chapter  2
LIQUIDATORS—POWERS, DUTIES AND FUNCTIONS
Creditors
WithBarry Cahir
Pages 18

An example of a preferential creditor would be rates due on a property to a corporation or county council for the 12 months prior to the liquidation.

2.1.3 Unsecured creditors All claims that may be admitted, which are not secured or preferred, rank as unsecured claims. The main bulk of creditors in a liquidation situation usually consists of unsecured creditors. However, a receiver rarely has to deal with unsecured creditors, because his responsibility under the debenture deed is only to deal with the assets held by a fixed or floating charge. Accordingly, once he has realised these assets and paid the debentureholder, he has no further responsibility.