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Contract value in Insolvent Liquidation??

 
#1 Contract value in Insolvent Liquidation??
18/03/2002 00:00

Piers Harley

My Company has a 2-year Contract for my Services (run-rate 50K pa) with a Client which is contemplating Insolvent liquidation.

Where in likely 'pecking order' vs eg Preferred, Trade, contracted Employee Creditors does my Company/this Contract fall??

Any recommendation for specialist litigator??

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#2 Re: Contract value in Insolvent Liquidation??
23/03/2002 00:00

Steve@CBS

By the sounds of things you are an unsecured creditor (unless you or your company made provision to secure).

As such you will come after the:

Fees in Liqidation

Secured Creditors - Banks, HP etc.

Preferential Creditors - Inland Revenue & Customs and Excise.

This leaves the Unsecured Creditors who will receive equal dividend (pp£) from whatever is left after the above have been paid in full.

If you want to talk about trying to protect your position please email a telephone number.

Regards

Steve

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