Qoo10 staff, secured creditors paid first

FROM A26

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try of Law's website. This document requires details such as the amount and description of the total debt that is apparently owed, as well as supporting documents, including invoices, receipts, contracts or messages.

"The liquidators will have to review these claims and make a decision whether to accept them or to reject them," he said.

Mr Chen said that secured creditors, or those with legal rights over Qoo10's assets in the event of an insolvency, have collateral such as vehicles, property, equipment or patents registered in Qoo10's name - that liquidators can sell to repay the debts.

Other claimants, such as customers, will generally be treated as unsecured creditors.

Qoo10's staff, who are not considered to be unsecured creditors, will be given higher priority by the liquidators and will be paid first.

"After the liquidators have paid out to the secured creditors and assuming that Qoo10 has sufficient assets, then the liquidators will have to pay all of the unsecured creditors' claims," he said.

If Qoo10 does not have sufficient assets to pay off all of the unsecured creditors' claims, the liquidators will pay these unsecured creditors in accordance with the pari-passu rule (on equal footing, without preference).