Liquidating the collection of a bankrupt jeweler

As a known creditor, you will receive a report giving estimates of the insolvent’s assets and liabilities and the circumstances of the insolvency.If you have any further information about the assets of the individual or company, or about the conduct of the individual or company directors, write to the OR/IP.If you believe an individual or company may be subject to insolvency proceedings and no one has contacted you, you can confirm the insolvency by: If you are owed money by a partnership, the individual members (partners) also have a personal responsibility for the debt.This means they can go bankrupt individually, and the partnership itself can also be subject to compulsory liquidation.This may help them: Always make sure the OR or IP has up-to-date contact details for you.The OR may decide to ask the Secretary of State to appoint an IP as trustee (in the case of a bankruptcy) or liquidator (in the case of an insolvent company) in his/her place if the OR considers, in the circumstances of the case, an IP appointment is required.

The OR will contact all creditors as soon as reasonably practical after the order is made.

You have various options to try to get your money back, depending on the situation.

If you’re owed money by a person or company that can’t pay its debts (is insolvent), how you claim your money back depends on their circumstances.

If the partnership you are owed money by is a limited liability partnership (the letters LLP will appear at the end of the name) the individual partners, like company directors, have no personal liability.

You should search Companies House to confirm the LLP is insolvent.

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In this case you should search the Individual Insolvency Register to confirm the insolvency of each individual of the partnership.

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