Section 15-101 – Preferences in Insolvency

    (a)    (1)    For purposes of this section the following words, as used in federal bankruptcy laws, have the meanings indicated.         (2)    “The case” means the assignment for the benefit of creditors proceeding or the receivership proceeding, whichever is applicable;         (3)    “Commencement of the case” means commencement of the assignment for the benefit of creditors proceeding or receivership proceeding;         (4)    “The […]

Section 15-102 – Priorities in Insolvency

    (a)    (1)    In this section the following words have the meanings indicated.         (2)    “Person” includes an individual, corporation, business trust, statutory trust, estate, trust, partnership, limited liability company, association, two or more persons having a joint or common interest, or any other legal or commercial entity.         (3)    “Wages” means all remuneration paid to any employee for his employment, including […]