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Translation - art & business » Money matters »
Preferrential creditors in UK
Thread poster: TranslateWithMe
TranslateWithMe
TranslateWithMe
Poland
Local time: 14:49
English to Polish
+ ...
Oct 20, 2008

Hi,

One of the UK agency I worked for has gone bankrupt. They want me to fill in a debt form for them stating if my debt is preferential. I did a few jobs for them as a freelance translator.

Has anybody have any experience with that and will know if my wages are preferential debt in the UK? Also, they ask about the amount claimed as preferential.

Any help would be appreciated.

Katarzyna
 
Jack Doughty
Jack Doughty  Identity Verified
United Kingdom
Local time: 13:49
Russian to English
+ ...
In memoriam
You might get something if you're lucky. Oct 20, 2008

The Government takes its cut (taxes etc.) first, & this often leaves nothing for anyone else. However, this appears to offer you some small hope:

In what order are debts paid?

Generally, the assets are sold and the sale proceeds paid in this order:

1. Any creditor holding a fixed charge over the asset, e.g. a mortgage
2. The expenses of the liquidation/bankruptcy
3. Preferential debts, principally wages owed in the 4 months before the ... See more
The Government takes its cut (taxes etc.) first, & this often leaves nothing for anyone else. However, this appears to offer you some small hope:

In what order are debts paid?

Generally, the assets are sold and the sale proceeds paid in this order:

1. Any creditor holding a fixed charge over the asset, e.g. a mortgage
2. The expenses of the liquidation/bankruptcy
3. Preferential debts, principally wages owed in the 4 months before the insolvency order, up to a maximum of £800
4. Any creditor holding a floating charge over an asset, e.g. a debenture
5. All unsecured creditors
6. In company cases, the shareholders
http://www.insolvency.gov.uk/freedomofinformation/technical/DEBTS.HTM ▲ Collapse
 


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Preferrential creditors in UK


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