Accounts Payable

Money owed by a company to its creditors.


Accounts Receivable

Money owed to a company by its debtors.



Any negative event that has occurred in the bureau such as Default, ExAd, Court Action, Mercantile Agent Enquiry.



Australian Securities and Investments Commission.


Australian Business Number. A unique 13 digit identifying number issued by the Australian Business Register.
Australian Company Number. A unique 9 digit identifying number ASIC issues to a company on registration under the Corporations Act 2001.



Bankrupt A person or organisation declared in law as unable to pay their debts.



Creditor A person or company to whom money is owing.




A person or organisation that owes money.



The failure to fulfil an obligation, especially to repay a loan or appear in a law court.


Director A natural person appointed as a director of a company who is then responsible for directing and managing the affairs of a company. Also includes a shadow director.



Equifax Score

The Equifax Score is a credit rating between 0-1200 that lenders can look at when deciding whether to accept an application for a loan or credit. Generally, the higher the score, the better you look to lenders.


External Administration

External administration includes administration, receivership and liquidation.


External Administrator A general term for an external person formally appointed to a company or its property. An external administrator is sometimes also referred to as an insolvency practitioner.




An agreement between the external administrator and a third party to cover the fees and other debts incurred by the external administrator. 


Insolvent Unable to pay all debts when they fall due for payment.



Legal Action

A civil or criminal judicial proceeding intended to resolve a legal dispute, claim, or accusation.



A legal obligation to pay a person.


Liquidation The orderly winding up of a company’s affairs. It involves realising the company’s assets, cessation or sale of its operations, distributing the proceeds of realisation among its creditors and distributing any surplus among its shareholders.



Mercantile Agent Enquiry A mercantile agent enquiry is an enquiry registered on a credit file by a mercantile agent who may have an interest in taking on a debt.



Officer (of a company) A director, secretary or external administrator (in most cases) of the company.



Payment Trends

Payment trends are a measurement of the days beyond terms that the organisation is taking to pay its invoices.


Phoenix Company A phoenix company is a commercial entity which has emerged from the collapse of another through insolvency.



Receivership An insolvency procedure where a receiver, or receiver and manager, is appointed over some or all of the company’s assets. 



Secured Creditor A creditor who has a security (e.g. charge or mortgage) over some or all of a company’s property.



Unsecured Creditor A creditor who does not hold a security over a company’s property. 



Voluntary Administration An insolvency procedure where the directors of a financially troubled company or a secured creditor appoints an external administrator called a ‘voluntary administrator’ to report to creditors and to recommend whether the company should enter into a deed of company arrangement, go into liquidation or be returned to the directors. 



Writ A writ is a formal written order issued by a body with administrative or judicial jurisdiction, generally a court.