Fraser

JUNE 25, 2020

Such relief may include a request to pay some unsecured creditors (such as employees or “critical vendors”) ahead of others. A creditor may need to file an objection to requested first-day relief to protect its rights. Unsecured creditors whose rights are “impaired” are entitled to vote on a plan, as well as object to it.

Creditors 72

Creditors Bankruptcy Unsecured Creditor Debtor 72

Hudson Weir

FEBRUARY 28, 2023

Once a firm enters administration, it must pay every creditor group entirely, save for ‘prescribed part’ secured creditors, before funds are distributed to the subsequent creditor. This company property can be anything from equipment and constructions to apparatus, vehicles, and intellectual property.

Unsecured Creditor 52

Unsecured Creditor Secured Creditor Creditors Construction 52

Hudson Weir

SEPTEMBER 11, 2023

In this guide we’ll explain how secured and unsecured loans work, plus what happens if a company falls into debt or becomes insolvent. To reduce the lender’s risk exposure, a secured business loan provides them with collateral – a company asset. What is an unsecured loan? What is a secured loan?

Loans 52

Loans Collateral Secured Creditor Unsecured Creditor 52

ABI

JANUARY 19, 2024

In evaluating the Texas Business & Commerce Code and title 11 of the United States Code (the “Bankruptcy Code”), the United States Bankruptcy Court for the Southern District of Texas, in In Re Burts Construction, Inc., held that a secured creditor has the right to receive monetary payment for property sales based on its lien on “accounts.”

Secured Creditor 40

Secured Creditor Bankruptcy Debtor Collateral 40