protection from certain enforcement or legal steps. Different moratoria have different purposes, conditions, exceptions and geographical application.

A solvent company winding-up based on the directors’ statutory declaration of solvency. It must not be confused with a CVL.

The insolvency practitioner who performs the statutory nominee role in a proposed voluntary arrangement. The supervisor administers an approved arrangement.

An officer carrying out statutory duties in certain company and personal insolvencies. The institutional arrangements differ between jurisdictions.

A debt given priority by legislation in specified circumstances. Categories and ordering must be checked for the relevant procedure and jurisdiction.

A statutory portion of qualifying net floating-charge property set aside for unsecured creditors, subject to applicable dates, limits and exceptions.

Information and evidence submitted so the office-holder can decide whether and how much to admit for the relevant purpose. Claim procedures vary.

A trust deed which has obtained protected status under Scottish legislation. The trustee deals with the agreed estate and contributions, subject to statutory rules.

A creditor holding valid security. The terms, validity, asset value and applicable priority rules determine the practical recovery.

The formal Scottish personal insolvency process. AiB or an insolvency practitioner may act as trustee, depending on the case.

A professional standard setting out principles and required practice. SIPs operate alongside legislation and must be checked for jurisdiction and version.

A creditor whose claim is not secured over the debtor’s property. Preferential status and other statutory rules can still affect priority.

A court application seeking a winding-up order. A petition is not itself an order, and its outcome cannot be inferred from its advertisement alone.