Civil

Receivership

Wat does this entail. Its to do with companies

terambulan Wed 11/06/08 00:33

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Ethel
Wed 11/06/08
09:48

When a company isn't paying it debts and the creditors believe they won't be paid, the creditors initiate receivership.

Receivers are appointed to sell the company assets in order to pay the debts.

The company of course has notice of this, and if they can will pay the debts before any action is taken.

It is similar to bankruptcy, except bankruptcy is for private individuals, receivership for companies.

Jenna1978
Wed 11/06/08
13:05

This might help...

http://www.companyrescue.co.uk/company-rescue/ options%5Creceivership.html

terambulan
Wed 11/06/08
21:21

Question Author

How about wen the directors cannot buyout a beneficiary of the company.

If the beneficiary does get boughtout what are the tax implications for receiving monies instead of real estate?

terambulan
Fri 13/06/08
20:22

Question Author

Cmon Ethel, give me the answer here....please

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