Free bankruptcy lawyer
In the event where a business or a company becomes bankrupt, there is appointment of a liquidator by the court to spearhead the dissolution process. In some cases there may be a free bankruptcy lawyer who may be appointed by the court as a liquidator. The liquidator may provide free service but in most cases there is a fee charged which is under liquidation or dissolution expenses. The ones that charge money for services are appointed by the court incase of a forced liquidation filed by the creditors. In most of the cases, the dissolution expenses are cleared off prior to payment of otherdebtors.
When there is a voluntary liquidation or winding up, there may be a free bankruptcy lawyer. For example, thismay be one of the company directors in a limited company that is appointed by the other directors. The sole aim of the liquidator is to make sure that each and every asset of the company is accounted for and recognized by incorporation of final winding up accounts. After which the assets are liquidated where settling of expenses should commence with immediate effect. The creditors are ranked according to priority where at the top lie the preferential creditors.
Where there is lack of free bankruptcy lawyer, the liquidator has a ream of duties. The liquidator not only ensures that all assets are accounted for but he/she is tasked with other duties. The liquidator is required to prepare bankruptcy accounts where all the company or business assets are listed and valued according to current value. After which the liquidator is required to pay each and every debtor of all claims. This is according to the rank where the first payment is the dissolution expenses. By the end of payment, the bankruptcy account should reflect if the accounts are surplus or deficit. Where the surplus is returned to the bankrupt individual or if it’s a deficit any remaining debtor is no longer bound to the individual in bankruptcy.
The free bankruptcy lawyer is of great importance in comparison to those that charge for the services they render. They not only provide free services but an individual in bankruptcy has the chance to get a waiver of high charges which may be charged in the process. These professionals providing free services are located in many legal firms. It’s a service that is hard to find since the professionals are prohibited by law to advertise themselves. Therefore to locate one you need to approach different firms.