Creditor - Definition - Law Dictionary Home Dictionary Definition creditor

Definition :

Creditor [Lat.], one who trusts or gives credit, correlative to debtor. A creditor is entitled to

take out letters of administration if there be no next of kin, or the next of kin will not. And see BANKRUPTCY, ADMINISTRATION OF ASSETS, and COMPANY.

(ii) includes a decree-holder, 'debt' includes a judg-ment-debt, and 'debtor' includes a judgement-debtor. [Provincial Insolvency Act, 1920, s. 2 (1) (a)]

In relation to a bankrupt, means a person to whom any of the bankruptcy debts is owed, being, in the case of an amount falling within the Insolvency Act, 1986, s. 382(1) (c) Halsbury's Laws of England, Vol. 3(2), para 84, p. 52.

Includes all creditors who may assent to, or take the benefit of, a deed of arrangement Deeds of Arrangement Act, 1914, s. 30(1) (UK) Halsbury's Laws of England, Vol. 3(2), para 830, p. 444.