UK debt collections

OCTOBER 2, 2024

The administrators of a collapsed Liverpool law firm have admitted they do not know if creditors will receive a return, amid ongoing uncertainty over exactly how the business came to grief. Meanwhile, the amount owed to creditors within a year jumped from £5.8m Headcount grew from 24 in 2022 to 69 a year later.

Law Firms 82

Law Firms Creditors Secured Creditor Trade 82

Hudson Weir

JULY 15, 2021

Sometimes, it is the only viable solution when trading difficulties make it impossible to continue. All the assets are sold (hence the term liquidated), and the cash used to pay back creditors, including HMRC and Companies House. However, for this article, we’ll focus on a Creditor’s Voluntary Liquidation (CVL).

Creditors 95

Creditors Secured Creditor Trade Banks 95

PBWT

MAY 22, 2022

Exchange platforms also function similar to traditional securities brokers that facilitate the trading of investment products that are not typically held in the beneficial owner’s name. In contrast, assets held in non-custodial wallets remain under the customer’s control with a private key.

Bankruptcy 109

Bankruptcy Debtor Unsecured Creditor Creditors 109

Hudson Weir

SEPTEMBER 24, 2024

Director loans It’s common for directors to put their own money into a business when setting it up to help the company start trading. During insolvency, directors’ duties change from targeting profits for the company to minimising losses for creditors. They can look back at the past two years prior to insolvency too.

Unsecured Creditor 59

Unsecured Creditor Secured Creditor Creditors Trade 59

Hudson Weir

FEBRUARY 28, 2023

Those the business owes money to are known as creditors. In this blog, let’s look at which creditors are paid first if the organisation ultimately becomes insolvent and its assets are sold to repay the balance due (a winding-up or liquidation). Secured creditors include leasing companies and banks.

Unsecured Creditor 52

Unsecured Creditor Secured Creditor Creditors Construction 52

PBWT

MARCH 2, 2021

” [1] Critically, the plan leaves all unsecured creditors unimpaired. We posit a few of those here: Broad Creditor Support. It’s not terribly insightful, but no less essential, to observe that no pre-packaged bankruptcy case can hope to win confirmation quickly, let alone in a single day, without broad creditor support.

Bankruptcy 65

Bankruptcy Debtor Creditors Trade 65

Hudson Weir

OCTOBER 24, 2023

If your company needs to restructure debt but directors want to continue trading, you may be considering a scheme of arrangement. And it differs from other solutions to address debt such as a creditors’ voluntary liquidation (CVL) or a company administration process. A scheme of arrangement is binding even for secured creditors.

Unsecured Creditor 59

Unsecured Creditor Creditors Secured Creditor Trade 59