Glossary
The following terms, organised alphabetically, are used within the cards industry. Here you will find simple explanations to help you navigate the jargon and specialist terminology.
| Nominee |
A Nominee is a person or firm into whose name securities or other properties are transferred in order to facilitate transactions, while leaving the customer as the actual owner. Anyone who is in financial difficulties and thinks he is about to be made bankrupt, or is already bankrupt, may ask a Licensed Insolvency Practitioner to act as Nominee. The debtor will present a proposed contract between himself and his creditors, (although in practice this is normally written with the assistance of the Practitioner) to the Nominee. |
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