Taken for £30K

[poggy]

Can't believe it, we just got taken for £30K of debt by one of our customers.

They sold the assets of the company and the name on the 15th June and then put the company into administrative receivership on the 16th June.

So basically we loose £30K.

Can't believe they can do that.

 

[The Negotiator]

Doh............can they do that? Have you no way of getting it back? I assume you have clever people to advise you about that.

Sorry mate, that's serious money.

 

[Steven]

Eh? What company?

 

[joecinq]

Are you sure lose all of the money?

Stu may know...

 

[poggy]

I can get the VAT back and retain title to some of the goods, but essentially they can do it.

I can claim from the administrators, but if there's no money then you don't get any.

 

[Giggz]

its a quick way out of paying most of the money back.We have 1600+ customers and i garentee around a 100 a year go into admin

 

[dazz666]

What business?

 

[poggy]

Can't give you the name of business due to non disclosure agreement, but it is a large broadcast manufacturer. The assets have been bought by a very famous & wealthy musician.

 

[hmallett]

Were you selling them goods or services? If goods, then until paid for in full, title should be yours, so if they've sold them as assets of their business, it's fraud, or theft.
If services, not sure how you deal with that one... It's for the receivers to dissolve any remaining assets, and pay you accordingly. I expect...
H