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General Creditor
(redirected from General Creditors)

   Also found in: Financial 0.03 sec.

An individual to whom money is due from a debtor, but whose debt is not secured by property of the debtor. One to whom property has not been pledged to satisfy a debt in the event of nonpayment by the individual owing the money.



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Andronikou says Pompey's recent struggles have left them owing pounds 32m to former owner Sacha Gaydamak, pounds 13-15m to owner Balram Chainrai, pounds 15m to the Inland Revenue and pounds 6-7m to other general creditors.
It ensures that secured creditors are paid first, followed by general creditors, then shareholders, thereby encouraging creditors to continue lending to viable firms.
2) Even in such fraud-ridden cases as Enron, assets were sensibly redeployed, general creditors received substantial recoveries, and wrongdoers and their fellow travelers were held to account.
 
 
 
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