In case a company files for bankruptcy, is account payable considered to be a secure/unsecured/subordinated debt; or what claim do account payable companies have on the underlying assets of a company that owes them money.
Thanks
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general unsecured creditors. get in line with everyone else without a secured interest.
GUCs is correct
thanks guys
not always GUC. 503(b)(9) and critical vendor claims can offer alternative treatment under a plan.
heebbanker is right. Critical vendors can be paid in full when other unsecured creditors get nothing. It all depends on the case. You can find that information from the bankruptcy disclosure statement.
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