Overdrawn Current Accounts

Overdrawn Current Account in Auckland

Overdrawn current accounts are usually pursued by a liquidator of a company against a shareholder that has usually received money from the company which has not been declared as income or salary to that particular shareholder.

A current account is legally treated as a “loan” to the shareholder and on liquidation if it is overdrawn (meaning the shareholder owes the company) then the liquidator is likely going to demand that it is repaid back to the company. In this instance a shareholder seldom has a defense or excuse to this and the amount must be repaid. Otherwise the liquidator may obtain judgement and enforce the judgment which may result in bankruptcy for the shareholder.

It is important top get competent advice if you are faced with a liquidator pursuing you for an overdrawn current account. Overdrawn Current Account Auckland, we can help.

If you need assistance to negotiate an overdrawn current account claim from a liquidator, contact us to discuss how we can help.

 

Other areas in Consulting – Insolvency: Insolvent Transactions, Directors Duty Breaches

 

 

Khov Jones is a specialist insolvency and consulting firm that delivers practical solutions to clients that encounter often challenging and complex issues.

With over 20 years of commercial experience providing specialist advice we have the skills and expertise to provide robust advice to clients when it counts.

CONTACT

Office: 59 Apollo Drive, Albany, Auckland 0632

Postal: PO Box 302261, North Harbour, Auckland 0751

Phone: 0800 275 554

Email: contact@khovjones.co.nz