- unsecured creditors
Creditors who do not have any security for the debt owing to them. (Dictionary of Canadian Bankruptcy Terms)
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
creditors' committee — England, Wales After a company has been placed into administration, a meeting of the company s creditors (usually convened by an administrator shortly after his appointment) can resolve to establish a creditors committee under Part 2, Section B,… … Law dictionary
unsecured creditor — see creditor Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. unsecured creditor … Law dictionary
creditors' committees — can play a major role in chapter 11 cases. The United States trustee, a federal employee to be distinguished from a private case trustee or panel trustee, appoints the committee, which ordinarily consists of unsecured creditors who hold the seven … Glossary of Bankruptcy
unsecured — un‧se‧cured [ˌʌnsɪˈkjʊəd◂ ǁ ˈkjʊrd◂] adjective FINANCE 1. an unsecured loan, debt etc is not protected by an agreement that if it is not paid the company borrowing the money has to give the lender certain assets, such as property or shares: •… … Financial and business terms
unsecured creditor — ➔ creditor * * * unsecured creditor UK US noun [C] FINANCE ► a person or organization that has lent money and has no right to the property or other assets of the borrower if the money is not paid back: »Following the bankruptcy, it s too early to … Financial and business terms
Unsecured debt — In finance, unsecured debt refers to any type of debt or general obligation that is not collateralized by a lien on specific assets of the borrower in a bankruptcy or liquidation.In the event of the bankruptcy of the borrower, the unsecured… … Wikipedia
Unsecured creditor — An unsecured creditor is a creditor which is not a preferential creditor and which does not have the benefit of any security interests in the assets of the debtor.In the event of the bankruptcy of the debtor, the unsecured creditors usually… … Wikipedia
Creditors' Committee — A group of people who represent a company s creditors in a bankruptcy proceeding. The creditors committee is usually further divided between secured and unsecured creditors. The secured creditors committee consists of lenders that have a first… … Investment dictionary
unsecured loan stock — ULS; = unsecured debenture A loan stock or debenture in which no specific assets have been set aside as a fund out of which the holders could be paid in priority to other creditors in the event of non payment … Accounting dictionary