Preferrential creditors in UK
Thread poster: kterelak
kterelak  Identity Verified
Local time: 08:08
English to Polish
+ ...
Oct 20, 2008


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.


Direct link Reply with quote

Jack Doughty  Identity Verified
United Kingdom
Local time: 07:08
Member (2000)
Russian to English
+ ...
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 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

Direct link Reply with quote

To report site rules violations or get help, contact a site moderator:

You can also contact site staff by submitting a support request »

Preferrential creditors in UK

Advanced search

Manage your TMs and Terms ... and boost your translation business

Are you ready for something fresh in the industry? TM-Town is a unique new site for you -- the freelance translator -- to store, manage and share translation memories (TMs) and glossaries...and potentially meet new clients on the basis of your prior work.

More info »
memoQ translator pro
Kilgray's memoQ is the world's fastest developing integrated localization & translation environment rendering you more productive and efficient.

With our advanced file filters, unlimited language and advanced file support, memoQ translator pro has been designed for translators and reviewers who work on their own, with other translators or in team-based translation projects.

More info »

  • All of
  • Term search
  • Jobs
  • Forums
  • Multiple search