The outward face of an organization as exhibited in its broucher, annual report rule, book. One of two or more debtors who are primarily liable to the same debt. It will help to demystify terms such as bear hugs, whitegrey knights, cashcows and churning strongly recommendedtesthis wideranging and authoritative dictionary contains 7,000 entries covering all areas of business and management, including marketing, organizational behaviour, business strategy, law, and taxation. You can be a customer and a supplier at the same time, just as you can be a debtor and a creditor at the same time. A debtor is a person or enterprise that owes money to another party.
Debtors in business in general terms, a debtor is a customer that has purchased a good or service and in return owes their supplier a payment. When the counterpart of this debt arrangement is a bank, the debtor is more often referred to as a borrower if x borrowed money from hisher bank, x is the debtor and the bank is the creditor. This is the day by which your debtor must return the reply form which is attached to the summons to the court. These articles are designed to inform the reader of not only the definition and the associated variations but the proper use based on the context of the conversation. May 03, 2020 debt is an amount of money borrowed by one party from another. In general terms, a debtor is a customer that has purchased a good or service and in return owes their supplier a.
The term is from jerry b harveys book the abilene paradox and other meditations on. In general terms, the business activity of accepting and. One who owes a debt or the performance of an obligation to another, who is called the creditor. A debtor is an organization or person that owes money. Debtor article about debtor by the free dictionary. A companys financial statement is used to show a companys performance over a certain period of time, generally every fiscal quarter. Consumer debtor law and legal definition uslegal, inc.
Debtor definition in the cambridge english dictionary. Mar 25, 2020 a debtor is an individual or entity that owes money to a creditor. Debt is one of the most common forms of financing businesses use to grow and maintain their operations. If the debt is in the form of a loan from a financial institution, the debtor is referred to as a borrower, and if the debt is in the form of securities such as bonds the debtor is referred to as an issuer.
Default may occur if the debtor is either unwilling or unable to pay its debt. A debtor is an individual or business that owes money to another individual or business. Thus, there is a creditor and a debtor in every lending arrangement. Small business debtor bankruptcy law and legal definition. If you are a debtor it is best to pay off what you owe quickly so you dont have an adverse reaction to your credit score. Debtee definition of debtee by the free dictionary.
A debtor is a person or entity legally required to provide a payment, service or other benefit to another person or entity the obligee. Debtor means each of congoleum, congoleum sales, inc. This can occur with all debt obligations including bonds, mortgages, loans, and promissory notes. A creditor is an entity person or institution that extends credit by giving another entity permission to borrow money intended to be repaid in the future. Debt definition, something that is owed or that one is bound to pay to or perform for another. Similarly, you are in debt to your suppliers if they have provided you with goods which you are yet to pay for in full. If the debt is in the form of a loan from a financial institution, the debtor is referred to as a borrower, and if the debt is in the. The completed claim must be filed in the debtor s case pending in the bankruptcy court, debts based on sensitive information, such as confidential settlement agreements, can be filed under seal or through other procedures depending on that particular court, in these instances, supporting affidavits can be used and are recommendable.
The term debtor refers to an individual or institution that owes money, also known as having debt. The entity may be an individual, a firm, a government, a company or other legal person. The term small business debtora subject to subparagraph b, means a person engaged in commercial or business activities including any affiliate of such person that is also a debtor under this title and excluding a person whose primary activity is the business of owning or operating real property or activities incidental thereto that has aggregate noncontingent liquidated secured and. Various regulations as to the relation between debtor and creditor are laid down in the scriptures. Debtors legal definition of debtors legal dictionary. Debtors are often also called borrowers or obligors in contracts. A debtor is any individual or institution that owes money to another individual or institution. Basically, the debtorcreditor relationship is similar to the customersupplier relationship. Dictionary of business and management oxford reference. Debtor definition of debtor by the free dictionary.
In bankruptcy law, it means a debtor who has debts under a prescribed amount. A creditor is an entity or person that lends money or extends credit to another party. Feb 24, 2020 debtor plural debtors economics a person or firm that owes money. Debtor a person, company, or other organization that owes money to another individual, company, or organization. Learn the correct way of expressing yourself related to business. Debtor in civil law, a party to an obligation, that is, a party obliged to perform a certain act or to refrain from performing an act. Against whom court has issued an order to pay a debt. Generally speaking, a debtor acquires debt for a specific purpose, such as to fund a college education or to purchase a house. You can easily search, bookmark, highlight, and underline the text material. Everything you need to know about creditors and debtors. Debitor definition and meaning collins english dictionary. Debtors owe money to creditors, and therefore it it similar to the customersupplier relationship. Default occurs when the debtor has not met its legal obligations according to the debt contract, e.
Dictionary term of the day articles subjects businessdictionary. Debtor and creditor financial definition of debtor and. Debtor and creditor financial definition of debtor and creditor. In bilateral contractual obligations, one and the same person can be both a. Debtor legal definition of debtor legal dictionary.
