All Topics / Opinionated! / receivership VS bankruptcy

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  • Profile photo of hisshohissho
    Member
    @hissho
    Join Date: 2003
    Post Count: 14
    January 17, 2004 - 2:04 am

    G’day
    As you all know, Henry Kaye’s companies are in “receivership”. but i didn’t find the word “bankruptcy”. so my question is: what’s the difference between these two? or are they virtually the same thing? will his personal assets be affected by the “receivership” thing?

    cheers
    hissho

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    January 17, 2004 - 2:10 am

    At the moment, there is an administrator, who is talking to all the creditors. they get to vote on whether or not they wish to liquidate the company, or let it trade in the hope that they will get more $$ back.

    I don’t think any of this will affect Henry Kaye personally – it’s only a couple of his companies involved, and from all reports that leaves him with another 100 or so that he’s a director of.

    I think if they liquidate, and creditors get 2c in the $ back, that is when the ‘bankrupt’ terminology would suffice, but I”m only guessing.

    Cheers
    Mel

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