Business, Legal & Accounting Glossary
A secured creditor is a creditor with the benefit of a security interest over some or all of the assets of a debtor.
This new acquisition made them the biggest secured creditor, meaning they will gain preference over other suppliers.
The plan has to be approved by the majority of unsecured creditors as well as each secured creditor.
This may pose a problem for secured creditors who wish to vote.
Despite the acquisition the secured creditor may still have the right to pursue the debt.
A partially secured creditor is entitled to receive a dividend on the unsecured part of his claim having valued his security.
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This glossary post was last updated: 7th July, 2019