Contact David Kirk by clicking on his name to email him a question or call 01392 474303

01392 474303

The quick answer

Creditors have various rights. One is to be kept informed so they should receive reports on the progress of the liquidation or bankruptcy. This should be at least annually.

The second is to be paid back some or all of the money they are owed if sufficient assets are realised in the insolvent estate. To be make a claim in an insolvency you will need to complete a proof of debt form.

The third is to be able to challenge fees and expenses of the insolvency. This also includes the right that if enough creditors want a meeting to be held to be able to call a meeting. At this meeting the Liquidator or Trustee in Bankruptcy should answer reasonable questions.

In more detail

As a creditor your number one objective should be to get your money back.

If you are unhappy with the way the insolvency is being administered you can (if you and your associates hold 25% of the claims by value) request a meeting to remove a liquidator.

You also have the right to challenge any fees and this should be stated in any reports from the Liquidator or Trustee on how to do this. It also worth reading Statement of Insolvency Practice 9 (also know as SIP 9) titled “Payments to Insolvency Office Holders and their Associates” as this set out more information. You can find a copy of SIP 9 on the www.ICAEW.com webiste.

 

 

More questions in this section

We have just worked with Kirks to complete the closure of our company. Everything went smoothly and professionally. I would recommend this firm and the staff who were very very helpful and quickly finalised everything. Thank you Kirks.
Carol Hill

Request a callback

Simply fill out the short form below and I will get back to you.

David Kirk - Kirks Insolvency Call Back

David Kirk

Licensed Insolvency Practitioner