Insolvency

Insolvency is when a party has ceased to pay its debts in the ordinary course of business, or cannot pay its debts as they become due. Usually results from an order under the Insolvancy Act 1986. See Bankrupt.

Interlocutory

Interlocutory is an interim, pending a full order/decision, e.g. interlocutory judgment for damages pending further hearing to assess amount to be awarded and entered as final judgment.