General Creditor - Law Dictionary Search Results
Home Dictionary Name: general creditorgeneral creditor
general creditor see creditor ...
creditor
creditor : a person to whom a debt is owed ;esp : a person to whom money or goods are due compare debtor, obligor general creditor : a creditor who is not secured by a lien or other security interest called also unsecured creditor judgment creditor : a creditor who has a money judgment entered against the debtor and may enforce the judgment (as by attachment or writ of execution) known creditor : a creditor whose potential claim is known or should be known by a debtor and who is entitled to notice of a corporate dissolution or of a date at which claims will be barred (as in bankruptcy) lien creditor : a creditor who is secured by a lien (as by attachment) secured creditor : a creditor who has a security interest (as a mortgage) unsecured creditor : general creditor in this entry ...
Arrangements between debtors and creditors
Arrangements between debtors and creditors. The 125th and 126th sections of the (English) Bankruptcy Act, 1869, which repealed an Act of 1861, allowed liquidation by arrangement and composition with creditors by resolutions passed at similar representative meetings to take the place of proceedings in bankruptcy. The (English) Bankruptcy Act, 1883, having repealed the Act of 1869 without re-enacting these clauses, arrangements with creditors outside the law of bankruptcy became common, and in order to legalize and regulate these arrangements, the (English) Deeds of Arrangement Act, 1887, was passed and amended in 1890 by 53 & 54 Vict. c. 24. The law has now been consolidated by the (English) Deeds of Arrangement Act, 1914 (4 & 5 Geo. 5, c. 47), which repeals the Act of 1887, and also parts of the Bankruptcy and (English) Deeds of Arrangement Act, 1913, and contains practically the whole statute law on the subject. The Act is divided into five parts: (1) defining the deeds of arrangement...
Insurance
Insurance, see, Income-tax Act, 1961 (43 of 1961), s. 80C, Expl. 1.Insurance, the act of providing against a possible loss, by entering into a contract with one who is willing to give assurance, that is, to bind himself to make good such loss should it occur. In this contract, the chances of benefit are equal to the insured and the insurer. The first actually pays a certain sum, and the latter undertakes to pay a larger, if an accident should happen. The one renders his property secure; the other receives money with the probability that it is clear gain. The instrument by which the contract is made is called a policy; the stipulated consideration, a premium. As to what is known as a coupon policy, i.e., a coupon cut out of a diary, etc., see General Accident, etc., Assce. Corpn. v. Robertson, 1909 AC 404.Insurable Interest must be possessed by the person taking out a policy; he must be so circumstanced as to have benefit from the existence of the person or thing insured, and some preju...
Winding-up
Winding-up, the process by which an insolvent estate is distributed, as far as it will go, amongst the persons having claims upon it. The term is most frequently applied to the winding-up of joint-stock companies.The property of a company is collected and distributed firstly in discharge of its liabilities, and secondly, among its members according to their respective rights with a view to its dissolution. If the assets are not sufficient to meet the liabilities, a company is usually wound up by the Court. In other cases the winding-up is usually voluntary and conducted by the company itself either with or without the supervision of the Court. The provisions of the (English) Companies Act, 1929, govern a winding-up in any of these three modes (s. 156). In any winding-up the members who may be called upon to contribute are ascertained and their liability determined under ss. 157-162; see CONTRIBUTORIES. Debts and claims of all kinds require to be proved and if not of certain value to be...
Confusion, property by
Confusion, property by. Where goods of two persons are so intermixed that the several portions can no longer be distinguished; if the intermixture be by consent, it is supposed that the proprietors have an interest in common, in proportion to their respective shares; but if one wilfully intermix his money, corn, or hay, with that of another man, without his approbation or knowledge, or cast gold in like manner into another's melting-pot or crucible, our law allows no remedy in such a case, but gives the entire property without any account to him whose original dominion or property is invaded, and endeavoured to be rendered uncertain without his consent, 2 Bl. Com. 405. See also Vin. Abr. Justification (B) and Instit. of Justin. 1. Ii. tit. 1, ss. 27-34.As to the position where a person pays money held by him in a fiduciary character into his own banking account, see Re Hallett'' Estate, (1879) 13 Ch D 696; Sinclair v. Brougham, 1914 AC 398.By the (English) Solicitors Act, 1933 (23 & 24...
Creditor's committee
Creditor's committee, means a general meeting of the bankrupt's creditors may, in accordance with the Insolvency Rules 1986, establish a committee ('the creditors' committee') to exercise the functions conferred on it by or under Insolvency Act, 1986 (UK) Halsbury's Laws of England, Vol. 3(2), para 316, p. 172....
Creditor
Creditor [Lat.], one who trusts or gives credit, correlative to debtor. A creditor is entitled totake 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....
judgment creditor
judgment creditor see creditor ...
known creditor
known creditor see creditor ...
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