This is the only terms applicable to a person’s insolvency. New rules in 2007 allow individuals to be protected from their creditors and can return to a “normal” status after a period of two years. The process is triggered by a High Court order following a petition by a creditor who is owed at least £750. The official receiver (OR) normally handles bankruptcies. A bankruptee must not obtain credit of more than £500 from any person, without disclosing the fact that they are Bankrupt.
Bonding / Bonds
The activity of providing guarantees that protects the beneficiary if the supplier fails to meet the agreed performance level. Bonding is also known as surety insurance.
Bound / Binding Contract or Order
A contract of sale where you are able to demonstrate that there would be penalty or prejudice to you if you did not fulfil your contractual obligations. To merely have offer and acceptance is not the essence of a bound or binding contract.
An intermediary whom an application for insurance is presented from prospective insured to the insurer.
Your customer with whom you trade with and is the subject of a Credit Limit endorsement to your policy.