The software tracks a control figure for each creditor.
The value appearing on the Form 5602/5603 is the 'Control Value' that appears on the Creditor Listing reports:
- Creditor Claim Type Summary
- Creditor claims as at Date
- Creditor Listing by Claim Type
The control value is used for reporting the value of creditors at a date. The control value is the later of:
e.g. If a creditor
1. Has a ROCAP value of $150
2. Has advised their claim is higher $160
3. Lodges a claim for $180
4. Is admitted for $155
The control value is $155 being the latest, most relevant figure in the claim process.
There is one complication when dealing with employee claims
If the claim is entered as
- The amount reported for LSL will be $0 because a 'later' amount was entered for wages.
- The Estimated value reported on the Form 5602/5603 does not take into account any distributions as per below ASIC guidance:
- See How-to-flag-a-creditors-as-not-having-a-claim
Tips on completing - Estimated Liabilities
• The estimated value of creditors’ claims is an estimate of the gross amount owed to creditors.
Please do not net off amounts for dividend payments.