Extortionate credit transactions: These are relevant where a company is party to a transaction involving the provision of credit to the company and having regard to the risk undertaken by the giver the terms require grossly exorbitant payments or otherwise grossly contravenes ordinary principles of fair dealing. The Court can amongst other things set the transaction aside or vary the terms.
Floating charge: A charge secured on the assets of the company generally. These assets can be sold without the lender's consent. The charge will crystallize on the appointment of an administrative receiver or on the presentation of a winding up petition.
Shadow director: A person who while not formally appointed as a director gives instructions on which the directors and staff of a company are accustomed to act.
Proxy: The authority given by a member or creditor to another party to attend and vote at a meeting on their behalf.
Voluntary Arrangement: A binding agreement supervised by an insolvency practitioner between an insolvent company or individual and their creditors.
