Priority of claims in liquidation
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Priority of claims in liquidation is a sequence established in Chapter 7 of the Bankruptcy Act. It specifies the order in which the debtor's assets are distributed among the creditors.
Definitions
According to Financial Management Theory and Practice by Eugene F. Brigham and Michael C. Ehrhardt (13th edition),
- Priority of claims in liquidation. Established in Chapter 7 of the Bankruptcy Act. It specifies the order in which the debtor's assets are distributed among the creditors.
Related concepts
- Financial management. A combination of enterprise efforts undertaken in order to procure and utilize monetary resources of the enterprise.
