The creditors are the persons who supply material to the company on credit. The credit period is benefit for the company which helps the company in increasing the working capital of the company. The company generates profit by such working capital adjustment through rotation of money which is saved by the locking of funds not paid to the creditors. ( Mclaney & Atrill, 2012,1 )
The creditor of the company could claim for the payment due to them. The creditor has the right to make the claim for payment during the liquidation of the company. The claim shall not be maintainable if the debt has become time barred. For the convenience of creditor the liquidator appointed could be made with the consent of or may be nominated by the creditors. The creditor has the right to inspect at his discretionary power. The creditor had the power to claim for their unpaid payments.
In the case study Mr. Peter is the only secured creditor ands as par the provisions he is having a preferential claim in lieu of his debts, and in normal course a secured creditor can claim for recovery of his funds in state of liquidation. But, in the given scenario where Mr. Peter has already received some amount in lieu of his debt before liquidation, is not liable to be paid as he has been paid some amount before the liquidation also.
The worker’s compensation is to ensure the worker who could get injured while working. The job is not to cover medical bill which is faced during job work and does not provide any monetary award for such injury. So the workers are paid the workers compensation. (Arnold, 2012. 2)
One can only claim for the worker compensation if he gets injured and as soon as he is injured or get ill due to the work. The delay in filing for compensation could be a disadvantage for the worker and it may cause a difference in amount to be paid and actual payment as insurance. The worker has to give notice to his employer for the injury. The notice should formal containing the date of claim, date of injury, place, work performed, and also how did the injury occurred while work. Even if the worker could provide the list of eye witnessed it is easy to make further proceeding and investigations so as to immediately complete the formalities for claim.