A prescribed form to be completed by creditors at the liquidators request, setting out details of their claim against the company, including how the debt arose and the amount claimed.
May 10
PROOF OF DEBT
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Voluntary Administration is a process where an insolvent company appoints an independent administrator to assess all available options and produce the best resolution for the company and its creditors
- Creditors Voluntary Liquidation
A creditors’ voluntary liquidation occurs when the company’s members determine that the company can no longer satisfy its debts
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A court liquidation involves a liquidator being appointed to realise the company’s assets, investigate the company’s failure and disburse the funds to creditors according to priority
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A receivership is an option for secured creditors to recover unresolved debts under a secured loan in the event that a business defaults on its loan payments
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