Scenario

An unsecured creditor is demanding to be paid.

Your task

As a file accountant, please explain to the unsecured creditor the processes and procedures which must occur before he or she will receive any monies from the company in liquidation.

Stakeholder question

How long will it take before I recover my debt and will I receive the full amount of my debt?

Please answer to this hypothetical scenario in full details. Explain with as many information as possible.

This case is related to Australia