Who Gets Paid When A Company Goes Bust : Creditors’ Rights Explained [Infographic]
Shawn, May 26, 2015 1 min read 1424
When dealing with creditors in insolvency situations it is vital to remember the order of priority. Who ranks above whom? Where does the bank and HMRC rank? If the bank has security do employees rank ahead of them? These are all common questions we get asked.
The simplest way to answer these questions is to imagine creditor ranking as a ladder. Further down the page Company Rescue have a written explanation but if you prefer a pictorial format, they have produced an infographic that shows the situation.
“The Web as I envisaged it, we have not seen it yet.” Shawn is one such technophile since he built his first Commodore 64 with his father. Thereafter, he spiced up the tech space with a blend of quirkiness and illuminating blogs. Spends most of his time in his computer den criticising other technophiles’ opinions.