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Liquidator's Power
Refers to the authority granted to a liquidator to manage and sell a company's assets, pay off creditors, and distribute any remaining assets to shareholders during the process of winding up a company.
Shareholders Before Creditors
This principle dictates that in the hierarchy of corporate structure, shareholders' equity is ranked lower than the claims of creditors in the event of a liquidation.
Ordinary Unsecured Creditor
A creditor who has no special rights to assets of a debtor in the event of the debtor's bankruptcy.
Trade Creditors
Entities to whom money is owed for goods and services provided on credit as part of normal business operations.
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