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Thread: NEED ADVICE ABOUT LIQUIDATION

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    NEED ADVICE ABOUT LIQUIDATION

    Hi,

    My husbands was sub contracting for a company that went into liquidation very recently. How does this work with regards to him getting paid for his services and how long does the process normally take?

    Z

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    Platinum Member sterne.law@gmail.com's Avatar
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    He will need to lodge a claim with the Liquidator. The process could take anything from 6 months to more tahn a year depending on the complexities of the business. He will only be paid a portion of the amount due which will be calcualted according to total creditors and money left after disposing of assets and collecting debtors etc.
    Anthony Sterne

    www.acumenholdings.co.za
    DISCLAIMER The above is merely a comment in discussion form and an open public arena. It does not constitute a legal opinion or professional advice in any manner or form.

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    Site Caretaker Dave A's Avatar
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    Or if it's a total disaster, as a claimant you could end up chipping in towards the cost of liquidation

    If you have any fine print in your contract that could help you rescue something out of the mess, now is the time to excercise it.
    The trouble with opportunity is it normally comes dressed up as work.

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