So an insolvency practitioner has been appointed. So who pays his bills? The creditors? The person who appointed? The shareholders? Or?
In this video Brent Norling gives a quick rundown of who is required to pay the practitioner’s fees in order to get the result that is sought.
The first thing to understand is the difference between different kinds of appointment. For example, a receivership vs a liquidation. Different appointments will attract different obligations.
As you can expect, the person who pays, has the say. So its important to understand who is paying the insolvency practitioner so you can have an insight as to who will be at the decision making table.
If you need assistance with an insolvency matter, we offer a FREE 30-minute legal consultation. You can book here: