UK debt collections

OCTOBER 2, 2024

The administrators noted that, as they were appointed by a secured creditor, there was little information to be provided regarding wider events leading up to the law firm’s closure. They attended the company’s trading premises and found the site completely cleared of all office equipment and furniture.

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. In essence, the company in liquidation’s employee rights mean that staff aren’t expected to write off outstanding amounts but become preferential creditors. For directors and managers, one of the primary concerns is their staff.

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. Penalties for wrongful trading can include director disqualification for up to 15 years and liability for company debts. 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

Once a firm enters administration, it must pay every creditor group entirely, save for ‘prescribed part’ secured creditors, before funds are distributed to the subsequent creditor. Secured creditors include leasing companies and banks.

Unsecured Creditor 52

Unsecured Creditor Secured Creditor Creditors Construction 52

PBWT

MARCH 2, 2021

Protecting Trade. Bankruptcy judges are often and understandably the most protective of “the little guy” – the trade creditor who might not focus on or understand the significance of a notice from a faraway Bankruptcy Court. Due Process.

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