Anonymous asked in 政治及管治法律及道德 · 1 decade ago

creditor voluntary liquidation

If I have some goods which belonged to X company under my custody but X company has just turned into Creditors Voluntary Liquidation (CVL). I received a letter from the liquidators of X Company requesting me to return those goods to them. My questions are:

Can I distrain those goods as X Company owed my company money? Can I set off the debts in this way (i.e.sell the goods and get the money to discharge the debts owed by X Company) since it is not a compulsory winding up but a voluntary winding up and I believe the court has not intervened at this stage and no court order being applied or granted. If cannot, why (any ordinance or law preventing me (or empowering the liquidators to prevent me) from setting off or distraining the goods at this stage?)

Since I have received the letter from the liquidators a few months already, wonder if what the liquidators would do the next step as I have not given them any reply. Anything I can do now to protect myself?

Thanks for your great answers helping me to solve my problems!!

2 Answers

  • 1 decade ago
    Favorite Answer

    1. You want to realize the goods to offset the money owed to you: do you have any lien on such goods or merely in possession and accountable to the owner?

    2. If you have to right of lien, then you can sell goods. If you are only the custodian, which you sell the goods for the owner and give him the balance, then you should return the goods to the liquidator.

    3. You have no right to detain the goods. You must at your earliest convenience send the goods back to the liquidator and then send your claim for cost to the liquidator.

    4. You should seek proper advice from solicitor because you must fulfill the requirement as to how you came into possession of the goods and the condition of discharge.

    Hope it can be of help!

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  • Anonymous
    1 decade ago


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