Creditors – who are they?

The book is concerned with the responsibilities owed to creditors. It is necessary to be more specific about whom we are talking. The term ‘creditors’ encompasses a broad group and there are many different kinds of creditor. This chapter seeks to examine the nature of a creditor and about whom we are talking, identifying various types of creditor and what rights they enjoy. The discussion is necessarily brief and introductory as the book’s focus is not on defining creditors, but on examining the responsibilities that directors owe to such persons. There are other chapters, primarily Chapters 19 and 20, that focus on problems confronting, and rights enjoyed by, various kinds of creditor.