Assets in United Kingdom

Definition of Assets

In accordance with the work A Dictionary of Law, this is a description of Assets :

Physical property and/or rights that have a monetary value and are capable of being those of a *juristic person or a natural person (i.e. a human being). They can comprise real assets (real property) and personal assets (personal property). In respect of a juristic person, such as a corporation, assets include fixed or capital assets (those identified as being held and used on a continuing basis in the business activity, e.g. machinery) and current or circulating assets (those not intended to be used on a continuing basis in the business activity but realized in the course of trading).

In respect of a natural person who is deceased, assets comprise all real and personal property that forms part of the deceased’s estate and is available for the payment of the deceased’s debts and liabilities.

See also family assets; wasting assets.

The consequences of dissolution of Partnership:

Rights as to application of assets

Find under this subsection information about Rights as to application of assets in relation to The consequences of dissolution of Partnership:.