Recovering Money Owed To You

Are you facing challenges recovering money owed to you?

We are always happy to help you answer any questions

• What is a liquidator and how can they help me as an unsecured creditor?

  A liquidator is a person appointed to take control of a company’s assets and affairs when it is unable to pay its debts. As a creditor, you can request the court to appoint a liquidator to sell assets, investigate company operations, and distribute the proceeds to creditors. This process ensures that you get the funds owed to you.

• How do I know if I can apply to have a company wound up?

  If a debtor company has failed to comply with a statutory demand for payment, you may apply to the court to have the company wound up. BT Acumen can work with your solicitors and act as the liquidator to recover the debt for you.

• How does the court-ordered liquidation process work?

  Once we are appointed as liquidators by the court, we take control of the company’s assets, investigate its financial situation and affairs, sell assets, pursue claims for the benefit of creditors (if feasible), and distribute the proceeds to creditors. This ensures that you, as a creditor, receive what is owed to you, within the legal framework.

• What types of assets can be sold during liquidation?

  During liquidation, we will identify and sell any assets of the debtor company, for example, real estate, equipment and intellectual property. We also recover money owed to the company. The available surplus from the sale of these assets, and money recovered from debtors, is then distributed to creditors according to legal priorities, after costs are paid.

• How much will it cost to appoint a liquidator via court?

  The cost of appointing a liquidator depends on the complexity of the case. Your solicitors will provide you with an estimated cost before you decide to apply for the court-ordered liquidation.

• How much will it cost to liquidate the company?

  The cost of liquidating a company depends on the complexity of the case and the size of the company. After the liquidation is ordered by the court, we’ll provide you with an estimate of the costs and explain the process in detail so you understand how the fees and other costs are structured.

• What happens if there aren't enough assets to pay all creditors?

  In some cases, there may not be enough assets to cover all debts. In this instance, creditors are paid in order of priority, with secured creditors generally being paid first, followed by employees, and then unsecured creditors. We will help you understand your position and ensure you receive as much as possible.

• How long does the liquidation process take?

  The length of the liquidation process can vary depending on the complexity of the case. Generally, liquidation takes several months to complete, with assets being sold and proceeds distributed to creditors as quickly as possible. In more complex cases, the liquidation can take a few years. In any event, we will provide you with the estimated timeframe of the liquidation.

   

• How can BT Acumen help me recover my debt?

  We can help by working with your solicitors, and act as bankruptcy trustees or liquidators once court orders are made to maximise your chances of recovering the funds owed to you.

  As a Bankruptcy Trustee, we investigate the individual debtor, look for any assets they have or had prior to the bankruptcy, monitor their income and recover money for you and other creditors. Usually, the individual debtor remains in bankruptcy for 3 years, however this period can be shortened (if we recover enough money to pay all creditors in full), or extended if the individual debtor fails to meet their obligations, resulting in an extension of their bankruptcy.

  As a Liquidator, we take control of the debtor company’s assets and books and records, investigate the debtor company’s affairs, sell the debtor company’s assets and distribute the proceeds to creditors (and in some cases to shareholders) before the company is fully wound up and deregistered.