Ranking of creditors – per the meaning of the Litigation Procedures Codes, this is the line of reimbursing the creditors. Usually, they will receive the money at the base of an order of registered burdens on the assets of the debtor. Some may have secured the debt owed to them. Alternatively, other may have not. So the one, who burdened first the assets of the debtor, will get the money first before the others. This is because the debtor’s assets may not be sufficient enough to satisfy all claims.
The term finds application in Scotland. The assets of the debtor will be distributed in accordance with the privileged status of registered claims.