If you are injured in a workplace and it wasn’t your fault then you should be able to get compensation. This is also true if you were owed compensation if a company hasn’t provided a service. But what happens if the company you are seeking compensation from is bankrupt and no longer operating?
If you bought something or paid for a service on a credit card you can reclaim it on the card (if the cost was between £100 – £30,000). This is equally valid if you paid partially by card or only paid the deposit on your card.
This can be complicated if you got vouchers with a bankrupt company – this technically makes you a creditor and puts you on the same level as suppliers, companies and other people owed money. Therefore, it can be difficult to have vouchers honoured (something made even more complex if you received those vouchers as a gift).
Of course this can be complicated if a company was due to complete a service for you. In this instance you should complete a proof of debt form in order to register as a creditor. There are different forms for making claims against individuals and companies so it is important to clarify who you are making a claim against.
You also need to check who the receiver is – in this situation they will be known as “the trustee”. These are the people who will be responsible for selling an individual or company’s assets in order to raise money for the creditors. They are also responsible for contacting creditors if they are due to be paid a dividend.
It is worth noting that selling company assets can take time. Unfortunately, it can take months or even years for this process to take place. However, it is possible to contact the trustee directly in order to find out more about the amount of creditors involved and the amount of money that the company owes those creditors.
It can be difficult to get money back from a bankrupt company. However, it is not impossible – it can take time but with commitment it is possible to reclaim what you are owed.
What helps is if you have someone representing you who can find the right people to talk to and guide you through the claims process. It can be stressful and overwhelming but not insurmountable.
This is why at Larcomes we believe in being both big enough to have the resources to provide specialist representation while at the same time being sympathetic – in this case trying to get money back from a bankrupt company can be difficult and stressful as well as dealing with the ins and outs of who owes what, the assets that the company has to sell off and how that debt will be repaid.
If you would like to know more about dealing with a company that has gone bankrupt and want to make a claim please contact us and we will be happy to discuss your situation in more detail.