creditor of the firm

For larger amounts, you may have to get in line with other creditors of the firm.

"Well, under certain circumstances you may be required to meet with and entertain customers or creditors of the firm."

On that morning Harold Denver was to meet the creditors of the firm, and to explain the situation to them.

The objection, which he filed as a creditor of the firm, was aimed at Drexel's settlement of securities litigation claims.

The duration of a partner's liability is the subject of s17 of the Partnership Act:(1) A person who is admitted as a partner into an existing firm does not thereby become liable to the creditors of the firm for anything done before he became a partner.

As to what steps may be effective to prevent a holding out, there may be some discrepancy between what will suffice for the Law Society to exempt a salaried partner from compliance with the professional rules already referred to and what the Court might regard as appropriate in proceedings brought by a creditor of the firm.

He continued that: "Governments provide support to too-big-to-fail firms in a crisis not out of favoritism or particular concern for the management, owners, or creditors of the firm, but because they recognize that the consequences for the broader economy of allowing a disorderly failure greatly outweigh the costs of avoiding the failure in some way.