UK Accounting Glossary
A person or organisation to whom money is owed by the entity.
The creditor always has a better memory than the debtor.
Generally, debtors must negotiate with each creditor separately, and they usually face the ordeal without prior advice.
A creditor of a partnership may sue any partner for the full amount of the debt.
Given the circumstances we are understandably reluctant to raise this matter with the creditor organisations.
The company is in trouble; If they don’t find a willing creditor, they will go bankrupt.
If one has to pay a creditor £200 in one year’s time, its not necessary to have £200 today.
As a creditor, my landlord is entitled to evict me if I don’t keep up with my rent.
By lending money to a customer, a bank becomes a creditor.
If Paul doesn’t keep up to date with payments due to his creditor, he may lose his house.
Although John was no longer able pay his creditor, he was at least somewhat relieved that the creditors could not repossess his house as his debt was unsecured.
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This glossary post was last updated: 23rd December 2018.