Young woman with long dark wavy hair wearing a pink T-shirt and blue over-shirt with her hands lifted and spread with a puzzled expression.

Out of pocket from a business that is now bankrupt?

Have you paid for a product or service you have not received or have an unused gift voucher from a retailer that is now out of business? You will need to make a claim in writing to the liquidator or receiver who has been assigned to the business. Read on to find out how you can try get your money back.

Good to know

Visit the business’s website or their premises if you can and check to see if a notice has been posted about the status of the company and details of the assigned liquidator or receiver. If you cannot reach the business, check whether there is a company registrations office in the country where they are based. This office will have the trading status of any registered businesses.

Businesses that go into receivership or liquidation often have a number of debts. There is an order in which these debts will be paid off. You will be considered an unsecured creditor and so you may not be able to get your money back. If you have booked a package holiday, tour operators and travel agents are legally required to have arrangements in place so that if they go out of business, your money and bookings are protected.

If you pay for something using a bank card and don’t receive the item, you can dispute the transaction with your bank. Depending on the debit or credit card scheme – for instance, Visa or MasterCard – there are different terms and conditions. For example, there can be specific time frames for requesting a chargeback, such as 120 or 180 days after the transaction takes place or after the agreed date of delivery. If you paid by credit or debit card, contact your financial institution to find out if a chargeback is possible.