UK Accounting Glossary
A person or organisation that owes money to the entity.
In the early 1950’s the UK was the world’s largest debtor nation and the US the largest creditor.
It was clear that the debtor had not communicated with his accountant.
The debtor was summoned before the court for failure to pay.
He had been considering the option of charging a trust on the debtor.
There was no evidence that the debtor would have qualified financially for legal aid.
The court then issues a summons and serves it to the debtor, usually by post.
At the beginning of the 1990’s, the United States was the largest debtor nation in history.
After repeated but fruitless demands for payment, the company brought a suit against the debtor.
The bank officials argued that it is not within their remit to chase down every asset of every debtor.
The undesired impact of the new legislation was it relieved the debtor of all liability for their debts.
It creates a indisputable record which your debtor can not deny agreeing to.
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This glossary post was last updated: 23rd December 2018.