We know that legal terminology can be a bit baffling. Our legal dictionary provides an explanation to some of the more common words and phrases that you may come across. If there is anything you do not understand please do not hesitate to ask.
Bailiff
Officer of the court appointed to seize goods owned by the debtor upon issue of a warrant of execution (see below).
Bankruptcy
Individual unable to pay his/her debts in full. the individual may be made bankrupt by his/her creditor/s by applying to the court or herself/himself making an application for an order to make the herself/himself bankrupt. the assets owned by the bankrupt will then vest in his/trustee in bankruptcy for payment to the creditors.
Beneficiaries
Persons who are given gifts under a Will or Trust or are entitled under Intestacy.
Breach Of Contract
One party to the contract breaks their side of the bargain.
Breach Of Employment Contract
The employer or employee act in contravention to the contract.
Business Property Relief
Trading Company Partnerships and Sole Traders currently enjoy a variety of exemptions from Inheritance Tax.
Note:
The above are but a brief definition of terms. They do not constitute legal advice. For their full implication, effect and meaning legal advice must be taken in each case.
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