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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
Third party debt order

A legal proceeding to recover money that is owed to the debtor by some third party.

Total assets

A total of the current and fixed assets.

Trade creditors & accruals

Amounts currently owing for goods or services received, whether invoiced or not.

Trading address

The address of the company where business is carried out if different from the registered office and where the company's assets are likely to be found.

Uncalled capital

Shares can be issued but only partly paid and the difference between the face value and the amount paid is known as uncalled capital.

Undischarged bankrupt

A person who has not been granted his discharge or formal permission to resume business dealings. An undischarged bankrupt cannot seek credit over the sum of £50 without disclosing his position to his creditor, and he may not be a director of a company or engage in business under another name.

Unlimited liability

A liability to pay all the debts incurred by a business. For a sole trader/proprietor the liability of the owners is not limited to the amount the owner has agreed to invest. All debts of the business must not only be paid out of the assets of the business but also, if necessary, out of personal assets.

Unsecured creditor

A creditor who has no security for his debt and will therefore rank with other unsecured creditors on an equal basis with no preference in the event of a liquidation or bankruptcy.


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.


A technique for forecasting corporate failure based on financial ratios extracted from company accounts.

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