Preferent Creditor definition

Preferent Creditor means a Creditor who would have a preferent Claim against the Company as envisaged in Insolvency Law;

Preferent Creditor means, as the context may require, a Commencement Date Creditor or a Post Commencement Claim, that would rank in whole or in part as a statutory preferent claim as defined in section 2 of the Insolvency Act;

Preferent Creditor means a creditor whose claim enjoys preference in terms of section 89 or a provision in terms of any other Act to pay a creditor who has no preference in respect of particular assets before concurrent creditors;

Examples of Preferent Creditor in a sentence

• SARS ranks as a Concurrent Creditor under Business Rescue, whereas, under liquidation, SARS would rank as a Preferent Creditor.

• Concurrent creditors are creditors who are satisfied with the payment of their receivables from the proceeds of the sale of bankrupt assets after being taken part by Separatist Creditor and Preferent Creditor.

• Wages and other rights of workers / laborers are also holders of privileges / privileges, but the arrangements for wages and other rights of workers / laborers are issued and take precedence over other Preferent Creditor arrangements, because there are specific statutory regulations, namely Law on General Provisions and Tax Procedures.Contradictory arrangements between Article 21 paragraph (3a) of the General Provisions Act and the Tax Procedures and Labor Law.

• SARS ranks as a Concurrent Creditor under Business Rescue, whereas under liquidation SARS would rank as a Preferent Creditor.

More Definitions of Preferent Creditor

Preferent Creditor means a Person who has a preferent Claim against the Company as envisaged in Insolvency Law and/or in terms of the Companies Act;

Preferent Creditor means a Creditor with a Preferent Claim;

Preferent Creditor means a creditor whose claim enjoys preference in terms of any provision of this Act or a or a similar preference in terms of any other Act;

Preferent Creditor means a creditor whose claim enjoys preference in terms of section 80(2) or

Preferent Creditor means a Creditor having a preferent Claim against the Company as envisaged in terms of the Insolvency Act.

Preferent Creditor means a creditor whose claim enjoys preference in terms of section

Preferent Creditor means a creditor whose claim enjoys preference which entitles the creditor to be paid from proceeds of incumbent assets before concurrent creditors;