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Thread: Liquidation

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    Liquidation

    Can someone please inform me what is the process if creditors are trying to collect outstanding money after the liquidation process has taken place????

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    Gold Member Martinco's Avatar
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    Just clarify.....has the final liquidation been done or still in process ?
    Martin Coetzee
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    it was completed in 2009

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    Gold Member Martinco's Avatar
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    To the best of my knowledge, during the liquidation process the known creditors are notified by the liquidator and also notices are placed in newspapers and if certain creditors do not react to these, and the liquidation gets finalized, then they have NO further claim against the debtor.
    Martin Coetzee
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    You may never know what results will come from your actions, but if you do nothing, there will be no results... Rudy Malan 05/03/2011

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    Site Caretaker Dave A's Avatar
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    Are they chasing the liquidated entity or a surety?
    The trouble with opportunity is it normally comes dressed up as work.

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    Gold Member Martinco's Avatar
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    Quote Originally Posted by Dave A View Post
    Are they chasing the liquidated entity or a surety?
    Very good question !
    Martin Coetzee
    Supplier of Stainless Steel Band and Buckle and various fastening systems. Steel, Plastic, Galvanized, PET and Poly woven.
    We solve your fastening problems.
    www.straptite.com

    You may never know what results will come from your actions, but if you do nothing, there will be no results... Rudy Malan 05/03/2011

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    The enitity, no surety

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    Site Caretaker Dave A's Avatar
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    Refer them to the liquidator then.

    About the only thing I can think of that could have them hounding further is if they believe there are assets that weren't handed over to the liquidator that should have been, or they have reason to pierce the corporate veil if we're talking about a juristic person.
    The trouble with opportunity is it normally comes dressed up as work.

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    Ok here is a slightly complicated scenario and my curiosity is bursting. I "sold" my 50% stake in a business i bled for around 18months ago. Contract was signed and payment plan agreed upon. Documents signed by both parties. The sale of my 50% was to BETTY BOO (alias) but payment (cleverly instigated by her now ex husband/ con artist and CA) was to me ex the CC. The business was closed down about 4 months after I left. And i of course received not one payment. The shares were sold for a small amount of money (around 80 000) considering, but I am going after it none the less...

    the business assets at the time of the closure were around R280 000.
    The partners fell out and partner one took the shop assets to another store in which they were both 50% shareholders again.
    Betty Boo is not happy as she feels she was bent over by partner one and wants to re coup some money from the value of the stock moved from this store.

    now it appears I am still a member on this CC (documents sent to cipro with sale of share agreement but no confirmation from them on receiving them. My tracking agent says they were delivered but thats a story for another day.

    The business has now been put into liquidation by partner one and betty boo. Betty Boo hopes that by doing this, she will be able to re cover some of her losses as her loan account is huge she says. How can this happen if I am still officially a member of the CC according to CIPRO database? Maybe if the liquidation does go through irrespective then this is a good thing and as I then qualify as a debtor?
    how would I then put my hand up??
    Do i need to do this via the liquidators?

    My head is spinning....
    Thanks for any advice or insight

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    Site Caretaker Dave A's Avatar
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    I think you're going to need a lawyer to run over that sale of interest agreement. That would help clear up whether you could repossess the 50% interest for non-payment, sue Betty Boo or lodge a claim as a debtor against the cc.

    I would certainly ensure you have filed a claim with the liquidator and are given notice of, and attend any meetings of creditors to ensure at the very least those removed assets are paid for into the cc.
    The trouble with opportunity is it normally comes dressed up as work.

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