3fae9351_pport___The_Pensions_Regulator__Term
[Definition] A rule that stipulates the order of payment - creditors before shareholders - in the event of liquidation. The priority rule is used in bankruptcies to decide what portion of payment will be received by which participants. The order of priority is usually creditors with fixed charges preferential creditors creditors with floating charges unsecured creditors (usually including the pension creditor; subordinated creditors equity Debts to creditors will be paid first in the order of priority and shareholders (partial owners) divide what remains [Term] 
Insolvency priority
Monitoring employer support | The Pensions Regulator
Term