A creditor who has been given priority under the Bankruptcy and Insolvency Act over other creditors in the distribution of dividends.
A person or company whose claim against another person or company ranks ahead of other creditors. Tax liens, mechanics' liens, and those with a perfected security interest are examples.
A creditor who is paid in priority to ordinary unsecured creditors as prescribed by the Bankruptcy and Insolvency Act, e.g. employee or landlord.