Third Union Bank has been bumped down the creditors' queue.
(what does "bumped down" mean?...i'm a foreigner..
,,English to English translation please..)
2006-12-26 22:59:25 · 3 answers · asked by Anonymous in Society & Culture ➔ Languages
Moved lower down in the waiting list. In this case, if you have a list of creditors, those at the top of the list will get priority when payments are made, those at the bottom will have to wait and perhaps get nothing if the company goes into liquidation. So, TUB has been moved down the list of creditors to a less favorable position. Hope this helps.
2006-12-26 23:04:21 · answer #1 · answered by JJ 7 · 0⤊ 0⤋
In bankruptcy proceedings, there is an order of creditors to establish priority of claim. In this context, the Union Bank has a lower priority than before in the order of creditors. This is bad news for the Bank, as others will be taking their share before it gets to its turn.
2006-12-27 07:02:24 · answer #2 · answered by Doethineb 7 · 0⤊ 0⤋
Bumped down means lowered or has changed.
2006-12-27 07:04:08 · answer #3 · answered by Michelle_204 2 · 0⤊ 0⤋