Legal Definitions - known creditor

A known creditor is a person or entity that is owed a debt by another person or entity. The identity or claim of the creditor is either known or can be reasonably ascertained by the debtor.

For example, if a person owes money to a bank, the bank is a known creditor. If a company owes money to a supplier, the supplier is a known creditor.

Known creditors are entitled to notice of the debtor's bankruptcy or corporate dissolution, as well as notice of any deadline for filing proofs of claim.