Statutory
Required, created or governed by legislation rather than only by a private agreement.
Related terms
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Insolvency legislation
The laws and regulations governing what happens when individuals or businesses cannot meet their debts and enter formal insolvency procedures.
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Insolvency Act 1986
The principal legislation governing many company and personal insolvency procedures in England, Wales and, in parts, Scotland.
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Statutory interest
Interest that can be claimed because legislation or court rules allow it, rather than solely because a contract provides for it.
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