An indifference curve is a graphical representation that shows different combinations of two goods providing equal utility or satisfaction to a consumer.
Preference occurs when an insolvent debtor favours a particular creditor, such as by paying one creditor in full, to the disadvantage of other creditors. If the debtor becomes bankrupt or goes into insolvent liquidation, the court can order restoration to ensure equitable treatment among all creditors.
A multifaceted concept predominately characterized by the sequence of preference in various legal and financial settings including bankruptcy proceedings, and the right to be paid before other creditors.
