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general creditor

   Also found in: Legal 0.04 sec.
general creditor
A lender with an uncollateralized loan, such as the owner of a debenture. In the event that a borrower goes bankrupt, its general creditors are likely to recover a smaller proportion of what is owed them than secured creditors will.
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An unsecured bond whose holder has the claim of a general creditor on all assets of the issuer not pledged specifically to secure other debt.
Vitesse trouble by Los Angeles Business Journal
Thus, if general creditors receive preferred stock, subordinated creditors receive notes, and shareholders receive nothing, then general creditors and subordinated creditors are considered equity holders for purposes of determining whether the COI requirement is satisfied.
Assessing the value of the proposed "no net value" regulations by Kidder, Gregory N. / Tax Executive
Such claim must not in any sense be proprietary and must not be subordinate to the claims of general creditors.
IRS discusses possible prohibited transactions of redeemed shareholder by Fiore, Nicholas J. / The Tax Adviser
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