Secured Creditors' Claims

Last modified 07:53, 24 Apr 2017

Overview

When entering secured creditors, they must be matched to a counterparty record.

The position of secured creditors is automatically calculated on the ranking of their securities.  If you change secured creditor claims or the value of a charged asset the underlying security position is automatically recalculated.  You may also import secured creditors and their claims.

Introduction to secured creditors' claims

It is possible to either:

  • enter a security and allow the claim to be calculated automatically; or
  • tick Manually Enter Claims and manually enter the exact amounts applicable to fixed and/or floating charges.
  • If secured asset is not entered, it is necessary to mark a secured claim as Manually Enter Claims, otherwise the claim will appear as unsecured.

Note

Entering securities with the Manually Enter Claims option ticked may result in the statement of affairs (‘SoA’) not reporting correctly.  If you allow the system to calculate claims automatically, the SoA will report the claims correctly.

Topics
  • The position of secured creditors is automatically calculated on the ranking of their securities.  If you change secured creditor claims or the value of a charged asset the underlying security position is automatically recalculated. Note When entering secured creditors, they must be matched to a counterparty record. It is possible to either: enter a security and allow the claim to be calculated automatically; or, tick Manually Enter Claims and manually enter the exact amounts applicable to fixed and/or floating charges. If secured asset is not entered, it is necessary to mark a secured claim as Manually Enter Claims, otherwise the claim will appear as unsecured. Note Entering securities with the Manually Enter Claims option ticked may result in the statement of affairs (‘SoA’) not reporting correctly.  If you allow the system to calculate claims automatically, the SoA will report the claims correctly. You may also import secured creditors and their claims.
  • In this section we will look at revaluing assets.  This would be relevant where, say, an asset is expected to realise less than stated in the statement of affairs.  This procedure adjusts the Estimated Future figure for the asset in the Position tab.
  • This section explains the process of realising a secured asset.  Asset realisation is handled through the Asset Register.
  • This section provides an overview of the agreement of a secured creditors claim.
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