Winding Up: Unsecured Creditor.

An Unsecured Creditor is a creditor who has no security over the repayments of his debts. If a company is wound up, an unsecured creditor will be among the last person who will receive a portion of the liquidated assets of the company. Although it was the Unsecured Creditor who obtained the winding up order against the company, this does not connote that he will be the first person to receive the repayment of his debts after the company’s assets have been liquidated.

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