Liquidation of the Assets of a Business

A person, business or governmental agency with a claim against a debtor or debtor's business. claim against a debtor or debtor's business. claim against a debtor or debtor's business.

or business entity that owes money.

A medium of exchange; coined or stamped currency.

The order in which bankruptcy claims are paid, as established by the Bankruptcy Code. Generally, claims are paid in the following order: 1) administrative expenses 2) priority claims and 3) general unsecured claims. administrative expenses 2) priority claims and 3) general unsecured claims.

(See Insolvency.) Insolvency.) Insolvency.)

A right to payment or other equitable remedy in the event of a breach of contract.

Under the Balance Sheet definition of insolvent in the U.S. Bankruptcy Code, a debtor is insolvent when the value of a debtor's assets is exceeded by the debtor's liabilities.

A right to payment or other equitable remedy in the event of a breach of contract.

Expenses incurred in the administration or general operations of a business.

Under the Balance Sheet definition of insolvent in the U.S. Bankruptcy Code, a debtor is insolvent when the value of a debtor's assets is exceeded by the debtor's liabilities.

A financial statement listing the assets, liabilities and owner's equity of a business entity as of a specific date.

Relates to the judicial means or court procedures by which legal and equitable rights are enforced.