ordinary unsecured creditor

ordinary unsecured creditor
ordinary unsecured creditor
A general creditor who has no priority, no preferred treatment and no security (Ontario Bankruptcy Dictionary)

United Glossary of Bankruptcy Terms 2012.

Glossary of Bankruptcy.

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  • unsecured creditor — a creditor who extended credit to a debtor without collateral security. If the debtor files for bankruptcy or is levied upon, the unsecured creditors are paid on a pro rata basis only after the claims of all secured creditors are satisfied… …   Glossary of Bankruptcy

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  • Preferential creditor — A preferential creditor (in some jurisdictions called a preferred creditor) is a creditor who receives a preferential right to payment upon the debtor s bankruptcy under applicable insolvency laws.In most legal systems, some creditors are given… …   Wikipedia

  • preferred creditor — Those creditors who, pursuant to Section 136 of the Bankruptcy and insolvency Act, rank ahead of ordinary unsecured creditors. Preferred creditors include employees for wages and landlords for rent (Ontario Bankruptcy Dictionary) United Glossary… …   Glossary of Bankruptcy

  • preferential creditor — ➔ creditor * * * preferential creditor UK US noun [C] FINANCE, LAW ► one of the people, businesses, etc. to which a bankrupt company owes money that must be paid back before others: »Barclays Bank and the preferential creditors will be repaid in… …   Financial and business terms

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  • Unfair preference — In many legal systems, where a person or company transfers assets or pays a debt to a creditor shortly before going into bankruptcy, that payment or transfer can be set aside on the application of the liquidator or trustee in bankruptcy as an… …   Wikipedia

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  • Undervalue transaction — An undervalue transaction is a transaction entered into by a company [Some legal systems also apply undervalue transactions to insolvent individuals] who subsequently goes into bankruptcy which the court orders be set aside, usually upon the… …   Wikipedia

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