Preferred Creditors definition

Preferred Creditors means Creditors with Proven Claims and which are, subject to the rights of Secured Creditors, required by the BIA to be paid in priority to all other Claims under a proposal made by a debtor and including, without limitation, the Required Employee Amount (for greater certainty a Person can be both a Preferred Creditor and an Unsecured Creditor in respect of distinct Claims), and “Preferred Creditor” means each of them;

Preferred Creditors means those persons with Claims that are Preferred Claims.

Preferred Creditors means Creditors with Proven Claims that are proven and which are required by the BIA to be paid in priority to all other Claims under a proposal made by a debtor and including, without limitation:

Examples of Preferred Creditors in a sentence

• Preferred Creditors under Irish Law Under Irish law, upon an insolvency or examinership of an Irish company such as the Issuer when applying the proceeds of assets subject to fixed security which have been realised in the course of a liquidation or receivership, the claims of a limited category of preferential creditors will take priority over the claims of creditors holding the relevant fixed security.

• Preferred Creditors If the Issuer becomes subject to an insolvency proceeding and the Issuer has obligations to creditors that are treated under Irish law as creditors that are senior relative to the Noteholders, the Noteholders may suffer losses as a result of their subordinated status during such insolvency proceedings.

• Preferred Creditors under Belgian Law Belgian law provides that certain preferred rights (voorrechten/ privilèges) may rank ahead of a mortgage ((hypotheek/hypothèque) as such term is construed under Belgianlaw) (a Mortgage) or other security interest.

• Preferred Creditors under Irish Law Under Irish law, if a liquidator or a receiver is appointed to an Irish company such as the Issuer, the claims of a limited category of preferential creditors will take priority over the claims of unsecured creditors and holders of floating security.

• Certain Provisions of Irish Law Preferred Creditors: Under Irish law, the claims of a limited category of preferential creditors will take priority over the claims of unsecured creditors and holders of floating security in the event of the appointment of a liquidator or a receiver to an Irish company such as the Irish Issuers.

More Definitions of Preferred Creditors

Preferred Creditors means Creditors with Proven Claims that are required by the BIA to be paid in priority to all other claims under a proposal made by a debtor save and except for Employee Creditors and Source Deduction Creditors.

Preferred Creditors means Creditors that, under the applicable law, have special rights to have its Claims settlement prioritized relative to all other Creditors as set out in Article 4.2 namely:

Preferred Creditors means those persons with Claims against the Debtor provable pursuant to the BIA as of the Filing Date whose claims are entitled to be paid in priority to the claims on Unsecured Creditors as provided in Section 136 of the BIA.

Preferred Creditors means Unsecured Creditors that are required by the Act to be paid in priority to all other claims under a proposal made by a debtor save and except for Employee Creditors and Crown Creditors.

Preferred Creditors means those persons with Claims that are provable and proved under the BIA and which are required by Section 136 of the BIA to be paid in priority to the Claims of Ordinary Unsecured Creditors;

Preferred Creditors means the Unsecured Creditors that are required to be paid in priority to all other unsecured claims under a proposal made by a debtor pursuant to the BIA;

Preferred Creditors means Creditors that, under the applicable law, have special rights to have its Claims settlement prioritized relative to all other Creditors as set out in Article ‎4.2 namely:Obligations to the Government which include all form of taxes, and other form of obligations where the State is the ultimate recipient of such payments. This may include obligations from parties that act as an agent to collect such payments for the State. Obligations to employees that is payable as part of their basic compensations and benefits. For avoidance of doubt, the obligations to employee that are considered priority exclude variable components beyond the basic compensations and benefits such as bonuses and out of pocket allowances.