Negotiating With Liquidator Over DLA

[Toon]

Does anyone have any experience on negotiating with a liquidator over an overdrawn DLA?

 

[Lee Green]

Happy to have a discussion. I act as Liquidator pursuing DLAs, so am well placed to negotiate on the other side too.

 

[UK Contractor Accountant]

negotiating with a liquidator over an overdrawn DLA?

negotiate what?

Repayment plan
Write Off
Recalculate DLA for omissions or incorrect entries?

 

[Toon]

negotiate what?

Repayment plan
Write Off
Recalculate DLA for omissions or incorrect entries?

Having to pay back to lowest amount possible and how to structure the repayments.

 

[UK Contractor Accountant]

so the balance is not in dispute.

How much are we talking about?

 

[ChrisCallaghan]

Happy to have a discussion. I act as Liquidator pursuing DLAs, so am well placed to negotiate on the other side too.

@Toon

This very generous of @Lee Green and I'd take him up on his offer.

I'd usually offer the same, but I'm on annual leave for the next week. Best of luck with it!

 

[UK Contractor Accountant]

Having to pay back to lowest amount possible and how to structure the repayments.

Well that will all depend on what assets you own and what disposable income you have each month.

 

[Lisa Thomas]

It really depends on how much you owe, and your affordability/financial position.

I have gone into more detail in this video:

- YouTube

Enjoy the videos and music that you love, upload original content and share it all with friends, family and the world on YouTube.

youtu.be

 

[Gavin Bates]

Hi

I am sure I can talk for most IPs but a liquidator can look at some form of settlement they will need an income and expenditure statement and an asset and liability statement. From there they can if what is fair and reasonable.

Regards

Gavin

 

[Toon]

Hi

I am sure I can talk for most IPs but a liquidator can look at some form of settlement they will need an income and expenditure statement and an asset and liability statement. From there they can if what is fair and reasonable.

Regards

Gavin

So they just want to see the statement and they will decide how much we could reasonably pay back or would they want the proposal from me from the start?

 

[Gavin Bates]

So they just want to see the statement and they will decide how much we could reasonably pay back or would they want the proposal from me from the start?

In essence, we need to show that any offer that we accept whether it is a full and final settlement or installments is reasonable given your circumstances.

 

[UK Contractor Accountant]

In essence, we need to show that any offer that we accept whether it is a full and final settlement or installments is reasonable given your circumstances.

and is in the best interests of the creditors of the company - who is most cases (all?) when OMB's are liquidated never receive a penny.

 

[UK Contractor Accountant]

s but a liquidator can look at some form of settlement they will need an income and expenditure statement and an asset and liability statement.

Do liquidators perform any basic checks on the statements provided or just accept what's sent over to them?

For example - latest mortgage statement to prove equity held in property
Land Registry search for property held?

I suppose for large balances owed Prosecuting Solicitors are engaged to handle the case.

 

[Gavin Bates]

Do liquidators perform any basic checks on the statements provided or just accept what's sent over to them?

For example - latest mortgage statement to prove equity held in property
Land Registry search for property held?

I suppose for large balances owed Prosecuting Solicitors are engaged to handle the case.

Hi

We will ask for further information so yes copies of mortgage statements, sometimes copies of bank statements etc. Generally, the main problem is that the director has just lost their main source of income.

For larger amounts, you may consider engaging solicitors or even consider litigation funding but the first point for me is to understand the directors' personal circumstances because there is no point in wasting creditors money to pursue a director who has no income or assets.

Regards

Gavin