UK Accounting Glossary
Credit extended only on the basis of the debtor’s promise to repay, without any collateral security.
An unsecured creditor is a person who is owed money by an organisation but who hasn’t arranged that in the event of non-payment specific assets would be available as a fund out of which that person could be paid in priority to other creditors.
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Definitions for Unsecured Credit are sourced/syndicated and enhanced from:
This glossary post was last updated: 4th May 2019.