Q1. In liquidators statement firstly preferential creditors are paid or debenture holders?
Q2. In liquidators statement security are entered with realisable value or surplus after secured creditors are paid?
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liquidation of companies
Replies (1)
1. preferential creditors are getting priority over floating charge secured creditors. (debenture with floating charge).
2. generally in fixed charge secured creditors- creditors will recover the money from secured asset. if any excess amount recovered, that surplus portion will handed over to liquidator. so while preparation of statement of affairs we should consider surplus only.
2. generally in fixed charge secured creditors- creditors will recover the money from secured asset. if any excess amount recovered, that surplus portion will handed over to liquidator. so while preparation of statement of affairs we should consider surplus only.
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