A Licensed Insolvency Trustee (LIT) is a professionally licensed and regulated individual who is authorized to provide assistance to individuals and businesses facing financial difficulties, including debt management, insolvency, and…
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Business turnaround refers to the process of revitalizing a struggling or underperforming company by implementing strategic changes and improvements to restore financial stability, enhance operational efficiency, and return the business…
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A Forbearance Letter is a formal written request from a borrower to a lender, asking for temporary relief from loan payments due to financial hardship. The letter typically outlines the…
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Forbearance is a temporary agreement between a borrower and a lender that allows the borrower to reduce or pause their loan payments for a specified period, typically due to financial…
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Debtor-in-Possession (DIP) is a legal status granted to a company undergoing bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code, where the company retains control of its assets and…
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A promissory note is a legal financial document that serves as a written promise by one party (the issuer or maker) to pay a specific sum of money to another…
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Balloon Payments refer to a large, lump-sum payment that is due at the end of a loan term, after a series of smaller, regular payments have been made. Balloon payments…
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Prime Plus Spread (often referred to as Prime Plus Rate) is a commonly used interest rate structure in lending, where the interest rate charged on a loan is calculated by…
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