I am owed money by a company thats gone under?

Question

i am owed £1100 by a finance company thats ceased trading. I have applied to the courts who have granted a judgement against the company for the money. What happens now?

Answer 1

While I cannot answer for the UK, if your system is anything like the US, you know wait for the bankruptcy trustee to examine the assets, debts, etc. to find out what the company is worth and at some point in the future, there will be a payout.  Your payout will depend (probably - check with a UK bankruptcy expert) on who holds secured debt, how the courts rank debts, and how much is actually available.

Keep yourself apprised of the situation as it goes forward, but don't expect to get everything back.

Answer 2

Kiss goodbuy to youre money... remeber farepack? ;-( x

Answer 3

You join the long queue of creditors. Unfortunately for you, you will find that it is a long queue and you will be near the back. I wouldn't count on ever receiving a penny

Answer 4

There's really a good chance that you will never get that money. If they filed bankruptcy they will have to completely liquidate everything and you will be put in a long line of people they owe money to. A trustee will be responsible for paying off as much of their debts as possible but if their funds run out before they get to you then you will never see a dime. You done the right thing by placing the judgement but it doesn't mean that you will ever get paid.