Hudson Weir

MARCH 19, 2025

If your business is struggling to pay its debts when they fall due, its important to keep in mind what are creditors rights during insolvency proceedings? As a director of an insolvent company, your overriding duty moves from maximising profits for the owners to preventing further losses, with creditors repayments in mind.

Creditor's Rights 59

Creditor's Rights Creditors Secured Creditor Unsecured Creditor 59

Debt RR

APRIL 22, 2021

Even in a best-case scenario — as a secured creditor — you could be waiting up to six years to receive payment. You most likely learned of the situation when you received an automatic stay from the bankruptcy court, instructing you to cease any attempts to collect debts from this customer, including sending invoices or making phone calls.

Debtor 49

Debtor Unsecured Creditor Bankruptcy Creditors 49

Taurus Collect

DECEMBER 29, 2022

Under the law, creditors cannot communicate with the debtor if they have filed for bankruptcy. Instead, you can hire an experienced debt collection agency to discuss how to take the case further. . If that is the case, it becomes impossible for them to pay back all their creditors. Do the math.

Bankruptcy 52

Bankruptcy Unsecured Creditor Creditors Debtor 52

CICM

JULY 14, 2023

The main options available are: Instruct a debt collection agency that has the time, expertise and resources to recover your debt. Make sure you fully understand the charging structure before agreeing and use an agency that is registered with the Credit Services Association.

Unsecured Creditor 52

Unsecured Creditor Credit Management Collection Agencies Collections Agency 52