Multiple creditors sue the same person to be executed, and only one person applies for preservation. How to distribute the assets?
Multiple creditors who have confirmed the content of monetary payment in multiple effective legal documents apply for execution to the same person to be executed. If all creditors have no security interest in the subject matter of execution, they shall be compensated according to the order in which the enforcement court takes enforcement measures. Where multiple creditors have different types of claims, claims based on ownership and security interests shall have priority over monetary claims. If there are multiple security interests, the payments shall be made in the order of the establishment of each security interest. Multiple creditors who determine the content of monetary payment in one effective legal document apply for execution to the same person subjected to execution. If the property to be executed is not enough to pay off all debts, and each creditor has no security interest in the subject matter of execution, it shall be compensated according to the proportion of creditor's rights. Do you understand this explanation?
