Trade payables in liquidation
The chairperson may also decide not to use their casting vote, in which case the deadlocked resolution is not passed. A guide for creditors Creditors - Deed of company arrangement Approving fees: The rate of interest to be applied for the post-insolvency period see paragraph Apart from fees, trade payables in liquidation liquidator is entitled to reimbursement for out-of-pocket expenses that have arisen in carrying out their administration.
It is up to the chairperson to decide if this majority has been reached. If a liquidator suspects that people involved with the company may have committed offences and the liquidator reports this to ASIC, the liquidator may also be able to apply to ASIC for funding to carry out a further investigation into the allegations. Apart from fees, the liquidator is entitled to reimbursement for out-of-pocket expenses trade payables in liquidation have arisen in carrying out their trade payables in liquidation. Others, including a director, a shareholder and ASIC, can also make a winding-up application to the court. You will receive a notice that will tell you if there is a distribution of money, but you may not hear from the OR or IP for some time.
You can ask for a full list of creditors and what they are owed. In this case you should search the Individual Insolvency Register to confirm the insolvency of each individual of the partnership. Remember to notify the OR or IP if you change address. Where such a costs order is made on hearing the petition there is an entitlement to interest on those costs [ note 16 ] [ note 17 ]. Trade payables in liquidation more on receivership, see INFO
If a liquidator suspects trade payables in liquidation people involved with the company may have committed offences and the liquidator reports this to ASIC, the liquidator may also be able to apply to ASIC for funding to carry out a further investigation into the allegations. Those creditors would still receive a payment. A guide for employees INFO If an IP is dealing with the insolvency, try to resolve your complaint with the IP directly.
The person must also make a written declaration about any relationships they or their firm may have that might affect their independence to act as liquidator. Complain about the handling of your case For general enquiries on insolvency matters contact the Insolvency Service.
The fees are paid before any money is divided between creditors. The IP that is appointed will be the one that has the support of a majority of the creditors, by trade payables in liquidation of the debts. Others, including a director, a shareholder and ASIC, can also make a winding-up application to the court. UK uses cookies to make the site simpler.