If a creditor has taken an individual or a company to Court for an outstanding debt, this may have resulted in a County Court Judgment (CCJ) or an equivalent Court order. If the debtor company is successful in securing such a Court order, the individual or a company are obliged to pay the debts owing over a set period.
If the terms of the Court order are not adhered to, the creditor has the option to take matters further to try and make you pay. One such action is a charging order. A charging order allows the debt to be secured against personal assets or home (in the event of personal debts) or company assets (in the event of company debts). This means an individual could lose their personal home, or a company could lose its assets, if payment is not made.