order of payment

The reformed law groups creditors into classes, whereby creditors holding rank in the order of payment of claims must belong to the same class.

Advertisement Advertisement Mr. Tavakoli and Mr. Donnelly argued that the clawback violated Puerto Rico’s law for the order of payment priorities, its constitution and several provisions of the United States Constitution.

The bankruptcy of Dynegy Holdings has turned the usual order of payment for creditors upside down, as the power company tries to protect shareholders like billionaire financier Carl Icahn at the expense of bondholders.

In liquidating the company, an important provision is the order of payment for its creditors and owners.

By that bill thirty-six offices tenable by members of Parliament were suppressed, and an order of payment was framed by which the growth of any fresh debt was rendered impracticable.