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).
Glossary
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An amount that a bankrupt is liable to pay if their income exceeds a certain amount. The amount that the bankrupt has to pay is calculated using a statutory formula contained in section 139S of the Bankruptcy Act 1966.
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A person (a registered trustee, the Official Trustee in Bankruptcy or an eligible solicitor) who investigates a debtor's financial affairs and calls a meeting of the debtor's creditors under Part X of the Bankruptcy Act 1966.
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Authorisation given by a debtor to a trustee or solicitor of his or her choice that appoints the trustee/solicitor to manage the debtor’s affairs under section 188 of the Bankruptcy Act 1966, without him or her becoming bankrupt.