xbacksideslider
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Im an attorney, certified by California Bar as a Specialist in Bankruptcy. Other than my assumption that the same principles apply, I know nothing of UK insolvency law.
That said, I imagine that marshalling of assets and liabilities, with an eye toward paying creditors according to legal priority is what is done. That means that secured creditors are paid first IF their claim to the security is sound, and that costs of administration - the appointed receivers - and taxes come next.
Given the magnitude of debt here and the questionable value of the assets, it is “lights out” and some one might pick up some pieces by throwing some money in.
That said, I imagine that marshalling of assets and liabilities, with an eye toward paying creditors according to legal priority is what is done. That means that secured creditors are paid first IF their claim to the security is sound, and that costs of administration - the appointed receivers - and taxes come next.
Given the magnitude of debt here and the questionable value of the assets, it is “lights out” and some one might pick up some pieces by throwing some money in.