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The Insolvency Guide explains in a glossary the key terms used in it. The purpose of the glossary is to assist the reader, rather than to limit the discretion of the national legislator to use terms from its national legal system6. For example:

(a) “Debtor” means the person whose assets are subject to insolvency proceedings;

(b) “Encumbered asset” is an asset in respect of which a creditor has a security interest;

(c) “Insolvency” exists when a debtor is generally unable to pay its debts as they mature or when its liabilities exceed the value of its assets;

(d) “Insolvency estate” means the assets of the debtor that are subject to the insolvency proceedings;

(e) “Insolvency proceedings” are collective proceedings subject to court supervision, either for reorganization or liquidation;

(f) “Secured claim” means a claim assisted by a security interest as a guarantee for a debt enforceable in case of the debtor’s default;

(g) “Security interest” means a right in an asset to secure payment or other performance of one or more obligations; and

(h) ”Secured creditor” means the holder of a security interest.