Company bankrupt owing money from tibunal settlement

lozza · 27 Apr 2006 at 18:38

A former employer of mine could possibly be filing for bankruptsy soon, owing me money from a tribunal settlement.

Is there anything i can do to get my money?

I've been through the courts and got a CCJ on the company and i was in the process of trying to find out what the company finances are (court date set for 23rd May) so that i could decide which enforcement route to take.

How would i go about filing as one of the companies creditors if they do go bankrupt?

Thanks in advance

spirit · 27 Apr 2006 at 19:14

I think employees are quite far down on the list in terms of who should be paid first from any money that comes from assetsales etc, but i could be wrong

Rotty · 27 Apr 2006 at 19:27

spirit said:
I think employees are quite far down on the list in terms of who should be paid first from any money that comes from assetsales etc, but i could be wrong

employees are high up ( along with the taxman ) but I think this is only in terms of wages/redundancy etc

if he goes bankrupt the you file with the liqidators and are added to the creditors list though payments of less than 10p in the pound are the norm

branddaly · 27 Apr 2006 at 19:34

Its also quite common for business's to to hire in assets, rather than actually own any. So its not uncommon for a buinessman to register more than one company. One owns assets, the other does real business. Therefore if the real business goes **** up, there isn't really any value that can be paid out to creditors, as they all belong to a separate legal entity.

lozza · 27 Apr 2006 at 19:54

branddaly said:
Its also quite common for business's to to hire in assets, rather than actually own any. So its not uncommon for a buinessman to register more than one company. One owns assets, the other does real business. Therefore if the real business goes **** up, there isn't really any value that can be paid out to creditors, as they all belong to a separate legal entity.

The owners not that smart lol but doesn't have much in the form of assets anyway, they did have quite a few vans but i think they have sold most of them.

Obviously i'm not an employee, haven't been since November '04 so wouldn't be classed as an employee in that sense, just wondering if there any way i can get the money owed even if it's 50p a week.

I'm going to call the courts tomorrow and see about what steps i can take. Maybe a visit to the CAB again as well

milou · 28 Apr 2006 at 02:50

http://www.insolvency.gov.uk/guidanceleaflets/guideforcreditors/guideforcreditors.htm