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Debt Recovery Companies Winding Up Legal Firm

ACC-BankruptcyActSome creditors face a dilemma, shall we file a bill of costs after the debtors have been made a bankrupt?

A quick answer: in the absence of a bill of costs, the costs that were incurred for the filing of the bankruptcy application cannot be recovered, even if there are any assets in the estate of the bankrupt.

Unless you are certain that there are some assets belonging to the bankrupt that will be distributed by the Official Assignee,  otherwise we suggest not to proceed with the filing of a  Bill of Costs which will incur further legal fees.

Disclaimer

This  article is a part of Alex Chang & Co’s Corporate Social Responsibility   effort to share our thoughts  on some  legal matters.  Please  consult your legal advisors  on your specific needs.

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