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You may not have much of a choice. When companies declare some kind of insolvency the administrators start looking at their assets to refund creditors based on how much they are owed. As I understand it usually the people who are owed less get nothing. But it's best to start the process anyway, rather than not trying at all.
Can you help answer these questions from other members on NexusFi?
The order of payment is Banks, the appointed Company Liquidator (who's objective is to drain any remaining cash in fees and its completely awful/legal) direct employees then 3rd parties.
You will get nothing whatsoever I'm afraid in all probability, if they are in administration maybe but that is often just the step before liquidation. I worked for a firm that owed me £12k in salary as an employee, there was 2 million in the holding company and the liquidator and banks got it all.
Check of course. Only saying this as I had an emotionally tough year fighting the law, and the law won.
Thanks, I actually talked to a Financial Services Ombudsman and he suggested I talk to my credit card company which I have done. Looks like there may be some chance of me getting half back through them.
Holding company of the prop firm filed for administration earlier this month
The administrator to Futex's holding company said it has not received an offer to buy the trading firm less than a month after the Cork Gully was appointed to managed the defunct business.
"The administrators are continuing to [explore] all options available to the company however no offer has been received to buy it as a going concern," a spokesperson for Cork Gully told FOW.
A 'going concern’ refers to a firm that has the resources to continue to operate independently for the foreseeable future.
You don't want to be an ordinary debtor holding your breath.
