balance sheet test
balance sheet test the process of ascertaining, from a COMPANY's BALANCE SHEET, what would be available to members of the compa- ny were it to be immediately wound up, with the assets being sold and the liabilities discharged. If, on examination, the company is found to be insolvent (i.e. liabilities exceed its assets), it is an offence38
bankruptcy
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for the directors to permit it to continue trading. Any debts incurred by the company by continued trading after the directors are aware that the company is insolvent becomes the personal liability of the directors.
- bona vacantia
- Books of Council and Session
- borrowing
- borrowing powers
- borstal
- bottomry
- brain death
- breach of arrestment
- breach of confidence
- breach of contract
- breach of the peace
- breach of trust
- breach of warranty of authority
- breaking and entering
- brehon laws
- brief
- bright line
- British citizen
- British nationality
- British overseas citizens
- British-protected person
- British subject
- brothel-keeping
- brutum fulmen
- buggery