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Creditor
Practical Law ANZ Glossary w-018-2811
(Approx. 2 pages)
Glossary
Creditor
A
person
which is owed money by another person.
Creditors may be
secured
or
unsecured
.
A creditor may wish to submit a formal statement of what the creditor believes it is owed (known as a
proof of debt
) to establish its claim against an
insolvent
company or individual. For more information on proving a debt, see:
Practice note: overview, Liquidation: Assessing creditors' claims and distribution of assets
.
Practice note, How can I protect my business from a debtor getting into financial trouble or going into insolvency?: How to lodge a claim as an unsecured creditor of a company in liquidation or voluntary administration
.