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Key Terms and Definitions
Receivership ­ When a firm is unable to pay its debts, the courts have power to appoint a receiver
(often a firm of accountants) to sell the business assets to repay a proportion of the debts

Administration ­ Firms are often given a three month period…

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Third party ­ a group or an individual that is not directly involved in a decision/action

Government objectives - the objective of any political party, once in power is to stay there

Inflation is a sustained rise in the average level of prices in the economy, which is measured by…

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Stakeholders - all of the individuals and groups which have a "stake" in a company, including all those
who have an interest in the performance of the organisation

Internal stakeholders ­ directly connected to the firm e.g. shareholders, owners,
employees and managers
External stakeholders ­ indirectly affected by the decisions…

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