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6 strategies for creditors to get money out of a liquidator

Too often are Creditors seeing distressed businesses go bust and ending up in liquidation with nothing going back to Creditors and everything going to the Liquidator. Under new insolvency laws, Creditors have been given more rights than ever before to influence the outcome of a Liquidation. Creditor now have the power to: Request the Liquidator provide information, provide a report or produce a document…

Defending unfair preference payment claims from liquidators

Not many people know that they could also be on the hook if one of their customers goes into liquidation.  Liquidators have broad powers to recover payments made by companies under liquidation to their suppliers.  The most common way liquidators may seek to recover money from a supplier is by claiming the payment is an “unfair preference payment”. What is an unfair preference payment? When a company…

Are directors personally liable for the debts of an insolvent company?

A company is a separate legal entity and has its own properties, duties and rights.  The company can own and sell property and other assets, sue and be sued and enter into contracts in its corporate name.  This means that the company’s debts are its own, however there are several instances where a director may become personally liable for the debts of the company….