A client may receive a Notice convening a Creditor’s Meeting in respect of one of their customers announcing that they are intending to place their company into Creditors Voluntary Liquidation or you may receive other notifications from Insolvency practitioners or agents acting for debtors referring to alternative insolvency procedures which form part of the Insolvency Act.
LPL will advise clients and recommend what action they need to take in accordance with the actual paperwork they have received. Creditors having determined whether they are Secured, Preferential or Unsecured Creditors, lodge their claims accordingly.
Alternatively, our client can authorise LPL, ‘Free of Charge’ to attend Creditor’s Meetings on their behalf and vote accordingly for acceptance of proposals in IVA’s and CVA’s or apply for any amendments should they be necessary and vote for the appointment of the Insolvency Practitioners who will act as the Liquidator in a Voluntary Liquidation or as Supervisors in Voluntary Arrangements.
LPL’s Agents will deal with any Reservation of Title claims and ensure that goods, subject to a claim, are uplifted at the earliest possible opportunity. Proving title to goods may be difficult when dealing with the Insolvency Practitioner. LPL will assist in making sure that all paperwork and procedures have been adhered to so that there can be no argument as to the ownership of the goods in question.
LPL will lodge Proxy Forms on behalf of our client ‘Free of Charge’ and ensure that Proof Of Debt forms are completed and lodged with any other supporting documentation, such as copy invoices and statements of account, with the Provisional Liquidator or Nominee in Bankruptcy or Voluntary Arrangements.
In cases where the Official Receiver has convened a meeting in connection with a Bankruptcy or where a company has been compulsorily wound up, LPL will communicate with the Official Receiver and arrange attendance at the Creditor’s Meeting on behalf of the client. Depending on the assets of the Bankrupt or Company the Official Receiver, at the meeting, may either retain the appointment as Trustee or, where there is sufficient assets, invite a private sector Insolvency Practitioner to offer themselves to act as Trustee or Supervisor.
Free Of Charge Representation At Creditor’s Meetings
Why has the Business closed down?
LPL will be able to establish exactly what has happened, as part of our collection process.
What do I do when I receive a Notice and Proxy?
LPL can advise and handle all documentation as a FREE service.
What is my legal position now?
LPL will asses the situation and advise the best course of action.
Am I an unsecured or secured creditor?
Depending on your contract with the debtor, but usually you will be unsecured.
Will I get paid?
It will depend on what type of Insolvency arrangement is being discussed, but LPL will give best advise if an agreement needs to be reached.
Do I need to attend the Meeting of Creditors myself? LPL can arrange representation and attendance on your behalf.
Will I get a full report of the meeting?
Recognising various different catagories of insolvency and what action must be taken.
Representation at Creditor’s Meetings is a FREE service
Simply send LPL any documents you receive from the debtor or their representatives
Advice and Consultation available from LPL on:
- Insolvency Practitioners
- Training in-house
- Reservation of Title
- Reducing the risk
- Official Receiver
- Wrongful Trading
- Fraudulent Trading