Examples of Preferred Claims in a sentence
Within thirty (30) Business Days following the granting of the Approval Order, the Preferred Claims, if any, will be paid in full by the Proposal Trustee.
Preferred Claims, including amounts owing to the Company’s employees and former employees that would be subject to Section 136(1)(d) of the BIA, are to be paid in full, without interest, in priority to Unsecured Creditor Claims immediately following the Court Approval Date6.
Therefore, in case of bankruptcy proceedings (faliment) and any comparable proceedings (such as resolution proceedings) opened in relation to the Issuer, claims resulting from the Ordinary Senior Notes are junior to (i) the Further Preferred Claims (as applicable) and (ii) the claims listed in points (a) and (b).
For the purpose of voting, crown claims, employee and former employee claims under Section 136(1)(d) and all other Preferred Claims are within the class of Unsecured Creditors.
In addition, the insolvency hierarchy in certain jurisdictions may stipulate in the relevant (insolvency) laws further preferred claims that rank senior to claims listed above in point (c) ("Further Preferred Claims").