Preferred Creditors Are Generally Unsecured Creditors Who Are Given Priority

question 4

True/False

Preferred creditors are generally unsecured creditors who are given priority over the other unsecured creditors under the Bankruptcy and Insolvency Act.

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Definitions:

Volcanic Eruption

A volcanic eruption is a geologic event during which magma (lava), gases, and ash are expelled from a volcano's vent to the surface.

Meteorite

A fragment of a meteoroid that has fallen to a planetary surface.

Dried Up

Refers to something that has lost all its moisture.

Natural Stain

A discoloration or marking often found on materials, caused by the chemical or physical reaction of a natural substance.