| gen. |
first-priority creditor (ABelonogov); first-level creditor (Article 64 of the Civil Code, as in force prior to 20 February 1996, made a distinction between five categories of creditors, providing that payment could be made to a given class only when the creditors at the previous level had been satisfied. The distribution of assets to the creditors may begin in accordance with the interim statement once it has been approved, except in respect of fifth-level creditors who will be unable to receive any money owed to them for one month following that approval. ... Paragraph 1 provides that any expenses arising from the liquidation, the liquidator's fees and the expenses of the debtor company's ongoing operations must take priority over the claims of first-level creditors. Kotov v. Russia. ECHR Judgment Alexander Demidov); first-class creditor (By distributing the assets to the "privileged" creditors before all of the other first-class creditors, the liquidator had acted unlawfully, and, as a result, the applicant did not receive what he would otherwise have received. Kotov v. Russia Alexander Demidov) |
