Annulment in accounting refers to the cancellation by a court of a bankruptcy order, under certain conditions such as wrongful bankruptcy declaration, full repayment of debts, or court-approved voluntary arrangement.
Attachment is a legal procedure that allows a creditor who has obtained a court judgment to secure payment from a debtor. This can include freezing money or property owed to the debtor by a third party and redirecting it to the creditor.
A deficiency judgment is a court order stating that a borrower still owes money on a loan when the security or collateral does not fully satisfy the defaulted debt.
A court order preventing a defendant from dealing with specified assets to ensure that any judgment given against them will not be rendered ineffectual by their disposal or dissipation of those assets.
A frozen account refers to a bank account from which funds may not be withdrawn until a lien is satisfied or a court order is received freeing the balance. This situation can occur due to legal issues such as disputes over the ownership of property.
Garnishment is a legal process where a court orders an employer to withhold all or part of an employee's wages, directing the funds to the court or a party that has secured a legal judgment against the employee. This can occur in situations such as divorce settlements or debt repayment.
A judgment debtor is an individual or entity against whom a court has rendered a monetary judgment, obliging them to pay a specified amount to another party known as the judgment creditor.
A Mareva Injunction, also known as a freezing injunction, is a legal remedy granted by a court to freeze the assets of a defendant to prevent them from being dissipated or moved out of reach, pending the outcome of a legal action.
A restraining order is a legal order issued by a court without prior notice or need for a hearing, demanding the preservation of the status quo until a formal hearing can be conducted to determine the need for injunctive relief, either temporary or permanent. Commonly referred to as a Temporary Restraining Order (TRO).
A subpoena is a legal document issued under the authority of a court to compel the appearance of a witness or the production of documents for judicial proceedings. It carries legal penalties for non-compliance.
A winding-up petition is a legal document presented to a court in the UK, seeking an order for a company to be placed into compulsory liquidation, typically due to insolvency.
