Preference or Preferred Creditors: Canada Debt .ca defines Preference or Preferred Creditors

Bankruptcy Term Preference or Preferred Creditors

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Canada Debt has the definition to the bankruptcy and debt term Preference or Preferred Creditors. Finding answers to terms such as Preference or Preferred Creditors can be difficult, especially if there is more than one definition which is why we have created a page dedicated to financial terms dealing exclusively with debt. Preference or Preferred Creditors in financial terms means...

In debt and bankruptcy terms, the phrase / term 'Preference or Preferred Creditors' is used as follows:

Those creditors, in the Bankruptcy and Insolvency Act specified in Section 136, that rank ahead of ordinary or unsecured creditors. Some preferred creditors are employees for wages, and a landlord for some specified rental arrears.