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Well explain more about the hierarchy of creditors shortly. Creditor hierarchy in a company liquidation The appointed insolvency practitioner must pay every creditor group in full before distributing funds to the next one.
Even in a best-case scenario — as a securedcreditor — you could be waiting up to six years to receive payment. Make sure you alert any collectionagencies you work with about the situation and advise them to stop making collection demands. Put a halt to any collection efforts while marking the account as bankrupt.
Under the law, creditors cannot communicate with the debtor if they have filed for bankruptcy. Instead, you can hire an experienced debt collectionagency 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.
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