Stranded Crews
#21
On Reserve
Joined: Sep 2025
Posts: 37
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#22
Line Holder
Joined: Apr 2007
Posts: 1,914
Likes: 48
Absolutely wrong, there are many restrictions written into the finance package when a bankruptcy loan is created. The first one is the banks and finance companies are paid out of the liquidation money (if there is any) first!
#24
Prime Minister/Moderator

Joined: Jan 2006
Posts: 45,120
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From: Engines Turn or People Swim
Not "usually", it's the law.
Employees go to the top of UNsecured creditors, which is after all of the secured creditors.
But only up to about $15K earned in the last six months. Anything you're owed above that probably goes to the bottom with other unsecured creditors.
#25
Prime Minister/Moderator

Joined: Jan 2006
Posts: 45,120
Likes: 796
From: Engines Turn or People Swim
#26
On Reserve
Joined: Sep 2025
Posts: 37
Likes: 39
#28
Line Holder
Joined: Apr 2007
Posts: 1,914
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#29
Line Holder
Joined: Mar 2024
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#30
Line Holder
Joined: Apr 2007
Posts: 1,914
Likes: 48
It is wrong, been there and done that too! I received a ck for $ 108 dollars after 8 years. They owed me 3 weeks of pay and 2 weeks of vacation. Secured creditors are paid first, then unsecured. There isn't enough money to.pay the secured creditors.
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FlyerJosh
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01-04-2006 05:52 AM



