blocked account

A bank account from which money cannot be withdrawn for any of a number of reasons, the most likely being that the affairs of the holder of the account are in the hands of a receiver owing to bankruptcy, or liquidation in the case of a company. A bank account held in another country may be blocked owing to exchange controls (see blocked currency).

Big dictionary of business and management. 2014.

Look at other dictionaries:

  • blocked account — ➔ account1 …   Financial and business terms

  • blocked account — An account where monies cannot be withdrawn without the lender s specific consent. This may be achieved by the account being in the borrower s name with the lender as sole signatory for withdrawals. Practical Law Dictionary. Glossary of UK, US… …   Law dictionary

  • Blocked Account — An account that is subject to foreign exchange controls in a country that restricts the amount of its currency that can be transferred to other countries or exchanged into other currencies. It can also refer to accounts that are frozen, either by …   Investment dictionary

  • blocked account — bank account which if forbidden to use …   English contemporary dictionary

  • blocked account — /blɒkt ə kaυnt/ noun a bank account which cannot be used, usually because a government has forbidden its use …   Dictionary of banking and finance

  • blocked account — Fin a bank account from which funds cannot be withdrawn for any of a number of reasons, for example, bankruptcy proceedings, liquidation of a company, or government order when freezing foreign assets …   The ultimate business dictionary

  • blocked account — Governmental restrictions on a bank account; usually with reference to transfers to foreign countries …   Black's law dictionary

  • blocked — [blɒkt ǁ blɑːkt] adjective money that is blocked cannot be taken out of the country or changed into another currency: • The company managed to find a loophole to unblock its blocked money. • The funds are in blocked deposits at the Bank of New… …   Financial and business terms

  • account — a record of a business transaction. When you buy something on credit, the company you are dealing with sets up an account . This means it sets up a record of what you buy and what you pay. You will do the same thing with any customers to whom you …   Financial and business terms

  • account — A detailed statement of the mutual demands in the nature of debit and credit between parties, arising out of contracts or some fiduciary relation. A statement in writing, of debits and credits, or of receipts and payments; a list of items of… …   Black's law dictionary

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