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flags detail Insolvent Liquidation

In the US, both individuals and companies go bankrupt when they are unable to meet their debts as they become due. In the UK, only individuals go bankrupt; companies are put or placed into insolvent liquidation.

flags detail Unit Trusts vs. Mutual Funds

Many people choose to invest in the stock market by buying units or shares in funds that spread the risk by holding bonds or shares in different companies in accordance with a determined investment strategy. Investors buy units in unit…

flags detail Letters

How American lawyers open and close letters Dear Mr. Dryden: I have never met you, we have had insufficient contact for me to be comfortable using your first name, or we have a rather adversarial relationship. Yours truly, (or) Yours…

flags detail Bring Proceedings

In the US, when one commences a process in court one is said to bring proceedings. “If you do not make full payment by the 24th of May, my client has instructed me to bring legal proceedings to recover his…

flags detail Attorney

In the UK, an attorney is an agent or representative authorised to act on someone else’s behalf such as an “attorney-in-fact”, or someone with a “power of attorney”. In the US, howvever, an attorney is an attorney-at-law, a lawyer. The…

flags detail Charge

A charge is an encumbrance, lien or other financial obligation that is attached to some property. In the UK, charge is especially used to denote the document evidencing a mortgage security. A fixed charge refers to a defined set of…

flags detail Corporation vs. Company

In the United States, a corporation is a form of doing business in which the liability of shareholders (i.e. the owners of the corporation) for the corporation’s liabilities is limited to the extent of the holding of shares. In Great…

flags detail Spelling

The great divide between British English and American English can often be a single letter. The American version of British words that end in “our” often use “or” instead. Consider “honour” and “honor”, “neighbour” and “neighbor” and “behaviour” and “behavior”.…