| Internal Term | Definition |
| Administration | Is a procedure which places a company under the control of an insolvency practitioner and the protection of the court. Administration is intended to fulfil one of the following objectives; rescuing the company as a going concern, or achieving a better result for the creditors as a whole than would be likely if the company were wound up without first being in administration. While a company is in administration creditors are prevented from taking any legal recovery action against it, except with the permission of the court. An administrator may be appointed either by an order of the court, on application by either, the company, its directors, one or more creditors, or, if it is in liquidation, its liquidator. Without a court order an administrator may be appointed, by direct appointment by the company, its directors or a creditor who holds comprehensive security of a type which qualifies him to make such an appointment. |
| Administrative Receiver | A person appointed by the holder of a floating charge debenture over a company's assets (normally a bank). His primary role is to realise and collect the assets of the company which are subject to the relevant security and repay the debenture holder. Following the Enterprise Act 2002, it is no longer possible to appoint an administrative receiver under a debenture created after 15 September 2003. |
| Asset | Anything of value that belongs to the company and that may be used to repay a debt. |
| Asset Based Lender / Asset Based Lending | An organisation that will advance funds to a company on the strength of the assets of its balance sheet, principally, debtors, stock, plant and machinery and property. The organisation will normally take a debenture to secure their lending position. |