Corporate Recovery: The binding powers of Section 201

Little-known legislation can have a positive influence in dealings with creditors, writes Dave Boland.

15th September, 2012
Declan de Lacy, director of corporate recovery and insolvency at accountancy practice PKF O'Connor Leddy & Holmes.

Getting some of your creditors to accept only a certain percentage of the money owed to them is an excellent start to reducing an overall debt burden.

Getting all of your creditors to accept that percentage can make the difference between trading and liquidation.

But in a world where everyone is trying to maximise their advantage and press their own claims, finding consensus among creditors, at least on a voluntary basis, can prove to be...

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