Liquidation rules?
Hi all, could anyone tell me the rules on a company going into liquidation? basically i have a debt with a company and i have an outstanding amount of around £300 left to pay,they are going into liquidation so the company has now passed the debt to a dept recover agency and they are saying that i have until Jan 08 to pay up. Ive been told by a friend that unless the dept recovery place has bought the debt i may be able to get away with not paying it and the reason theyve told me i have untill Jan is because they are trying to clear the companies debts before that time..after that they will not be able to retreave them, is this true? Thanks in advance :)
Answers:
You'll have to pay up. When I did liquidations, I had to fill in small court forms for any amount, no matter how little and then a warrant of execution (take goods away from you to sell). The Liquidator must claim all debts owed, pay the preferential creditors (Taxman, his fee etc..) then the rest of the creditors.
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