DebtDebt is an obligation that requires one party, the debtor, to pay money borrowed or otherwise withheld from another party, the creditor. Debt may be owed by sovereign state or country, local government, company, or an individual. Commercial debt is generally subject to contractual terms regarding the amount and timing of repayments of principal and interest. Loans, bonds, notes, and mortgages are all types of debt. In financial accounting, debt is a type of financial transaction, as distinct from equity.
ReceivershipIn law, receivership is a situation in which an institution or enterprise is held by a receiver—a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights"—especially in cases where a company cannot meet its financial obligations and is said to be insolvent. The receivership remedy is an equitable remedy that emerged in the English chancery courts, where receivers were appointed to protect real property.
English lawEnglish law is the common law legal system of England and Wales, comprising mainly criminal law and civil law, each branch having its own courts and procedures. Although the common law has, historically, been the foundation and prime source of English law, the most authoritative law is statutory legislation, which comprises Acts of Parliament, regulations and by-laws. In the absence of any statutory law, the common law with its principle of stare decisis forms the residual source of law, based on judicial decisions, custom, and usage.
Soviet UnionThe Soviet Union, officially the Union of Soviet Socialist Republics (USSR), was a transcontinental country that spanned much of Eurasia from 1922 to 1991. A flagship communist state, it was nominally a federal union of fifteen national republics; in practice, both its government and its economy were highly centralized until its final years. It was a one-party state governed by the Communist Party of the Soviet Union, with the city of Moscow serving as its capital as well as that of its largest and most populous republic: the Russian SFSR.
Sovereign defaultA sovereign default is the failure or refusal of the government of a sovereign state to pay back its debt in full when due. Cessation of due payments (or receivables) may either be accompanied by that government's formal declaration that it will not pay (or only partially pay) its debts (repudiation), or it may be unannounced. A credit rating agency will take into account in its gradings capital, interest, extraneous and procedural defaults, and failures to abide by the terms of bonds or other debt instruments.
Child supportChild support (or child maintenance) is an ongoing, periodic payment made by a parent for the financial benefit of a child (or parent, caregiver, guardian) following the end of a marriage or other similar relationship. Child maintenance is paid directly or indirectly by an obligor to an obligee for the care and support of children of a relationship that has been terminated, or in some cases never existed. Often the obligor is a non-custodial parent. The obligee is typically a custodial parent, a caregiver, or a guardian.
State-owned enterpriseA state-owned enterprise (SOE) is a government entity which is established or nationalised by the national government or provincial government, by an executive order or an act of legislation, in order to earn profit for the government, control monopoly of the private sector entities, provide products and services to citizens at a lower price, implementation of government schemes and to deliver products and services to the remote locations of the country.
PortugalPortugal (puɾtuˈɣal), officially the Portuguese Republic (República Portuguesa ʁɛˈpuβlikɐ puɾtuˈɣezɐ), is a country located on the Iberian Peninsula, in Southwestern Europe, and whose territory also includes the macaronesian archipelagos of the Azores, Madeira, and the Savage Islands. It features the westernmost point in continental Europe, and its Iberian portion is bordered to the west and south by the Atlantic Ocean and to the north and east by Spain, the sole country to have a land border with Portugal.
Security interestIn finance, a security interest is a legal right granted by a debtor to a creditor over the debtor's property (usually referred to as the collateral) which enables the creditor to have recourse to the property if the debtor defaults in making payment or otherwise performing the secured obligations. One of the most common examples of a security interest is a mortgage: a person borrows money from the bank to buy a house, and they grant a mortgage over the house so that if they default in repaying the loan, the bank can sell the house and apply the proceeds to the outstanding loan.
Mens reaIn criminal law, mens rea (ˈmɛnz_ˈreːə; Law Latin for "guilty mind") is the mental state of a defendant who is accused of committing a crime. In common law jurisdictions, most crimes require proof both of mens rea and actus reus ("guilty act") before the defendant can be found guilty. The standard common law test of criminal liability is expressed in the Latin phrase actus reus non facit reum nisi mens sit rea, i.e. "the act is not culpable unless the mind is guilty".
