creditors


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Creditor

A person or company to whom one owes money. A creditor may be a bank or another company. In the case of bonds and personal debt, the creditor is often an individual. A creditor may be secured, meaning that the debt has a collateral, or unsecured, meaning that the debt has no specific collateral.

creditors (accounts payable)

the money owed to individuals or firms because they have supplied goods, services or raw materials for which they have not yet been paid (trade creditors), or because they have made LOANS. Amounts falling due for payment within one year are counted as part of a company's CURRENT LIABILITIES in its BALANCE SHEET, while amounts falling due after more than one year appear as part of long-term liabilities.

Some creditors, called secured creditors, are offered collateral or security for their loans by means of a fixed charge on a specific asset owned by a debtor, which they could legally claim in the event of default on the loan.

Other secured creditors are offered security by means of a ‘floating charge’ on the debtors' assets, which would offer them priority in claiming the proceeds from the sale of these assets in the event of default. Unsecured creditors such as trade creditors have less security in the event of default. See DEBTORS (ACCOUNTS RECEIVABLE), CREDIT. CREDITORS RATIO.

References in classic literature ?
At the meetings of creditors, then, he comported himself with a savageness and scorn towards Sedley, which almost succeeded in breaking the heart of that ruined bankrupt man.
He tried his new uniform, which became him very handsomely, on the day when the first meeting of the creditors of the unfortunate gentleman took place.
Here, however, I concealed myself, and though my new acquaintances knew nothing of me, yet I soon got a great deal of company about me; and whether it be that women are scarce among the sorts of people that generally are to be found there, or that some consolations in the miseries of the place are more requisite than on other occasions, I soon found an agreeable woman was exceedingly valuable among the sons of affliction there, and that those that wanted money to pay half a crown on the pound to their creditors, and that run in debt at the sign of the Bull for their dinners, would yet find money for a supper, if they liked the woman.
The next morning they are at their penitentials again; and perhaps the poor weeping wife comes over to him, either brings him some account of what his creditors are doing, and how she and the children are turned out of doors, or some other dreadful news; and this adds to his self-reproaches; but when he has thought and pored on it till he is almost mad, having no principles to support him, nothing within him or above him to comfort him, but finding it all darkness on every side, he flies to the same relief again, viz.
A late hour for an importunate creditor,' he said, raising his eyebrows with as indolent an expression of wonder as if the noise were in the street, and one with which he had not the smallest possible concern.
said the turnkey, 'he'll never get out, unless his creditors take him by the shoulders and shove him out.
We are quiet here; we don't get badgered here; there's no knocker here, sir, to be hammered at by creditors and bring a man's heart into his mouth.
My worldly affairs began to wear a gloomy appearance, and I was pressed for money by more than one creditor.
One day, when he had ridden over to the town to see a creditor, the chief peasant of his village followed him shortly after, with the news that his house had been burnt down, and that his wife had perished with it, but his children were safe.
Once in every decade there shall be a general settlement, when the balance due shall be paid to the creditor nation in Mexican dollars.
This therefore he resolved to do, whatever misery it cost him, and to devote himself to her, from that great principle of justice, by which the laws of some countries oblige a debtor, who is no otherwise capable of discharging his debt, to become the slave of his creditor.
In all such cases your movers, and your seconders, and your supporters --your regular Professors of all degrees, run amuck like so many mad Malays; habitually attributing the lowest and basest motives with the utmost recklessness (let me call your attention to a recent instance in yourself for which you should blush), and quoting figures which you know to be as wilfully onesided as a statement of any complicated account that should be all Creditor side and no Debtor, or all Debtor side and no Creditor.