A creditor It is a legal person or a fiscal person that is authorized to make some collection. The easiest way to understand it is with the example of a company that goes bankrupt, its creditors have the power to demand compliance with their obligations.
Creditors have certain characteristics and classifications, which are important to know within the world of finance and economics, stay with us and find out everything about it.
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In this article you will find:
What is a creditor?
A creditor It can be a person or a company that receives money for a debt acquired by the concession of goods and services. That is, it is the legal or real person that must assume responsibility.
There are some occasions when a company cannot cope with its debts and stops having liquidity
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How are creditors classified?
The creditors They can be personal or real, personal ones occur in cases in which the payment obligations are with family members or with other people, such as friends.
At this point it is important to note that if there is no document involved, the debt still exists, although no medical doctor can be taken at the judicial level against the defaulter. This is the basic difference with real creditors since this type of creditor is through a contract between the debtor and the creditor in which it is reflected, each of the terms of said contract, as well as the creditor's right to any claim when necessary.
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Examples of creditors
In daily life we face creditors at all times, such as when the bank lends us money through a contract, which On many occasions, he asks for some type of guarantee in case of not being able to pay, such as a house, which is known as mortgage.
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At work we are creditors, since the company or institution for which we work has a duty to pay us a salary according to the laws and characteristics of the contract that we signed when we started work.
As you can see in the daily unfolding of life, sometimes we ourselves are creditors, but so that you know that other types of creditors exist we can name the following:
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Simple creditors
They are also known as ordinary creditorsIt is the first type of creditor and yet it is the last since it collects the debt after the creditors known as privileged, this in case there is one.
According to a Greek term, they are also known as unsecured, that is, they are subject only to a simple writing and in said document does not appear any authority figure that endorses it as a notary.
Privileged creditors
These types of creditors are authorized by law to be paid first than other creditors. This generally occurs with expenses related to taxes and justice, in the same way those creditors who are backed by a contract also have an advantage over those creditors simple.
What is the difference between creditor and supplier?
The main difference is that the supplier's task is to supply or provide products to the company for its activity daily and thus be able to produce and then sell these goods or be able to provide themselves with the service that offer.
Creditors also provide a supply to the company, but in this case with other types of resources, here the electricity companies could be named, Without which it could not be produced, legal or tax advice and even those companies that provide security services to the facilities of the business.
Creditor rights
The creditor has the right to retain anything until the debt has been canceled, that is, until it is pay what is owed and in the event that the person acquires another debt, they may retain or extend the time of the retention. The creditor must take care of what has been delivered and that is in retention until it is paid and in case of not receiving the payment, he may with a notary take possession of said thing or pledge.
What is the bankruptcy?
It is a judicial process, which is regulated by a branch of commercial law known as bankruptcy law and that, when the debtor is also known as bankrupt is declared bankrupt, a procedure is carried out under the supervision of a judge to determine if it can attend to part of the debt with the patrimony that has.
It is worth noting that there may be agreements or deadlines that can reduce payments in order to find a solution satisfactory for all, once this is done, the debtor's assets can be distributed among the creditors.
Is the bank a creditor?
Certainly the banking can be a creditor, the moment you receive a loan and have agreed to pay fees and interest within a period of time. It may be a loan for your business or for a home, for which many times the house or real estate acquired can be seized in case of non-payment.
Creditors are an important figure in accounting, when making any contract, you must be aware of the payment conditions to avoid some inconvenience with the creditors, this is important to start an undertaking or company, that is to say that each of the parties agrees on the contract.
In the case in which the creditors are family and friends, it is necessary to take into account that, if there is no document, it is difficult establish a type of obligation and this is seen often, which can cause some problems in family relationships or friendships.
