Accountants are installed to sell the business as a going concern. This usually means liabilities are left behind and the assets of the business are sold. Creditors invariably lose out under these circumstances.
Advance Payment Guarantee
Provides protection where you make payment prior to receiving the goods / services.
An insurance term that means events or circumstances that have led or may lead to deterioration in the financial situation or credit worthiness of a buyer or a country of a buyer.
Aggregate First Loss (AFL, Policy Deductible)
This is a policy excess where an aggregate of claims made in the policy year has to be breached before the Insurer starts to pay claims. Sometimes referred to as catastrophe cover as the policyholder has to bear a significant loss before claims are settled.
Assignee (Loss Payee)
A third party to whom (by authorisation of the Insured) the legal rights to a claim payment only under a policy is transferred. The assignee hold no other rights under the policy as it is not entitled to share policy information such as a Joint Insured might.