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: a person who is in a position of power or has access to confidential information: as
a : one (as an officer, director, employee, relative, or owner of more than 10% of the corporation's stock) who is in a position to have special knowledge of the affairs of or to influence the decisions of a company
b : an individual (as a relative or an influential party) or entity (as a corporate affiliate) having a close relationship with a debtor such that transactions are not made at arm's length and are subject to closer scrutiny than the transactions of those dealing at arm's length
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.