Unsecured Creditors In Liquidation
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FAQ
Rights of unsecured creditors The judge will give the creditor a judgment against you if the creditor shows that you have failed to repay the loan. Once creditors have a judgment, they can ask the sheriff to take property you own, such as a car, and sell it to pay off the debt.
An unsecured creditor is an individual or institution that lends money without obtaining specified assets as collateral. This poses a higher risk to the creditor because it will have nothing to fall back on should the borrower default on the loan.
The unsecured creditor gets no such protection; its best method of repayment from its debtor is voluntary repayment. Otherwise, short of bankruptcy proceedings, the unsecured creditor must sue and win a judgment to get repaid on a defaulted debt.
In general, secured creditors have the highest priority followed by priority unsecured creditors. The remaining creditors are often paid prior to equity shareholders.
Because it is a solvent liquidation process, creditors are repaid in full, and a Declaration of Solvency must be signed by the majority of directors attesting to the fact that this will be possible.
