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 ?
In addition, it was emphasized that significant amounts had been transferred from the company to another company belonging to the director, as well as other selected creditors - at the expense of the company's other creditors.
Paul Hammer is a Senior Attorney within the nationally ranked Bankruptcy, Insolvency & Creditors' Rights Practice Group of Kane Russell Coleman Logan PC, an elite, full service Texas law firm.
The Powertrain dividend of 4.74p in the pound is being returned to around 1,700 unsecured creditors, including 1,200 former employees.
On that note, I will offer some of the rules of the road that I think all debtors and creditors should know about the bankruptcy process:
Creditors are using Kumho Tire's 1.3 trillion won ($1.1 billion) debt as a weapon against Park.
If the court finds the petition sufficient in form and substance, it shall issue an order which, among others, generally prohibits the creditors from collecting their claims against the debtor during the proceedings.
The troubled company announced to the Hong Kong Stock Exchange a proposal to issue no more than 17.1 billion new shares to the creditors at HKD1.2 per share.
As a precursor, trade creditors must understand the interplay between their supply agreement and the immediate consequences arising from the debtor's bankruptcy filing.
The Chairman of the Amending Scheme Meetings will address Scheme Creditors generally on the AmendingScheme Scheme and and on issues relevant relevant to voting on the Amending Scheme at the commencement of the Amending SchemeMeetings.
Creditors have a right to attend creditors meetings and ask questions, but too many just throw the notice in the bin and write off the debt.
This concession entitles a creditor the right of priority to approach and obtain his claim from his debtor's money before any other creditors.
A safe harbor for creditors is plausible--if courts could reduce the extent of creditor conflict for critical decisions--and would both encourage constructive creditor intervention and discourage detrimental, value-shifting creditor intervention.