A debtor is an individual or entity that owes money to a creditor. If someone took a loan from a financial institution, the debtor is normally referred to as a borrower. Debtor definition and meaning collins english dictionary. Glossary of important business, economic, and financial history terms. A consumer debtor means a debtor whose debts are basically consumer debts. A debtor is an person, company or organization who owes money. A debtor is an entity or person that owes money to another party. Book debt definition of book debt by the free dictionary. Debtor means the person who owes payment or other performance of the obligation secured, whether or not he owns or has rights in the collateral, and includes the seller of accounts or chattel paper. A debtor is a company or individual who owes money. Definition of debtor accounting terms invoiceberry. Debt is used by many corporations and individuals as a method of making large purchases that they could not afford under normal. Where the debtor and the owner of the collateral are not the same person, the term debtor means the owner of the collateral in any provision of the article dealing with the collateral, the obligor. Terms english the amount of debt that to arabic cancelled debt dette.
Customers who do not pay for products or services up front, for example, are debtors to your business, which serves as the creditor in this scenario. In very general terms, a debtor is anyone who owes money to a creditor. A debtor also, debitor is an entity that owes a debt to another entity. Debtor definition, a person who is in debt or under financial obligation to another opposed to creditor. A debtor can be an entity, a company or a person of a legal nature that owes money to someone else. Jun 26, 2019 a debtor is a company or individual who owes money. What is the distinction between debtor and creditor. Such a business may continue to operate its business under chapter 11 bankruptcy protection. Glossary of terminology and definitions for business and management.
Middle english dettour, from old french dettor, from latin debitor, from debitus, past participle of debere, to owe. Use of debt in an organizations financial structure creates financial leverage that can multiply yield on investment provided returns. An introduction 4 overview access to text all of this material in this text is available in desktop and mobile browser or pdf format at. Business law an introduction the business professor. When a business offers a customer credit for the purchase of a good or service, then that customer becomes a debtor of that business. In business and government, debt is often issued in the form of bonds, which are. A mill, or millstone, or upper garment, when given as a pledge, could not be kept over night exodus 22. Even a very wealthy person or company is a debtor in some respects, since there are always unpaid invoices payable to suppliers. This pdf document allows you to expand the table of contents on the lefthand side of the page.
Only persons able to exercise civil rights and obligations, that legal personssuch as corporations can act in the capacity of debtors. This indicates that on a fundamental level, almost all companies and entities will be debtors at one time or another, since everyone makes purchases as a customer in some way or another. The debtor was to deliver up as a pledge to the creditor what he could most easily dispense with deuteronomy 24. Debtor meaning in the cambridge english dictionary. Businessdictionary is a free easytouse free business glossary with over 30,000 definitions that span across critical businessrelated topics including. Middle english dettour, from old french dettor, from. Therefore, if you send out an invoice to your customer, after having delivered the goods or services, that customer is now a debtor and you are the creditor. Debtor definition is one guilty of neglect or violation of duty.
Debtors are usually people, organizations or companies that have borrowed money in some form. When the counterpart of this debt arrangement is a bank, the debtor is more often referred to as a borrower. For example, a debtor is somebody who has taken out a loan at a bank for a new car. A debtor is an entity that owes a debt to another entity. Book debt meaning in the cambridge english dictionary. A debtor is a term used in accounting to describe the opposite of a creditor an individual that owes money, or who is in debt to an organisation or person. There are numerous sources for definitions related to business terminology. The relationship between a debtor and a creditor is crucial to the extension of credit between parties and the related transfer of assets and settlement of liabilities. Companies that issue bonds are perhaps the most wellknown debtors. A term mostly of bankruptcy law as a bankruptcy filing comes with an automatic stay which may impact upon the liability of the nonbankrupt codebtor, especially if it is for consumer debt.
Glossary of business terms adjective adj headwords for adjectives followed by information in square brackets only before a noun and not before a noun show any restrictions on where they can be used. The definition of a creditor is a person to whom money is owed or someone who provides credit. An individual or company that owes debt to another individual or company the creditor, as a result of borrowing or issuing bonds. Companies can issue debt to the public in the form of bonds or they can acquire debt from a bank or loan institution. Understand what is being asked when in dialogue related to business. Book debt synonyms, book debt pronunciation, book debt translation, english dictionary definition of book debt. The concept can apply to individual transactions, so that someone could be a debtor in regard to a specific supplier invoice, while being a creditor in relation to its own billings to customers. In bankruptcy law, a person who files a voluntary petition or person against whom an involuntary petition is filed. The glossary contains also concise definitions in english to give our readers an insight. Dictionary ofbusiness fourth edition specialist dictionaries. The party to whom the money is owed might be a supplier, bank, or other lender who is referred to as the creditor. A debtor is a country, organization, or person who owes money.
If a bank lent you money, the bank is the creditor and you are the debtor. Generally speaking, a debtor owes money because they have been issued a loan or line of credit. A person, company, or other organization that owes money to another individual, company, or organization. Any concession that creditors grant to one debtor would set a precedent for all the others. This az reference work is essential for business students, teachers and. An amount entered in a companys accounts which has been paid by a debtor. A creditor is a person, bank, or other enterprise that has lent money or extended credit to another party.
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