basic doctrine of fairness under bankruptcy provisions states that claims must be recognized in the order of their legal and contractual priority.

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The basic doctrine of fairness under bankruptcy provisions is known as the "absolute priority rule" which mandates that claims must be recognized in the order of their legal and contractual priority. This means that secured creditors are paid first, followed by unsecured creditors, and then equity holders.

Basic Doctrine of Fairness Under Bankruptcy Provisions States That Claims