insiders

A legal term used in bankruptcy to describe parties that have a special relationship to the bankrupt debtor. Creditors who are officers, directors, or stockholders are obvious examples of insiders. In some cases, the bank may be deemed to be an insider. The main consequence of being deemed an insider is that insiders are subject to a one-year preference period while other creditors are only subject to a 90-day preference period.
See preference. American Banker Glossary
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These are directors and senior officers of a corporation-in effect, those who have access to inside information about a company. An insider also is someone who owns more than 10% of the voting shares of a company. Bloomberg Financial Dictionary

Financial and business terms. 2012.

Look at other dictionaries:

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