Creditor rights to info in a Phoenix CVL?

Creditor in CVL. What information can we expect?

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Hello,

I have a client who is an unsecured creditor in a CVL. I've been researching for a few hours but can't seem to find out what information the creditor has a right to. 

Since it seems to us like the Director was acting negligently and now appears to have bought back the business assets at a fraction of the value, we want to make sure everything is being done properly. 

What information can we ask the IPs for? Such as historical Director withdrawals and the exact nature of the assets sold? 

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paddle steamer
By DJKL
27th Sep 2016 11:25

Money, Money, Money, Money.

My experience of being on the receiving end of liquidations is ensure your client understands that unless he has deep pockets then in 99% of cases the insolvency practitioner is nor going to seriously investigate anything unless he gets paid. If your client will be entitled to any payout in the pound chasing the impossible will likely just increase fees and reduce what he and the other creditors eventually receive.

Now, if he is prepared to underwrite the practitioner's costs, maybe different matter, but frankly if he is in business to make money it will be good money following bad and a poor business decision.

Best advice is walk away or get him to go to solicitor or a different insolvency practitioner for guidance; they will also be helpful at endeavouring to lighten his wallet.

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