I am a debtor of an Insolvent firm. To whom should I pay my debts?

Question

A vendor with whom I was having dealings went into liquidation. I owe some money to that company. Will I be discharged from my liability if another company claims that money telling that they have taken over the debts? I was thinking that on liquidation assets and liability of the old company vests with the Official Receiver.

Answer 1

You will not be discharged of ur liability even if another company takes over the debts. You have to just pay to the new company instead of the old one. You may settle your dues with the official receiver appointed by the court.

Answer 2

Just because this company have gone bust doesn't mean that you have now gotten of with out paying you will hear from the administrator which may be a solicitor or Evan the official receiver whatever happens do not pay another co or any body from the old Business unless they can prove that they have taken over the debt

Answer 3

I'm no expert but...
The solicitor who is to act as receiver will look into the vendor's assets and liabilities and I would have thought if you owed him money the solicitor would write to you asking for it in an attempt to clear some of his debts.

Answer 4

The Official Receiver will appoint a trustee in bankruptcy, probably an accountancy firm who will be responsible for collecting money from you and distributing it to creditors that are owed money from the liquidation.

Answer 5

The company receiver should post a notice asking for all monies owed to be paid to him.

Answer 6

If you have not received a notification, yet. You will.

Expect a court notification and demand for payment soon.

Answer 7

to the receivers

Answer 8

dont pay them any thing.... wait and see wot happens but should not have to pay anymore