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The A to Z Glossary of Credit Keywords

There are 166 entries in this glossary.
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Term Definition
Acid test ratio

A term used to measure the short-term ability of a business to meet its obligations. It is calculated as current assets, less stocks and work in progress, divided by current liabilities (also known as Quick ratio).

Administrative receiver

Appointed by a creditor under a specific power arising under the terms of a fixed or floating charge. The receiver's duty is to realise the value of the asset charged for the benefit of his creditor/client. A company can continue to trade while in receivership but it cannot prevent a petition for its winding-up being presented to the court. An administrative receiver must be an insolvency practitioner.


A person authorised expressly or by implication to act for another, called the principal, who is, as a result of the authority delegated by him, bound by the acts of the agent.

Annual return

By law, a limited company must each year draw up an annual summary of its capital and shares, together with an up-to-date list of directors and members (shareholders) with their names, addresses and number of shares held, occupation and other directorships of a director and statement of the indebtedness of the company in respect of secured charges.

Associated companies:

Companies which by some common link or bond are considered Associated. The most common occurrence is directorate associations.

Auditors report

A statement from the auditors (accountants) that they have examined a business' books of accounts to check whether they have been properly kept and whether they represent a true and fair view of the company's trading.

Authorised Capital

This is the amount of money that can be put into a Public company in the form of shares. For a Limited or Unlimited Company this is known as Nominal capital (the term Registered capital is also sometimes used.)

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