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Old 15th October 2006 | 09:24
  #638 (permalink)  
IB4138

Pilot of the Airwaves
 
Joined: Jan 2004
Posts: 914
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From: Close to the Med
I'm afraid your ascertions are incorrect, EI-CGO.

As much as I dislike administrators/receivers/liquidators, having had many battles with them over the years, I must defend them here.

They are NOT allowed by UK law to distribute funds received from sale of assets as you suggest. Creditors are catagorised as: Secured; Preferential ; Unsecured and they get paid in that order. Salaries come into the second category. preferential. It does not matter who, how big or what you are, if you don't have any claim in the first two categories, you get what is left after the first two are paid in full, equally divided between you on a eg: 1p in the £1 basis, depending on the size of your debt.

For what it is worth, KPMG were probably the worst of the big insolvency firms to have given an airline to, but that is water under the bridge now.
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