preference of creditors

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• preference — pref·er·ence / pre frəns, fə rəns/ n 1: the right to prior payment of a debt with preference over the creditors of the heirs or legatees Louisiana Civil Code 2: the transfer of an insolvent debtor s interest in property to a creditor for an… …   Law dictionary

• preference or preferred creditors — Those creditors, in the Bankruptcy and insolvency Act specified in Section 136, that rank ahead of ordinary or unsecured creditors. Some preferred creditors are employees for wages, and a landlord for some specified rental arrears. (Dictionary of …   Glossary of Bankruptcy

• preference — a payment by a debtor made during a specified period (90 days or one year) prior to the filing that favors one creditor over others. Preference payments can usually be recovered and returned to the debtor s estate (Glossary of Common Bankruptcy… …   Glossary of Bankruptcy

• preference — A legal term used in bankruptcy to describe a transaction deemed to have occurred under circumstances favorable to the creditor that benefited from the transaction. This provision is intended to protect unsecured creditors. Under the U.S.… …   Financial and business terms

• preference — The paying or securing to one or more of his creditors, by an insolvent debtor, the whole or a part of their claim, to the exclusion or detriment of the rest. The act of an insolvent debtor who, in distributing his property or in assigning it for …   Black's law dictionary

• preference period — A legal term used in bankruptcy to describe a transaction deemed to have occurred under circumstances favorable to the creditor that benefited from the transaction. This provision is intended to protect unsecured creditors. Under the U.S.… …   Financial and business terms

• preference —    In bankruptcy, the payment of a debt to one creditor rather than division of the assets equally among all those who are owed money, often by making a payment to a favored creditor just before the debtor files a petition to be declared bankrupt …   Business law dictionary

• preference — The right of one person over other persons, to be appointed administrator, for example, the right of a surviving spouse. 31 Am J2d Ex & Ad §§ 50 et seq. A right given to a stockholder of a corporation to subscribe at a stated price for shares of… …   Ballentine's law dictionary

• 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

• Liquidation Preference — A term used in venture capital contracts to specify which investors get paid first and how much they get paid in the event of a liquidation event such as the sale of the company. Liquidation preference helps protect venture capitalists from… …   Investment dictionary

• fraudulent preference — Under the Bankruptcy and insolvency Act, this is the preferring by a debtor of one or more creditors over others by the payment to those creditors of some extraordinary amounts of money. Under the Bankruptcy and insolvency Act, the Trustee can,… …   Glossary of Bankruptcy