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general creditor |
Also found in: Legal | 0.04 sec. |
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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. 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. Such claim must not in any sense be proprietary and must not be subordinate to the claims of general creditors. |
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