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Set-off (law)
In law, set-off or netting are legal techniques applied between persons or businesses with mutual rights and liabilities, replacing gross positions with net positions. It permits the rights to be used to discharge the liabilities where cross claims exist between a plaintiff and a respondent, the result being that the gross claims of mutual debt produce a single net claim. The net claim is known as a net position. In other words, a set-off is the right of a debtor to balance mutual debts with a creditor. Any balance remaining due either of the parties is still owed, but the mutual debts have been set off. The power of net positions lies in reducing credit exposure, and also offers regulatory capital requirement and settlement advantages, which contribute to market stability. Difference between set-off and netting Whilst netting and set-off are often used interchangeably, a legal distinction is made between ''netting'', which describes the procedure for and outcome of implementin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liability (financial Accounting)
In financial accounting, a liability is defined as the future sacrifices of economic benefits that the entity is ''obliged'' to make to other entities as a result of past transactions or other ''past'' events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future. Characteristics A liability is defined by the following characteristics: * Any type of borrowing from persons or banks for improving a business or personal income that is payable during short or long time; * A duty or responsibility to others that entails settlement by future transfer or use of assets, provision of services, or other transaction yielding an economic benefit, at a specified or determinable date, on occurrence of a specified event, or on demand; * A duty or responsibility that obligates the entity to another, leaving it little or no discretion to avoid settlement; and, * A transaction or event obligating the entity t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Companies Act
Companies Act (with its variations) is a stock short title used for legislation in Botswana, Hong Kong, India, Kenya, Malaysia, New Zealand, South Africa and the United Kingdom in relation to company law. The Bill for an Act with this short title will usually have been known as a Companies Bill during its passage through Parliament. Companies Acts may be a generic name either for legislation bearing that short title or for all legislation which relates to company law. List Botswana *The Companies Act 2007 India *The Indian Companies Act 1882 *The Companies Act 1913 *The Companies Act 1956 *The Companies Act 2013 Kenya * The Companies Act 1962 (Cap 486) * The Companies Act 2015 Malaysia *The Companies Act 1965 New Zealand * Companies Act 1993 (originallJoint Stock Companies Act 1860 Singapore *The Companies Act 1967 (Cap 50) Brunei *The Companies Act 1984 South Africa *The Companies Act, 1973 *The Companies Act, 2008 United Kingdom *The Royal Exchange and London A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Construction Contract
A construction contract is a mutual or legally binding agreement between two parties based on policies and conditions recorded in document form. The two parties involved are one or more property owners and one or more contractors. The owner, often referred to as the 'employer' or the 'client', has full authority to decide what type of contract should be used for a specific development to be constructed and to set out the legally-binding terms and conditions in a contractual agreement. A construction contract is an important document as it outlines the scope of work, risks, duration, duties, deliverables and legal rights of both the contractor and the owner. Types There are three main types of construction contract, identified according to the mechanism for calculating the sum due to be paid by the employer: lump sum contracts, re-measurement contracts and cost-reimbursable contracts. The different types vary primarily with regard to who takes the risks involved, which party has to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canadian Law
The legal system of Canada is Legal pluralism, pluralist: its foundations lie in the English common law system (inherited from its period as a colony of the British Empire), the Napoleonic Code, French civil law system (inherited from its New France, French Empire past), and Canadian Indigenous law, Indigenous law systems developed by the various Indigenous peoples of Canada, Indigenous Nations. The Constitution of Canada is the supreme law of the country, and consists of written text and unwritten conventions. The ''Constitution Act, 1867'' (known as the British North America Acts, British North America Act prior to 1982), affirmed governance based on parliamentary precedent and divided powers between the federal and provincial governments. The Statute of Westminster 1931 granted full autonomy, and the ''Constitution Act, 1982'' ended all legislative ties to Britain, as well as adding a constitutional amending formula and the ''Canadian Charter of Rights and Freedoms''. The ''Cha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Court Of Appeal (England And Wales)
The Court of Appeal (formally "His Majesty's Court of Appeal in England", commonly cited as "CA", "EWCA" or "CoA") is the highest court within the Senior Courts of England and Wales, and second in the legal system of England and Wales only to the Supreme Court of the United Kingdom. The Court of Appeal was created in 1875, and today comprises 39 Lord Justices of Appeal and Lady Justices of Appeal. The court has two divisions, Criminal and Civil, led by the Lord Chief Justice and the Master of the Rolls and Records of the Chancery of England respectively. Criminal appeals are heard in the Criminal Division, and civil appeals in the Civil Division. The Criminal Division hears appeals from the Crown Court, while the Civil Division hears appeals from the County Court, High Court of Justice and Family Court. Permission to appeal is normally required from either the lower court or the Court of Appeal itself; and with permission, further appeal may lie to the Supreme Court. The C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
British International Freight Association
