Cayman Islands law only provides for a very small class of preferential creditors, and these are rarely commercially significant in insolvent liquidations.
12.
In cases of bankruptcy, certain creditors held a statutory preference ( preferential creditors ) including women, officers of the court, and feudal lords.
13.
British Virgin Islands law only provides for a very small class of preferential creditor, and these are rarely commercially significant in insolvent liquidations.
14.
"We would like the whole lot ( of preferential creditors ) to go, but I'm afraid we would have to concede, " he said.
15.
In most legal systems, only fixed security takes precedence over all claims; security by way of floating charge may be postponed to the preferential creditors.
16.
The preferential creditors have priority over the bank's claims under the debenture to the sums realisable from the book debts and other debts of the company.
17.
EMPLOYEES and the government should lose their preferential creditor status in recovering money owed them when a company goes into liquidation, the Law Reform Commission has suggested.
18.
In some legal systems, preferential creditors take priority over all other creditors, including creditors holding security, but more commonly the preferential creditors are only given priority over unsecured creditors.
19.
However an automatic crystallisation clause would mean that at the time of insolvency-when preferential creditors'claims are determined-there would be no floating charge above which preferential creditors could be elevated.
20.
However an automatic crystallisation clause would mean that at the time of insolvency-when preferential creditors'claims are determined-there would be no floating charge above which preferential creditors could be elevated.
