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A beneficial interest in a property is an interest in the economic benefit of it – its value.
This emanates from the concept of ‘equity’, in which an asset can belong to someone even if they do not have strict legal title over it. For example, a Trustee in Bankruptcy.
[See ‘Equitable Interest’ and ‘Trustee in Bankruptcy’.]
A person with significant control (PSC) is an individual, company or other entity who owns or controls a company. They are sometimes called ‘beneficial owners’.
[See ‘Person with Significant Control’.]
Beyond Reasonable Doubt is a criminal ‘burden of proof’ and one that is expensive and often difficult to prove. The burden is placed on the party seeking to prove – in the insolvency and restructuring sector, this is usually the officeholder. An example of an offence that must be proven beyond reasonable doubt is section 213 Insolvency Act; fraudulent trading.
[See ‘Burden of Proof’, ‘Insolvency Act’ and ‘Fraudulent Trading’.]
A Bill of Exchange is a non-interest-bearing written order, used primarily in international trade that binds one party to pay a fixed sum of money to another party at a predetermined future date.
The difference between a ‘Promissory Note’ and a Bill of Exchange is that a Bill of Exchange is transferable (as a kind of currency), and can bind one party to pay a third party not involved in its creation.
[See ‘Promissory Note’.]
