Chapter 2 - The Insolvency Service

Annex B
Estate
A company's assets or a bankrupt's property which the liquidator or trustee
has the legal right to deal with.
Executive Agency
An executive unit that delivers a service for government under a
framework document agreed by Ministers which sets out the Agency's and
the Chief Executive's functions, responsibilities and accountabilities.
Fast-track voluntary arrangement
A binding agreement that a bankrupt may enter into with his/her
creditors to pay all or part of the money owed to them.
Income payments order/agreement
A court order made against a bankrupt or an agreement with a
bankrupt to pay part of their wages, salary or other income to the
trustee if their income is more than they or their family need to live on.
Individual voluntary arrangement (IVA)
A procedure under the insolvency legislation which enables a debtor to come
to a legally binding arrangement to pay all or part of their debts. It is
considered as an alternative to bankruptcy.
INSOL International
The international federation of national insolvency and recovery
practitioners
Insolvency
Defined alternatively as being unable to pay debts when they are due or
having insufficient assets to meet all debts.
Insolvency practitioner
An authorised person who specialises in insolvency, usually an
accountant or solicitor. They are authorised either by the Secretary of
State or by one of a number of recognised professional bodies on the basis
of having demonstrated that they are fit and proper to act as an insolvency
practitioner.
Inspector General
Desmond Flynn who is also the Agency Chief Executive.
Insolvency Services Account (ISA)
The account at the Bank of England into which money realised from the
assets in bankruptcies and liquidations is paid.
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