In this particular case, we were appointed as a Liquidator in Creditors’ Voluntary Liquidation ( CVL) of a company.
The director had personally guaranteed a number of company debts and was unable to meet his obligations, as such he decided to apply for his own bankruptcy which Middlebrooks helped with.
The primary asset in the sequestration or bankruptcy was the debtors jointly owned property.
Through discussion with the debtor and his wife it was decided that the property would be placed on the open market. A sale was quickly achieved and 50% of the net proceeds were remitted to the sequestration, this allowed for a dividend to be paid to creditors.
The other 50% of the proceeds went to the debtor’s wife as joint owner of the property, this allowed the couple to find a new home and have a fresh start.
All stakeholders received a positive outcome from this appointment.
At Middlebrooks we provide bespoke services to our clients which can range from establishing their financial position, evaluating & selling assets and ultimately proposing a course of action that will ensure the best result for everyone.