unsecured creditors

Unsecured Creditor

One who is owed an uncollateralized debt. That is, an unsecured creditor has no lien or collateral on the debt. An unsecured creditor has no right to repossess any property in the event of default or bankruptcy. In the event of liquidation of the debtor's property, the unsecured creditor receives nothing until all secured creditors are repaid in full. Because of the extra risk associated with unsecured credit, it usually commands a higher interest rate. See also: Secured creditor.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

unsecured creditors

Persons owed money by a debtor,but who have no collateral as security for the debts owed to them.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
Upon emergence, PHI's unsecured creditors will own 100% of the company's equity, subject to the issuance of warrants to current equity holders and future dilution.
Briefly, a CVA is a binding agreement between a company and its unsecured creditors. It seeks to adjust the business structure, write off some debts and repay other unsecured creditors to the extent possible over a specified period of time.
The downgrade of BoC`s long-term senior unsecured debt programme rating to `CCC`, two notches below the bank`s Long-Term Issuer Default Rating (IDR) of `B-`, reflects Fitch`s view that "recovery prospects for the bank`s senior unsecured creditors are now poor following the adoption of full depositor preference.
class="font-size--16The lawyer also noted the existence of unsecured creditors who must be paid, and that the dispute entails liquidation and administration of the company by creditors.
Other unsecured creditors include HMRC to the tune of around PS3m, employee-related amounting to PS5m and inter-company debt across the group of around PS21m.
LIQUIDATORS at PwC will distribute a further PS5.2 million to unsecured creditors related to the collapse of MG Rover Group 14 years ago.
UNSECURED creditors to collapsed car maker MG Rover are to receive a further PS5.2m from the group's liquidator PwC.
Johnson has represented secured and unsecured creditors in commercial litigation, commercial bankruptcies and receiverships; buyers of assets in bankruptcy sales; trustees; and unsecured creditors' committees.
The Court also approved the company's Restructuring Support Agreement with Mercuria, the Official Committee of Unsecured Creditors of Aegean, American Express Travel Related Services Company and certain holders of the company's unsecured convertible notes.
UNSECURED creditors of failed Birmingham motor manufacturer MG Rover Group will receive PS50.9million in new payouts.
But Sears can't be saved, the unsecured creditors group said.