Originally posted by Cliphead
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So just had a call...
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And what exactly is wrong with an "ad hominem" argument? Dodgy Agent, 16-5-2014 -
Originally posted by NotAllThere View PostSecured creditors (like banks holding a mortgage) get paid first. Preferential creditors, like employees, get paid after that. Unsecured creditors get paid last.
Somewhere in the mix are the fees paid to the receiver and HMG. They're definitely before employees, but not sure about secured creditors.
However as an employee I was allowed to submit a claim direct to the receivers for lack of notice plus holiday entitlement I was owed. I wouldn't have known that this was an option if I hadn't discussed it with my accountant.
My claim was capped at a certain amount per week, but the cheque that eventually arrived was a very useful contribution towards travel and accommodation expenses incurred in finding work again.Last edited by Sysman; 31 July 2014, 07:38.Behold the warranty -- the bold print giveth and the fine print taketh away.Comment
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If/when the company goes into liquidation (it's not clear if that's the case yet) then OP needs to: "prove" the debt by sending invoice copies to the insolvency practitioner; write off as bad debt in the company books; claim VAT relief if applicable, i.e. if not using VAT cash accounting method.
Creditor's ranking is then as follows (annotated in italics as best I understand it):
- Fixed charge holders.
- secured loans, e.g. on property/assets - Liquidators' fees and expenses.
- conveniently, practitioner’s fees will match the value of assets + co. debtors, leaving none left for those below - Preferred creditors.
- employee's kept on by the administrator (PAYE, NI & pension contribs.) - Floating charge holders.
- employee's fired within 14-days of co. going into administration
- HMG other taxes
- unsecured loans - Unsecured creditors.
- other suppliers, including OP's invoice - Interest incurred on all unsecured debts post-liquidation.
- late payment interest on OP's invoice - Shareholders.
- whatever's left (probably nothing)
Source: Practical LawComment
- Fixed charge holders.
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Originally posted by Contreras View PostIf/when the company goes into liquidation (it's not clear if that's the case yet) then OP needs to: "prove" the debt by sending invoice copies to the insolvency practitioner; write off as bad debt in the company books; claim VAT relief if applicable, i.e. if not using VAT cash accounting method.
Creditor's ranking is then as follows (annotated in italics as best I understand it):
- Fixed charge holders.
- secured loans, e.g. on property/assets - Liquidators' fees and expenses.
- conveniently, practitioner’s fees will match the value of assets + co. debtors, leaving none left for those below - Preferred creditors.
- employee's kept on by the administrator (PAYE, NI & pension contribs.) - Floating charge holders.
- employee's fired within 14-days of co. going into administration
- HMG other taxes
- unsecured loans - Unsecured creditors.
- other suppliers, including OP's invoice - Interest incurred on all unsecured debts post-liquidation.
- late payment interest on OP's invoice - Shareholders.
- whatever's left (probably nothing)
Source: Practical LawAnd what exactly is wrong with an "ad hominem" argument? Dodgy Agent, 16-5-2014Comment
- Fixed charge holders.
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Originally posted by Mich the Tester View PostHere in the Netherlands, the highest ranking creditor is the tax office, which effectively means nobody else ever gets anything.Comment
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Originally posted by RSoles View PostYeah, rough one. Sorry to hear it.
Go in tomorrow, collect your possessions to the tune of a month's billing.
I got 20 x Dell GX1
5 x platinum discs
And a table and chairs from the office canteenLast edited by CloudWalker; 31 July 2014, 14:47.Comment
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Originally posted by RSoles View PostWonder how it went..................
They told me to take what I can fit in the carComment
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