Discuss Company going in liquidation in the Electrical Forum, General Electrical Forum at Electricians Forums Discussion Boards; Hi there hope one of you guys can help, company I was working for last year is going in to liquidation it was a limited company and one of there ...
Hi there hope one of you guys can help, company I was working for last year is going in to liquidation it was a limited company and one of there clients owed him alot of money at the end of a big job, so this gave him no choice but to owe me some money as he promised me a lump sum at the end I know which was silly of me, basically he called me yesterday asking me how much money he owed me so he can process it through the liquidation process , my question is do you think I'll actually see any of it any advice would be great to be honest I actually gave up so any of it will help cheers for reading.
Sorry to hear your news, it must be bad enough being without a job let alone being owed money. It is very difficult to say about getting your money back, the banks usually get what their owed then perhaps the suppliers as these orgainastions have plenty of clout behind them.
If administrators have been appointed they will try to collect the money owed to the company, sell any asets and then dish the money out to the companies that the company owes mony to (Creditors). If any of the creditors have charges over the company assets these will get paid first. Otherwise it gets shared out according to how much money is availble and how much each company is owed. The administrators will of course take their cut. Unfortunatley in todays climate it is probable that they will not get paid by the original debtor who has caused the problem and will not therefore have much to share out. Sorry.
Been in a similar boat to yourself...If you were an employee of the company you stand a good chance of getting something back but if you were working for yourself behind a ltd co then i got precisely Nowt ..I wish you luck..