"Preferential Payment Bankruptcy"
Preferential payment bankruptcy is a form of bankruptcy in which the debtor pays back creditors who have a higher priority claim on the debtor's assets. In a preferential payment bankruptcy, the debtor pays off creditors in the order of their priority, with the highest priority creditor being paid first and the lowest priority creditor being paid last.
Preferential payment bankruptcies are often used to reorganize a business so that it can continue to operate. In a reorganization, the business pays off its creditors over time, with the goal of eventually becoming profitable again. A preferential payment bankruptcy may also be used to liquidate a business, which involves selling off all of the business's assets and using the proceeds to pay off creditors.
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