18 : Preference
:
Where a person or company pays
one or more creditors in priority to other creditors
when the person knew (or should have known)
that they were insolvent therefore placing the
creditor(s) in a better position than other
creditors. The office holder (ie Liquidator,
Administrator etc) can apply to Court to have
the transaction reversed.
Click on the word or phrase to
find a straightforward explanation rather than
the exact legal definition.
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