Question

Preferential liabilities are

Answer 1

Preferential liabilities are creditors who are owed money. Company creditors take many forms including suppliers, contractors, customers, employees, landlords, and finance companies.

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Answer 2

Introduction

A responsibility would be anything owed or required to be paid to someone else.

A legal or regulatory risk or duty can also be referred to as liability. Liabilities are recorded first in accounting, followed by assets.

Explanation:

Money-owing creditors are referred to as preferred liabilities. Suppliers, contractors, customers, employees, landlords, and financial institutions are all examples of company creditors.