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Max Lowry
Max Lowry, Advocate
Category: Bankruptcy Law
Satisfied Customers: 1457
Experience:  LLB, 10 years post qualification experience
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My company was put into creditors voluntary liquidation nearly

Customer Question

My company was put into creditors voluntary liquidation nearly 3 years ago. Since then there has been a dispute over what i as the director owes to the company to clear unpaid creditors. The amount that they are claiming is beyond what I can afford without selling my house. Do liquidators usually except payment terms i.e can i suggest to offer to pay over several years and is this usually accepted.
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Max Lowry replied 3 years ago.

Max Lowry : Hi, welcome to Just Answer. I will help you with your question. Whether the liquidator will do a deal or not usually depends on the offer received. He will want to ensure the deal is good enough to settle his claim i.e. it is commercially viable. He will more often than not be happy to negotiate. If you really can't afford to pay what he's seeking maybe offer to provide details of your assets and liabilities and at the same time put forward an offer. The offer should generally reasonable and payable over a reasonable period of time - i think offering a deal over a fee years will be unacceptable. You will probably find that the liquidator is more willing to accept an offer rather than issue court proceedings especially if you cannot afford to pay what's he asking. I'm a firm believer of if you don't ask you don't get.

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