question category: Other Debt Questions

I am self employed. A company owing me money went into administration, what is my position

Submitted on: 30th Jul 2010 by Non-Member | Total Answers: 1

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Re: I am self employed. A company owing me money went into ...

For the first 12 months of administration the administrator can run the business as it was before. At the end of the 12 months the business must either go into liquidation or be sold as a going concern. Therefore until the company goes into liquidation you may still be able to retrieve your funds if the business is restored within the 12 month period. If the business fails and goes into liquidation all assets will be sold and a dividend paid out to all parties owed. Therefore you may receive a pro-rata payment along with any other individuals or companies who are owed money from the company. Following that the company’s liability will cease and you will receive no further repayment.

This question has been answered by Christians Against Poverty, a leading debt charity offering hope and a solution to anyone in debt.

Submitted on: 10th Aug 2010 by TA Member

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