Search results
Results from the WOW.Com Content Network
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.
A debtor or debitor is a legal entity (legal person) that owes a debt to another entity. The entity may be an individual, a firm, a government, a company or other legal person. 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.
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 ]
Download as PDF; Printable version; In other projects ... Appearance. move to sidebar hide. Debtor and Creditor can refer to: Debtor; Creditor; See also. Debt; This ...
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 ...
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 goal of asset protection planning is to insulate assets from claims of creditors without perjury or tax ...
This is normally the debtor company, but a creditor can also do so. [23] The court having jurisdiction is the superior court for the province in which the company's head office or chief place of business in Canada, or, in the absence of that, where any of its assets are situated. [24]
[1] [2] [3] A corporation which continues to operate its business under Chapter 11 bankruptcy proceedings is a debtor in possession. Under certain circumstances, the debtor in possession may be able to keep the property by paying the creditor the fair market value, as opposed to the contract price. For example, where the property is a personal ...