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Home | Client stories | Helping A Creditor To Recover Debts In A Liquidation Case

Helping A Creditor To Recover Debts In A Liquidation Case

April 15, 2021
Claire Middlebrook

Problem

Each year, thousands of companies and individuals are subject to insolvency procedures. In turn, this means thousands of insolvency notices are sent to creditors.

In this particular case, we were appointed as a Liquidator in a Liquidation case following the presentation of a petition to the court by a creditor who was owed over £3,500,000.

Solution

On appointment, we undertook various investigations including an in depth review of the books and records of the company and an analysis of their bank statements. This uncovered personal spending by the director in excess of £500,000.

Through discussions with the director we were able to recover £141,000 from him personally. We subsequently petitioned for the Sequestration of the director and are confident of recovering further funds through this process.

This will result in an increased dividend for the creditors.

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Katie McLachlan

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For individuals

Sequestration

If you live in Scotland and are unable to pay back unsecured personal debts (worth more than £1,500), then you might be able to enter sequestration.

testimonial

We subsequently petitioned for the Sequestration of the director and are confident of recovering further funds through this process. This will result in an increased dividend for the creditors.

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