The order of liquidation does not depend solely on when a claim was filed or on the amount claimed. The starting point is a complete list of the company’s verified and recognized liabilities. For each claim, its legal basis, amount, due date, and any security must be recorded. For a secured claim, it must be determined which asset is subject to the security and which part of the claim it actually covers. Priority claims may be classified accordingly only on the basis of the applicable statutory provision. Claims without special priority must be recorded separately. The costs and obligations of administering the liquidation must also be taken into account when determining the funds available. Payments should be made only once the claims, their priority classification, and the assets available for realization have been sufficiently clarified. If the funds within a priority class are insufficient, the treatment of the affected claims must be determined in accordance with the applicable rules. Each payment must be documented in a traceable manner, recording the creditor, claim, basis for priority, amount, and payment date.
Ranking of Creditors in the Liquidation of a Company in Georgia
When a company is liquidated in Georgia, verified creditor claims are paid according to their legally applicable priority. Secured claims, priority claims, and other company debts must therefore be classified separately before any payment is made.
VivAVia can make mistakes. Check important information.