Fraser

JUNE 25, 2020

Creditors of a bankrupt company must be aware of the various deadlines and procedures that govern the chapter 11 process in order to protect and enforce their rights. For creditors to maximize their recoveries, they must stay informed and take action during a bankruptcy proceeding. First Day” Motions. Proof-of-Claim Bar Date.

Creditors 72

Creditors Bankruptcy Unsecured Creditor Debtor 72

Sawin & Shea

APRIL 24, 2024

Which creditors can they pay? This typically occurs because the debtor doesn’t have the money to pay all of their creditors, so they feel they need to rank which ones are more important to pay first. When payments are made to some creditors over others, they can be considered preferential payments according to bankruptcy laws.

Bankruptcy 52

Bankruptcy Unsecured Creditor Debtor Creditors 52

Hudson Weir

SEPTEMBER 11, 2023

Once a business is insolvent, directors’ duty must shift towards the company creditors – that includes any providers of unsecured or secured loans. Ultimately, under the terms of secured loans, lenders can recover debt by taking ownership of the company asset or assets in question, then selling them.

Loans 52

Loans Collateral Secured Creditor Unsecured Creditor 52

Taurus Collect

DECEMBER 29, 2022

Cut off contact. If your client owes you money but has declared themselves bankrupt, cut off contact with them. Under the law, creditors cannot communicate with the debtor if they have filed for bankruptcy. If that is the case, it becomes impossible for them to pay back all their creditors. Do the math.

Bankruptcy 52

Bankruptcy Unsecured Creditor Creditors Debtor 52

Sawin & Shea

JANUARY 25, 2022

Secured debts are a type of debt backed by an asset that is used as collateral. If you miss payments and default on this type of debt, the creditor can seize the asset to liquidate it and apply those proceeds to the money you owe. What Happens When You Can’t Pay Secured Debts?

Unsecured Debt 52

Unsecured Debt Collateral Secured debt Bankruptcy 52

CICM

JUNE 9, 2021

In this week’s guest blog, the Menzies LLP Creditor Services team highlight the areas you should be looking for on receipt of insolvency paperwork and, most importantly, whether there will be a dividend. The priority of payments in a company insolvency determines where creditors rank in terms of likely return. Unsecured creditors.

Unsecured Creditor 40

Unsecured Creditor Secured Creditor Creditors Credit Management 40

Hudson Weir

JANUARY 7, 2022

For a business facing insolvency, administration can provide additional time to tackle debts and some breathing space from creditor claims. Employees keeping their jobs after the first two weeks of administration become preferential creditors. They’re last in line for payments, along with suppliers and other creditors.

Creditors 52

Creditors Secured Creditor Government Banks 52