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English definition of “general creditor”

general creditor

noun [C]
 
 
(also unsecured creditor) US FINANCE
a person or organization that lends money, but does not have an agreement that allows them to take property or assets of the borrower if the loan is not paid back: As a general creditor, you have to stand in line after creditors such as the Internal Revenue Service and the banks. Under the bid, unsecured creditors will receive 35% of the stock of the new corporation. → Compare secured creditor
(Definition of general creditor from the Cambridge Business English Dictionary © Cambridge University Press)
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