Owed money and company gone into receivership?

ageandjo

What happens now?
Owed money by a company that has gone into receivership??

motorguy

ageandjo wrote:

What happens now?
Owed money by a company that has gone into receivership??

a receiver will be appointed and the companys net worth calculated - from any remaining funds, value of assets when they've been sold off etc, debts collected from people who owed them money etc. As you can probably imagine, thats not going to amount to a hill of beans, given the company went under in the first place.

Then the TaxMan and the VatMan get what they are owed, then the banks, then major creditors, then if there is any left that is usually divided up among the remaining creditors like yourself.

cash99

Do they owe you money for goods or services. If it is goods, do you have a retention to title clause. If you do, can you specifically identify the goods that have not been paid for. If yes get round there asap and assert your retention of title, you may get your goods back.

dro

pgilc1 wrote:

a receiver will be appointed and the companys net worth calculated - from any remaining funds, value of assets when they've been sold off etc, debts collected from people who owed them money etc. As you can probably imagine, thats not going to amount to a hill of beans, given the company went under in the first place.

Then the TaxMan and the VatMan get what they are owed, then the banks, then major creditors, then if there is any left that is usually divided up among the remaining creditors like yourself.

The tax and VAT men are no longer preferential creditors, they just get a share of the pot like the other creditors. The administrator/liquidator will get their fees first, then the bank will get what they are owed (if they have a fixed and floating charge over the company's assets), then the staff will get what they are owed (they will be paid by the insolvency service from the NI fund who will then reclaim the money from the company's assets), then, bottom of the pile, comes normal creditors like the OP, who will get a small percentage of what they are owed if they are lucky.

beer2006

Depends what the company was like.

I had one go bust on me a couple of years ago, owing me over 2k, according to the receivers sorting it out, there should have been over 250k in their assets and stuff to come in and other bits to share out, which would have meant about 40p in the pound.
What they actually got was less than 2k.......... if I remember rightly, not even enough to pay the recievers, who then took out legal proceedings against the directors I think.
Needless to say I got nothing.

Some little fat doggy had his fingers in the pie me thinks.