Glossary entry (derived from question below)
English term or phrase:
privilege over assets
English answer:
priority claim to assets
Added to glossary by
Jack Doughty
Oct 15, 2016 13:40
7 yrs ago
2 viewers *
English term
Ukraine
previlage over assets
English
Bus/Financial
Law (general)
Secured creditor is a creditor that has a privilage over assets of the company
Change log
Oct 16, 2016 14:10: Steffen Walter changed "Field" from "Other" to "Bus/Financial"
Oct 20, 2016 08:11: Jack Doughty Created KOG entry
Responses
+6
13 mins
Jack Doughty
United Kingdom
United Kingdom
Native in English
&
English
Specializes in field
United Kingdom
Translator since 1953
Native in: English
Works in: Russian to English, German to English, English
Related KudoZ points
:
239
Selected
priority claim to assets
I presume you mean "privilege", not "previlage", which as far as I can find out, does not exist.
I think it means that if a company goes bankrupt, such a secured creditor has priority in recovering a debt from whatever assets the company has. The taxation and customs authorities are usually secured credditors. creditors.
I think it means that if a company goes bankrupt, such a secured creditor has priority in recovering a debt from whatever assets the company has. The taxation and customs authorities are usually secured credditors. creditors.
Peer comment(s):
| agree |
Peter Nicholson (X)
: aka privileged creditor
1 min
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Тhank you.
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Margarida Martins Costelha
: I was too slow...
4 mins
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Тhank you.
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| agree |
writeaway
26 mins
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Тhank you.
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| agree |
Yasutomo Kanazawa
1 hr
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Тhank you.
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| agree |
acetran
19 hrs
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Тhank you.
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| agree |
Tina Vonhof (X)
1 day 2 hrs
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Thank you.
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4 KudoZ points awarded for this answer.
Comment: "Thanks for your help"
+1
21 mins
Yvonne Gallagher
Ireland
Ireland
Native in English
&
English
Specializes in field
Ireland
right word, right place. everytime
Native in: English (Variants: US, Canadian, Irish, UK) 
Works in: French to English, Spanish to English, English, and 1 more.
Related KudoZ points
:
127
English term (edited):
privilege over assets
legally enforceable claim on a borrower's assets to a value = or > than loan (upon liquidation)
note correct spelling of privilege
a secure creditor is a
http://www.businessdictionary.com/definition/secured-credito...
Lender who holds legally enforceable claim on a borrower's asset(s) of a liquidation value equal to or greater than the loan amount. Secured creditors are entitled to receive the proceeds of the foreclosure sale of the pledged asset(s) and, in case of a bankruptcy, must be satisfied before the unsecured creditor(s).
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Note added at 23 mins (2016-10-15 14:03:53 GMT)
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http://www.alllaw.com/articles/nolo/bankruptcy/secured-unsec...
a secure creditor is a
http://www.businessdictionary.com/definition/secured-credito...
Lender who holds legally enforceable claim on a borrower's asset(s) of a liquidation value equal to or greater than the loan amount. Secured creditors are entitled to receive the proceeds of the foreclosure sale of the pledged asset(s) and, in case of a bankruptcy, must be satisfied before the unsecured creditor(s).
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Note added at 23 mins (2016-10-15 14:03:53 GMT)
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http://www.alllaw.com/articles/nolo/bankruptcy/secured-unsec...
Peer comment(s):
| agree |
AllegroTrans
: yes, and one would expect this to be recorded in the company's books
1 day 7 hrs
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Many thanks:-)
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+1
17 mins
Margarida Martins Costelha
Portugal
Portugal
Native in English
&
English
Works in field
Portugal
25 YEARS OF HAPPY CLIENTS
Native in: English (Variant: UK) 
, Portuguese (Variant: European/Portugal)
Works in: Portuguese to English, English to Portuguese, French to English, and 7 more.
the first creditor entiled to the assets
Probably a typo - should be 'privilege'
A secured creditor is the first one to be paid from the company's assets in case of bankruptcy or a similar situation.
https://en.wikipedia.org/wiki/Secured_creditor
In the event of the bankruptcy of the debtor, the secured creditor can enforce security against the assets of the debtor and avoid competing for a distribution on liquidation with the unsecured creditors.
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Note added at 1 day6 hrs (2016-10-16 20:25:48 GMT)
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entitled, not 'entiled'
A secured creditor is the first one to be paid from the company's assets in case of bankruptcy or a similar situation.
https://en.wikipedia.org/wiki/Secured_creditor
In the event of the bankruptcy of the debtor, the secured creditor can enforce security against the assets of the debtor and avoid competing for a distribution on liquidation with the unsecured creditors.
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Note added at 1 day6 hrs (2016-10-16 20:25:48 GMT)
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entitled, not 'entiled'
Discussion