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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

The abandonment of a right by one party so that afterwards he or she is prevented from claiming it. It is possible to waive rights by conduct or by express agreement.


Promise or covenant offered usually by a seller to a buyer to describe the goods or services offered and the remedies available to the buyer in the event of default.

Winding up order

An order made by the Court that a company should be wound-up and a liquidator appointed to wind up its affairs, after an interested person or company has successfully petitioned the court for this action.

Winding up petition

A petition presented to the Courts if a person or company thinks that a company should be wound-up and enter into compulsory liquidation. In many cases one company will petition to wind up another because it is owed money and cannot recover the debt.

Working capital

The excess of current assets over current liabilities. Used to indicate the funds available for conducting day-to-day business.

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