Pico Has Put His Fashion Clothing Company into Bankruptcy Due

Pico has put his fashion clothing company into bankruptcy due to poor business conditions at the mall where the company's sole outlet is located.The company has secured,preferred,and general unsecured creditors.Only secured creditors will be permitted to immediately realize on their claims against the company.Other creditors will have to wait until the company's assets are liquidated for their share of the distribution.At that time,there may be nothing left,but this is a risk that they took when they extend credit to Pico's company.