What is the effect of the liquidation on unsecured creditors?

Upon the appointment of a liquidator, all legal actions against the company are stayed and cannot be re-instituted without leave of the court.

Creditors lose their individual rights to recover debts directly from the company, but are able to prove their debts and share in any distribution made by the liquidator.

Call us today if you would like to discuss the effect of the liquidation on unsecured creditors on our toll FREE advice line on  1800 210 073.