The British International Freight Association, also known as BIFA, is the prime United Kingdom trade association representing UK freight forwarders. These are companies that forward goods internationally on behalf of importers and exporters. It is a not-for-profit organisation owned by its members and managed by a small Secretariat. The board has seven non-executive directors and three executive directors. The Association acts as an authoritative voice for the industry at official and government levels. The Association is responsible for setting industry standards and providing both educational courses and required mandatory training programs which enhance the professional levels of freight forwarders and logistics service providers in the United Kingdom. BIFA is the UK National Association member of the International Federation of Freight Forwarders Associations FIATA. It is one of a number of freight trade associations and is listed by the UK government on their Business Link w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pari Passu
''Pari passu'' is a Latin phrase that literally means "with an equal step" or "on equal footing". It is sometimes translated as "ranking equally", "hand-in-hand", "with equal force", or "moving together", and by extension, "fairly", "without partiality". Etymology :* '' pari'' is the ablative singular masculine (since it must grammatically agree with ''passu'') of the adjective ''par'', "equal". If it were nominative, "an equal step" it would be ''par passus''. :* ''passu'' is the ablative of the Latin noun ''passus'', "step". This term is commonly used in law. ''Black's Law Dictionary'' (8th ed., 2004) defines ''pari passu'' as "proportionally; at an equal pace; without preference". Usage In inheritance In inheritance, a ''pari passu'' (''per capita'') distribution can be distinguished from a ''per stirpes'' (by family branch) distribution. For example, suppose a testator had two children A and B. A has two children, and B has three. * If the testator leaves his or her en ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Security Interest
In finance, a security interest is a legal right granted by a debtor to a creditor over the debtor's property (usually referred to as the ''collateral'') which enables the creditor to have recourse to the property if the debtor defaults in making payment or otherwise performing the secured obligations. One of the most common examples of a security interest is a mortgage: a person borrows money from the bank to buy a house, and they grant a mortgage over the house so that if they default in repaying the loan, the bank can sell the house and apply the proceeds to the outstanding loan. Although most security interests are created by agreement between the parties, it is also possible for a security interest to arise by operation of law. For example, in many jurisdictions a mechanic who repairs a car benefits from a lien over the car for the cost of repairs. This lien arises by operation of law in the absence of any agreement between the parties. Most security interests are grant ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insolvency
In accounting, insolvency is the state of being unable to pay the debts, by a person or company ( debtor), at maturity; those in a state of insolvency are said to be ''insolvent''. There are two forms: cash-flow insolvency and balance-sheet insolvency. Cash-flow insolvency is when a person or company has enough assets to pay what is owed, but does not have the appropriate form of payment. For example, a person may own a large house and a valuable car, but not have enough liquid assets to pay a debt when it falls due. Cash-flow insolvency can usually be resolved by negotiation. For example, the bill collector may wait until the car is sold and the debtor agrees to pay a penalty. Balance-sheet insolvency is when a person or company does not have enough assets to pay all of their debts. The person or company might enter bankruptcy, but not necessarily. Once a loss is accepted by all parties, negotiation is often able to resolve the situation without bankruptcy. A company t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insolvency Rules 1986
The Insolvency Rules 1986 (SI 1986/1925) was a set of rules contained in a statutory instrument which set out details of procedure for UK insolvency law. The Rules were replaced by the Insolvency Rules (England and Wales) 2016 (SI 2016/1024) which came into effect on 6 April 2017. External linksInsolvency Rules 1986 Insolvency law of the United Kingdom Statutory Instruments of the United Kingdom 1986 in British law {{UK-law-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insolvency Act 1986
The Insolvency Act 1986c 45 is an Act of the Parliament of the United Kingdom that provides the legal platform for all matters relating to personal and corporate insolvency in the UK. History The Insolvency Act 1986 followed the publication and most of the findings in the Cork Report, including the introduction of the Individual Voluntary Arrangement (IVA) and Company Voluntary Arrangement (CVA) procedures. Elements of the Act have been updated by the Enterprise Act 2002 which came into enforcement on 1 April 2004 and introduced amongst other things the popular "out-of-court" administration route.Lyndon Norley, Kirkland & Ellis International LLP and Joseph Swanson and Peter Marshall, Houlihan Lokey (2008). A Practitioner's Guide to Corporate Restructuring. City & Financial Publishing, 1st edition Those considering the main Act should also refer to the Insolvency Rules 1986 and numerous Regulations and other amending legislation since 1986, and also to the best practice which ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equity (law)
Equity is a particular body of law that was developed in the English Court of Chancery. Its general purpose is to provide a remedy for situations where the law is not flexible enough for the usual court system to deliver a fair resolution to a case. The concept of equity is deeply intertwined with its historical origins in the common law system used in England. However, equity is in some ways a separate system from common law: it has its own established rules and principles, and was historically administered by separate courts, called " courts of equity" or "courts of chancery". Equity exists in domestic law, both in civil law and in common law systems, and in international law. The tradition of equity begins in antiquity with the writings of Aristotle (''epieikeia'') and with Roman law (''aequitas''). Later, in civil law systems, equity was integrated in the legal rules, while in common law systems it became an independent body of law. Equity in common law jurisdictions (gener ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
