1. Purpose of this Act. Labour Relations Act (No. 66 of 1995). as amended by the. Amendment-Afrikaans Labour Relations Act 1998, Amendment-Labour Relations Act 1996, Amendment-Labour Relations Act 1998, Amendment-Labour Relations Act 2000, and Amendment-Labour Relations Act 2002.abour Relations Act (No. 66 of 1995). as amended by the. Amendment-Afrikaans Labour Relations Act 1998, Amendment-Labour Relations Act 1996, Amendment-Labour Relations Act 1998, Amendment-Labour Relations Act 2000, and Amendment-Labour Relations Act 2002.
An unsecured debt is an obligation or debt that does not have specific property (like your house or car) serving as collateral for payment of the debt. If you fail to make payment on an unsecured debt, the creditor cannot take any of your property without first suing you and getting a court judgment. (There are a few exceptions to this rule.). A secured debt, on the other hand, has a piece of property serving as collateral for the debt.
The first party is the creditor, which is the lender of property, service or money. Creditors can be broadly divided into two categories: secured and unsecured. A secured creditor has a security or charge, which is some or all of the companyâs assets, to secure the debt owed to him. This could for example be a mortgage, where the property represents the security. An unsecured creditor does not have a charge over the companyâs assets. The term creditor is frequently used in the financial world, especially in reference to short-term loans, long-term bonds, and mortgage loans.