UNSECURED CREDITOR

As an unsecured creditor, you have the right to:

  1. Receive dividends towards the partial payment of your debt.
  2. Attend and vote at creditor’s meetings.
  3. Receive written reports from the liquidator.
  4. Inspect certain books and records of the liquidator.
  5. Inform the liquidator about aspects of the company which you know and the liquidator may not.
  6. Complain to ASIC or the Court in relation to the liquidators conduct (if dissatisfied).

In order to have the above rights, you will need to complete a formal proof of debt form and submit same to the liquidator for consideration. When submitting the proof of debt, it is important that you attach any supporting documents (i.e. invoices). Your proof of debt will either be accepted or rejected by the liquidator and you will be notified within 7 days of the outcome.

If your proof of debt is rejected, you may have the right to appeal to the Court and you should seek legal advice on this point as soon as possible noting that you will have 14 days from the date of rejection in which to lodge your appeal.

Talk to our insolvency lawyers today about making sure your debt is recognised.

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