A liability that might arise if a certain event occurs (e.g. a current legal action against a company might result in a liability if the company loses the case).
May 10
CONTINGENT LIABILITY
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Voluntary Administration is a process where an insolvent company appoints an independent administrator to assess all available options and produce the best resolution for the company and its creditors
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A Personal Insolvency Agreement (also known as Part X or Part 10) is a legally binding agreement between a debtor and creditors to satisfy their debts.
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