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An unsecured creditor does not have a charge over the debtor's assets. [2] The term creditor is frequently used in the financial world, especially in reference to short-term loans, long-term bonds, and mortgage loans. In law, a person who has a money judgment entered in their favor by a court is called a judgment creditor.
The counterparty is called a creditor. When the counterpart of this debt arrangement is a bank, the debtor is more often referred to as a borrower. If X borrowed money from their bank, X is the debtor and the bank is the creditor. If X puts money in the bank, X is the creditor and the bank is the debtor. It is not a crime to fail to pay a debt.
Asset protection (sometimes also referred to as debtor-creditor law) is a set of legal techniques and a body of statutory and common law dealing with protecting assets of individuals and business entities from civil money judgments.
The debtor in possession runs the day-to-day operations of the business while creditors and the debtor work with the Bankruptcy Court in order to negotiate and complete a plan. Upon meeting certain requirements (e.g., fairness among creditors, priority of certain creditors) creditors are permitted to vote on the proposed plan. [ 57 ]
In a creditor's voluntary winding-up, he must report to the creditor's meeting on the exercise of his powers. [ 7 ] The liquidator is generally obliged to make returns and accounts, [ 8 ] owes fiduciary duties to the company and should investigate the causes of the company's failure and the conduct of its managers, in the wider public interest ...
A net position represents a financial position in which a debtor may "off-set" his obligation to the creditor with a mutual obligation which has arisen and is owed from the creditor to the debtor. In financial law, this may often take the form of a simple or funded position such as a securities lending transaction where mutual obligations set ...
Debtor and Creditor can refer to: Debtor; Creditor; See also. Debt This page was last edited on 28 December 2019, at 06:13 (UTC). Text is available under the Creative ...
Settlement in pais: A settlement or adjustment of differences between the parties themselves, out of court. Composition, [12] "the adjustment of a debt, or avoidance of an obligation or liability, by some form of compensation agreed on between the parties". This noun corresponds to the verb to compound, q.v., and often means merely "a compounding."