法律英语词汇“debt”的翻译、意思、用法、释义-法律词典

单词

debt

释义

debt

debt a sum of money owed by one person to another. Debts are of various kinds, according to their origin; thus, for example, judgment debts or contract debts.

115

debtor

Contract debts may be either speciality debts or simple contract debts: speciality debts are those created by deed (e.g. in a covenant), while simple contract debts are all debts not secured by record (e.g. a judgment debt) or deed. The importance of the distinction is that the limitation period for the former is 12 years while actions on simple contracts must be brought within six years: Limitation Act 1980 Sec- tions 5 and 8. Debts may be secured or unsecured: secured debts are those over which the creditor has some SECURITY in addition to the personal liability of the debtor (as in a MORTGAGE, CHARGE or LIEN). So, a secured creditor may proceed against the assets or promises (in the case of a GUARANTEE) that constitute his security; an unsecured cred- itor must prove with the general creditors in the debtor's insolvency. Debts provable in BANKRUPTCY are preferential debts when they are payable in full before all other debts. These include employees' wages and salaries, rates and taxes, and employer's national insur- ance contributions.

After the making of a bankruptcy order, no person who is a creditor

of the bankrupt in respect of a debt provable in the bankruptcy has any remedy against the property or person of the bankrupt in respect of that debt, or may, before the discharge of the bankrupt, commence any action or other legal proceedings against the bankrupt except with the leave of the court and on such terms as the court may impose. In place of these rights, the creditors acquire a right to share proportionally in the distribution by the trustee of the bankrupt's estate of the bankrupt's assets that became vested in the trustee.

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