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Hi all,
Just wondering if a company goes into liquidation and you have paid for something, is there any chance of getting the money back.
They just bought tiles from MacArthur tiles and they were supposed to get delivered today and now they are closed down.
If a company is trading while insolvent then the directors can be personally liable for the debts of the company.
If a company is trading while insolvent then the directors can be personally liable for the debts of the company.
Yup, if paid via credit card lodge a dispute. Will take a bit of time but you'll get th money back and the credit card company will deal with it from there
we're probably only talking about a few grand tho, an insolvent trading action would cost $150k at least do you think? and very unlikely to succeed. and if it does the directors have probably injected everything they had into the business already, or have all assets well and truly tucked away
I'm no lawyer but isn't it also a criminal offense if found to be trading while insolvent? This is what I heard..
Not necessarily. A letter of demand to a director may result in an offer. But I wonder if this could be classed as a preference payment in that case.
Isnt it a grey area to detemine what "insolvent" is?
Cant you say. Oh we were expecting more sales to get theough that month. Or we didnt know we had a big supplier invoice coming