creditor

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creditor

a person or commercial enterprise to whom money is owed

Creditor

 

(obligor).(l) The party in an obligation that has the right to demand from the other party (the debtor or obligee) the performance or abstention from performance of a certain action. Only persons having legal rights and duties, that is, citizens and legal “persons” (such as corporations), may act as creditors. In the USSR the Soviet socialist state is a specific principal or party in civil law.

In an obligation there can be several creditors (a plurality of creditors). Each of them can demand the execution of a certain part or, in instances stipulated in a contract or in the law, the entirety of an action (for example, when the object of the obligation is indivisible or when there is joint suretyship or a joint tort).

(2) In bookkeeping, a term used to designate a citizen or legal entity toward which a given organization has an indebtedness, as shown on its balance sheet.

References in periodicals archive ?
The Third Circuit held that a creditors unpaid administrative expense claim for goods and/or services the creditor provided to the debtor post-petition cannot be included in determining the creditor's new value defense, since the petition date is the cutoff date for computing new value.
This is certainly not the situation the trade creditor envisioned when it originally entered into its supply agreement.
Operational Costs of Deterring Capable Creditors from Intervening in Failing Firms 2.
The following decision may be adopted in one of three ways under the majority of the creditors' votes--1) at the first creditors' meeting of the company, 2) at the major creditors' meeting equated to the first creditors' meeting of the company, if the major creditors represent more than 1/2 of the total amount claimed by the creditors, or 3) in case a considerable number of the creditors exists and difficulties arise upon gathering them together--after receiving written consents from the creditors, the claims of each of them make up more than 1/5 of the total amount of claims drawn into the records, and the total amount of the following claims--no more than 1/2 of the total amount of claims.
While stating that it supports the company's decision to file the reorganization plan, the Committee yesterday said it "will continue to consider potential alternatives in order to maximize the ultimate recoveries" for unsecured creditors.
Reaffirming Debts Asking people to recommit to paying debt was once thought of as a tactic creditors used for people who file for bankruptcy.
In contrast, we argue that bankruptcy law is intended to protect creditors from one another.
All of this is a necessary precursor to distributing assets equitably among the creditors (see "In the Public Record," page 62).
the client) were the settlor, the trust would be a "self-settled" trust, (2) and would not protect assets from the client's creditors in the vast majority of states, regardless of any spendthrift provisions.
Section 411 of the FACT Act also amended the FCRA to limit the ability of creditors and others to share medically related information among affiliates except as permitted by the statute, regulation, or order.
However, other creditors are subject to the Bankruptcy Code's "cram down" provisions, forcing them to accept a reorganization plan.
They want to use us to show off to the world that they are meeting with creditors.