The relationship between the debtor and creditor is a relationship in which one person can be compelled to furnish services, goods, and money. If the debtor within the time limit fails for the repayment within the deadline or within the time limit that is commercially feasible, then the creditor can appoint an attorney for the formal collection process. The collection process of debts is also embedded with a certain amount of exceptions, which provide that certain property of the debtor will not be attached and sold to collect the debt of the creditor. The exceptions can be sums of money and also parcels of land.
The world economy heavily depends on numerous debtor-creditor relationships. At every stage and level, goods and services are exchanged and provided based on the promise of payment. Most of the debtor-creditor relationships arise from voluntary transactions, and it is one of the most important ways that transactions in the commercial world function. A debt can also be created involuntarily with the aid of operation or judicial proceedings. The creditors, in some aspects, have an interest in the property, and the concept is called liens on the property. The creditors who have the lien on the property are known as the secured creditors. The secured creditors can seize the property of the debtors.
Types and Rights of Creditors
Creditors play a substantially important role in international trade for the process of supply of labor and products. In international trade, the business is forwarded by the method of credit. With the provision of credit, it is stated the debtor-creditor relationship is bound to arise. A creditor is a natural or legal person who claims another person or entity’s services, and on whom a certain amount of the money is owed. As against the creditor, there is an entity named the debtor, who owes money to the creditor. The different types of the creditor are:
Trade Creditor: A business or international trade creditor owes another person money for certain goods and services. A trade creditor is a person who has supplied the goods but has not been paid for them.
Secured Creditor: A secured creditor is someone who has advanced the goods to the person and has not received the money for it. The creditor also has some lien on the debtor’s property, which secures his position.
Unsecured Creditor: An unsecured creditor is someone who does not have any legal right or benefit over the debtor’s property. In such a case, the creditor does not have any direct claim over the debtor’s property.
Preferred Creditor: A preferential creditor is also known as the preferred creditor. The preferred creditor is that entity, who will receive priority in paying the goods and services from the debtor.
Certain rights and procedural safeguards are guaranteed to the creditors, and the law on the protection of the creditors varies from one country to another country. Many jurisdictions have certain different options that the creditors exercise to safeguard the interests of the creditors. In the event of the liquidation of the business, the secured and the unsecured creditor will have different rights. The secured creditor will prioritize the priority as they have the rights over the debtor’s property. They are ranked first in the hierarchy of repayment of the load of the loans on the part of the creditor. The unsecured creditor will have the right to attend the meetings of the creditor when the company is being liquidated.
A debtor in the debtor-creditor relationship is that person who owes a payment to the creditor. The creditor may have a certain amount of the rights over the debtor’s property, making him the secured creditor, but the debtor has certain rights also. The rights that are of the debtors are as follows:
The right to be treated fairly: Even though the debtor owes money to the creditor, he does not have the right to get treated disrespectfully. The debtor has the right not to get harassed by the creditors either.
The right to not get discriminated against: The debtor cannot get discriminated against, especially if the person is a secured creditor.
The right to privacy: The right to privacy can be stated to be one of the most important rights of the debtor, that the debtor will have the right to protect his privacy and maintain his property.
The right to question the debt: The debtor has the power to question the debt in matters where it is liable to the creditor.
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