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The basic words

What this module covers

Insolvent and bankrupt are not the same

Creditors and debtors, secured and unsecured

Read this before the quizzes

Person or company

Spot the unsecured creditor

Answers and why

When a person cannot pay

How bankruptcy begins

Life under a bankruptcy order

A deal instead: the IVA

A supplier wants its money

IVA or bankruptcy

When a company cannot pay

Rescue first: administration and the CVA

Closing down: liquidation and winding up

Closing a healthy company

Sharing out the money

Who is paid first

Who does what: the titles together

Two meanings of dividend

Last in the queue

Before you start the drills

The language of debt and failure in England and Wales: bankruptcy for people, insolvency procedures for companies, and who is paid when the money runs out.

A plain guide for learners new to legal English. You will learn the words for people and companies that cannot pay, the professionals who step in, and how the remaining money is shared.

Bankruptcy and Insolvency

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