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.

Look at other dictionaries:

  • 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

  • creditor — a person or business to whom money is owed. Glossary of Business Terms A party who is owed money by another party. American Banker Glossary lender of money. Bloomberg Financial Dictionary The party that receives assets from the debtor/originating …   Financial and business terms

  • Creditor — Lender of money. The New York Times Financial Glossary * * * creditor cred‧i‧tor [ˈkredtə ǁ ər] noun 1. [countable] ACCOUNTING COMMERCE a person or business to whom another person or business owes money: • The company said its largest creditor… …   Financial and business terms

  • 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

  • Floating charge — A floating charge is a security interest over a fund of changing assets of a company or a limited liability partnership (LLP), which floats or hovers until conversion into a fixed charge, at which point the charge attaches to specific assets. The …   Wikipedia

  • 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

  • Pension Benefit Guaranty Corporation — (United States) Agency overview Formed September 2, 1974 …   Wikipedia

  • 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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