Brakes Bros is the single largest trade creditor
in the process and was owed PS787.3k at the time of the collapse, according to the report.
* The transfer was made within 90 days of the debtor's bankruptcy filing in the case of a transfer to a non-insider creditor, such as a trade creditor
[Section 547(b)(4)]; and
Once done, Limitless, which has extensive land bank in Jebel Ali and overseas development interests, will have repaid almost half of its outstanding bank debt and trade creditor
Once made, Limitless will have repaid almost half of its outstanding bank debt and trade creditor
obligations, said a statement from Limitless.
This is certainly not the situation the trade creditor
envisioned when it originally entered into its supply agreement.
A trade creditor
was in the process of obtaining a county court judgement against CRC with a hearing scheduled for November 4, 2011.
"Nakheel is pleased to confirm that the profit payment of 10 percent due on 15 December 2011, on the trade creditor
sukuk issued in late August this year, will be paid on time," Nakheel said in the statement.
debts are causing the greatest concern with 32 per cent of all businesses saying they are most worried about the amount they owe in trade debts.
We develop a simple model that demonstrates the optimality of granting a bank priority over a firm's cash revenues, while at the same time allowing the firm's trade creditor
to collateralize the good it supplies.
A trade creditor
seeking to obtain an enforceable security interest in a customer's assets must satisfy the requirements specified in Article 9 of the Uniform Commercial Code (UCC).
Nakheel has confirmed a profit payment of AED220 million on its trade creditor
In June, it made a profit payment of Dh210 million against its trade creditor
sukuk as it started not only to revive several of its stalled projects but also announced the launch of new projects on the back of steady recovery seen on the property sector.