- absolute priority
the order of payment to the different classes of creditors mandated by the Bankruptcy Code. Claimants with higher priority are paid in full before other claims receive anything. Junior creditors and shareholders are paid after senior creditors. Specifically, the usual order is: first, administrative claims; second, statutory priority claims such as tax claims, rent claims, consumer deposits, and unpaid wages and benefits from before the filing; third, secured creditors' claims; fourth, unsecured creditors' claims and fifth, equity claims (Glossary of Common Bankruptcy Terms)
United Glossary of Bankruptcy Terms 2012.
Glossary of Bankruptcy.
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Absolute Priority — A rule that stipulates the order of payment creditors before shareholders in the event of liquidation. The absolute priority rule is used in bankruptcies to decide what portion of payment will be received by which participants. Debts to creditors … Investment dictionary
Absolute priority — Rule in bankruptcy proceedings whereby senior creditors are required to be paid in full before junior creditors receive any payment. The New York Times Financial Glossary … Financial and business terms
absolute priority — Rule in bankruptcy proceedings requiring senior creditors to be paid in full before junior creditors receive any payment. Bloomberg Financial Dictionary … Financial and business terms
absolute priority rule — n: a rule that provides for the satisfaction in full of claims of senior creditors before any payments can be made to junior creditors under a chapter 11 bankruptcy plan Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. absolute… … Law dictionary
absolute priority rule — In a Chapter 11 Plan, the debtor in possession must completely satisfy the claims of a higher, dissenting class before the claims of classes lower in priority can participate in the reorganization. Thus, a corporate debtor s shareholders cannot… … Glossary of Bankruptcy
absolute priority rule — principle that creditor s demands outweigh shareholder s demands for payment in the event of a company s liquidation (Economics) … English contemporary dictionary
Rule of Absolute Priority — A condition of bankruptcy proceedings under which junior ( subordinated) claim holders can receive no payment until senior ( priority) claim holders are paid in full. Bloomberg Financial Dictionary … Financial and business terms
priority — priority, precedence can both mean the act, the fact, or, especially, the right of preceding another. When the reference is to the right, both terms usually imply an established or accepted code that determines which shall precede the other.… … New Dictionary of Synonyms
Absolute configuration — (or group) and its stereochemical description e.g. R or S. [GoldBookRef|title=absolute configuration|url=http://goldbook.iupac.org/A00020.html] Absolute configurations for chiral molecules are traditionally obtained by X ray crystallography but… … Wikipedia
Relativity priority dispute — Albert Einstein presented the theories of Special Relativity and General Relativity in groundbreaking publications that either contained no formal references to previous literature, or referred only to a small number of his predecessors for… … Wikipedia