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Unit 9B

Unit 9B - The Language of Company Law (TOLES)

TermDefinition
directors all of the people who are employed by a company
shareholders the owners of a company. They are also called the members of a company
company secretary the person who is responsible for making sure that a company’s statutory obligations are complied with
auditors a person who checks the financial records of a company to verify that the accounts are a true reflection of the company’s financial position
accountant a person who deals with a company’s finances. This person usually has professional qualifications in accountancy
employees all of the people who are employed by a company
creditors the people or companies that a company owes money to
debtors the people or companies who owe a company some money
to work closely closely related to the performance of exempt work which is also considered exempt work
to experience difficulties troubles in company's overall performance and operations
to raise finance Equity financing is the process of raising capital through the sale of shares. Companies raise money because they might have a short-term need to pay bills, or they might have a long-term goal and require funds to invest in their growth.
a long-term effect as an example: A problem that is caused by a disease or treatment of a disease and may continue for months or years
to make a decision the act or process of deciding; determination, as of a question or doubt, by making a judgement
to take a decision to make an important and official decision The government has taken a decision to withdraw all troops
to be in dispute with someone Our clients have been in dispute for a long time.
to advise on something I am currently advising on the sale of a pub in Manchester.
in connection with something Please call me in connection with the proposed transaction.
to succeed in doing something Good news. We have succeeded in raising £500,000 for the project.
to work on a project Sally and Jacob are going to work on the NewStar project tomorrow.
to think about something I’ll think about that and give you an answer on Tuesday.
to be familiar with something I started work here two weeks ago and I’m just beginning to be familiar with the company’s computer system.
appoint to formally choose someone for a particular job or position.
serve to be in the position of a director and to perform the duties required by that position.
remove to dismiss a director from his or her job or position.
classed regarded as belonging to a particular group.
accustomed to have become used to something
exercise to use, to put something into effect
improperly dishonesty or illegally
disqualification the state of being stopped from being in a particular job, or from taking part in a particular activity
to appoint a director Directors are appointed by original investors and named in association articles.
to remove a director A removal of Director is a situation where the Board management of the company decided Suo-moto to remove director from company
good faith honesty or sincerity of intention.
to act improperly in a way that is dishonest or against a law or a rule
to declare a dividend is that portion of profits earned by the company that the company's board of directors decides to pay off as dividends to the shareholders of such company in return to the investment done by the shareholders through the purchase of company's securities
to give consideration to hen you're making a tough decision, you need to give consideration to all possible outcomes before making up your mind.
a conflict of interest a situation in which a person is in a position to derive personal benefit from actions or decisions made in their official capacity.
to give advice If you give someone advice, you tell them what you think they should do in a particular situation.
to have at least a particular number A public limited company must have at least two directors.
to appoint someone as a director They decided to appoint Bella Martin as the new director.
to be satisfied/dissatisfied with something The shareholders were dissatisfied with the explanation given by the directors.
to be classed as something Truepaint Ltd is classed as a medium sized enterprise.
to act in the interest of someone We are acting in the interest of the company.
to lead to something If you are late in filing your tax return, this may lead to a fine.
to be disqualified from something He was disqualified from driving for two years.
to act in good faith Directors must always act in good faith.
to hold a meeting to have, to arrange, to organize a meeting
to convene a meeting to come together in a body
to make a decision the act or process of deciding; determination, as of a question or doubt, by making a judgement
to take a decision to make an important and official decision
to pass a resolution approve a resolution, make a formal decision.
to carry a resolution if a suggestion, proposal etc is carried, most of the people at an official meeting vote for it and it is accepted
to appoint a proxy is a person who is designated by another to represent that individual at a meeting or before a public body. It also refers to the written authorization allowing one person to act on behalf of another.
to form a quorum A quorum is the minimum number of members of a deliberative assembly (a body that uses parliamentary procedure, such as a legislature) necessary to conduct the business of that group.
a simple majority A majority, also called a simple majority to distinguish it from similar terms (see the "Related terms" section below), is the greater part, or more than half, of the total. It is a subset of a set consisting of more than half of the set's elements.
to take the minutes The 'minutes' of a meeting are notes on everything that was agreed in that meeting.
to adjourn a meeting to suspend the meeting of (a club, legislature, committee, etc.) to a future time, another place, or indefinitely
to have a meeting with someone We need to have a meeting with our accountant soon.
the rules on/about something You must comply with the rules on voting at company meetings
a show of hands We’ll vote on this motion by a show of hands
to attend in person I’m afraid I can’t attend the meeting in person as I will be in Canada
to vote by proxy I can’t attend the meeting so I’ll vote by proxy
to give notice of something The members were given notice of the EGM
to vote in favour of something Would all those people voting in favour of the motion please raise their hands?
to take the minutes of a meeting Harry, please will you take the minutes of this meeting?
liquidator this is a person who supervises the closing of a company which is in liquidation
member’s voluntary this is when the shareholders of a company decide to close the company and there are enough assets to pay all the debts of the company
receiver this is a person who is appointed by a creditor of a company to take control of that company in order to sell its assets and pay the money it owes to that creditor
administration order this is an order made by a court that gives a company some time to try to resolve its financial difficulties or sell its assets in order to pay its creditors
administrator this is a person who supervises companies which are administration. This person has passed special examinations to become an authorised insolvency practitioner
winding-up order this is an order made by a court for a company to be closed
official receiver this person is a government official who is appointed to close a company which is in financial difficulties
company liquidation this is when the shareholders of a company decide that they must close the company, because there are not enough assets to pay all the debts of the company
nature the type or category of something
IP an abbreviation that means ‘insolvency practitioner’.
No. an abbreviation that means ‘number’
c/o an abbreviation that means ‘care of’
petition a formal application made to a court to request a specific legal action. Here, the action asked for is to put a company into liquidation
effects an old-fashioned word that means the things that belong to someone
deliver up a formal phrasal verb that means to give to someone
the costs of winding-up this include the liquidator’s fees and expenses as well as any legal costs
creditors with fixed charges these are people or other companies who the company which is in liquidation owes money to, usually because the company borrowed money from them.
preferential creditors these include people who are owed money by the company which is in liquidation and who are considered to have priority over other creditors, even though they have no security to guarantee payment.
other secured creditors these are people or other companies who the company which is in liquidation owes money to. These people or companies took some sort of security from the company which is in liquidation to quarantee payment of the money.
unsecured creditors these are people or other companies who the company which is in liquidation owes money to. However, these people or companies did not take any security from the company which is in liquidation to quarantee payment of the money
interest on debts this is the amount of money that you have to pay as a fee or a sort of penalty for money that you owe to someone. It is usually expressed as a percentage
shareholders these are the people who own the company
to go into liquidation / receivership / administration to go into
to be in liquidation / receivership / administration to be in
to put/place a company into liquidation / receivership / administration to put/place
to present a petition to present
to realise assets vb. 1 when tr, may take a clause as object to become conscious or aware of (something) 2 tr, often passive to bring (a plan, ambition, etc.) to fruition; make actual or concrete.
secured / unsecured creditors creditors
to dissolve a company which is also known as 'dissolution' or 'striking off', is a way of closing down a limited company by removing its name from the official register held at Companies House. Once the name is removed from the register, the company no longer legally exists.
to go into liquidation / receivership / administration Have you heard? Lextext Ltd has gone into administration.
the proceeds of sale What are you going to do with the proceeds of the sale of your house?
to be in liquidation / receivership / administration I regret to inform you that Vantage Ltd is now in liquidation
Created by: bactra
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