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Old 15th August 2010 | 17:11
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v6g
 
Joined: Nov 2003
Posts: 252
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From: Canada
That puts you as an unsecured creditor - or in other words: you'll get nothing.

In some companies in other industries it's not unheadrd of for unsecured creditors (ie: workers) owed money to seize company assets as collateral if the company goes bankrupt. Could you consider doing this in the event of bankruptcy?

That's why when airlines go bankrupt, it's usually initiated by an airport somewhere impounding aircraft due to unpaid fuel bills. The airport operators are also unsecured creditors just doing what they have to do to get their money.

Of course, it would be difficult to determine exactly when to seize your collateral.
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