How far down in the priority list am I as an unsecured creditor? I’m wondering if I’ll ever see any money from this at all.
Lawyer Answers (1): Answers from lawyers are general preliminary responses. They are not formal legal advice and cannot taken account of all your circumstances. They do not create a lawyer–client relationship.
Answer by Kelly Angus, Adelaide 5000 SA
- A liquidator is required to pay dividends in a certain order:
- the costs and expenses of the liquidation;
- the costs of the applicant creditor if the company was wound up by the court;
- employee entitlements; and
- other unsecured creditors.
- A lawyer can explain the rules of priority to you in greater detail.