A

Accounts Payable

Money owed by a company to its creditors.

 

Accounts Receivable

Money owed to a company by its debtors.

 

Adverse

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

 

ASIC

Australian Securities and Investments Commission.

 

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

 

B

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

 

C

Creditor A person or company to whom money is owing.

 

D

Debtor

A person or organisation that owes money.

 

Default

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.

 

E

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.