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Thread: Insolvent CC - does FICA need to be informed?

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    Platinum Member desA's Avatar
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    Insolvent CC - does FICA need to be informed?

    .
    Scenario:
    CC is insolvent & cannot/will not pay its creditors. CIPC has been requested by a member to de-register the CC.

    Does FICA need to be informed? If so, how? If not, does some sort of Credit Authority need to be - or should be - informed of the insolvency?

    Point of comparison
    When looking to liquidate the CC at an earlier time, when it still had a few assets, the attorney requested that the members fill in a FICA form. He did not make clear what would have been done with this form.
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    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by desA View Post
    Point of comparison
    When looking to liquidate the CC at an earlier time, when it still had a few assets, the attorney requested that the members fill in a FICA form. He did not make clear what would have been done with this form.
    The attorney would have filed it away for reference one day if called upon to produce it.

    You probably should read this page on FICA.
    The trouble with opportunity is it normally comes dressed up as work.

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    desA (26-Feb-14)

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    Thanks, Dave.
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