Question:
My small business is owed money since October. The company who owe it have paid some of it and told me they cant afford to pay the rest yet.
What happens if a company that owes my company money, goes out of business. Will I ever see the money I am owed?
Answer:
You can inquire with the Trustee/Insolvency Practitioner or Accountant handling the insolvency and see if you have been listed as a creditor.
As to if you will receive anything depends on where you stand in the insolvency, and what assets the company may have had to be liquidated to repay some of the bills or debts.
Thank you for letting me help you.
Jon
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