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Liquidation - the theiving buggers

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By *WLondonMix OP   Man
over a year ago

Willsden/DollisHill

Just found out this morning via letter from courts that a major 'multi million' contractor that we work for and have been doing so for the last 9 years has gone into liquidation, meaning the 25k still owed to us will not be getting paid. The owners have variety of cars from aston martin to audi r8's. As it is a limited company and has started recievership we are going to be done out of all our money. Actually we will get paid 15p to each pound if were lucky 1.5p if were not.... Thanks a lot. It is a shame its the age old addadge of the Big Companys crushing the small but such is life ...

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By *nvictusMan
over a year ago

Beeston


"Just found out this morning via letter from courts that a major 'multi million' contractor that we work for and have been doing so for the last 9 years has gone into liquidation, meaning the 25k still owed to us will not be getting paid. The owners have variety of cars from aston martin to audi r8's. As it is a limited company and has started recievership we are going to be done out of all our money. Actually we will get paid 15p to each pound if were lucky 1.5p if were not.... Thanks a lot. It is a shame its the age old addadge of the Big Companys crushing the small but such is life ..."

This happened to my family business with a few big contractors.

We ended up having to go into Administration, it had been running since the early 1970's without any major problems as well.

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By *etillanteWoman
over a year ago

.

That's so bad and more than likely will rise phoenix like from the ashes

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By *he_original_poloWoman
over a year ago

a Primark shoebox in Leicester

On the positive side... you got 9 good years out of them.

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By *ugby 123Couple
Forum Mod
over a year ago

O o O oo

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By *etillanteWoman
over a year ago

.


"On the positive side... you got 9 good years out of them."

Oh and they can claim the vat back and write it off as a tax loss, but they are still £25k down NOW and as others have said companies have gone under themselves due to bad debts.

The also did 9 years work for it

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By (user no longer on site)
over a year ago

thats a pisser

i bet they carried on using you for work even though they knew they was going into liquidation

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By (user no longer on site)
over a year ago


"Just found out this morning via letter from courts that a major 'multi million' contractor that we work for and have been doing so for the last 9 years has gone into liquidation, meaning the 25k still owed to us will not be getting paid. The owners have variety of cars from aston martin to audi r8's. As it is a limited company and has started recievership we are going to be done out of all our money. Actually we will get paid 15p to each pound if were lucky 1.5p if were not.... Thanks a lot. It is a shame its the age old addadge of the Big Companys crushing the small but such is life ..."

Two of my competitors went into liquidation last year after poor business decisions, quality etc. They started again after screwing suppliers and offered cheap rates to my customers - who jumped on the new rates like pigs in a trough!! The rates are so cheap that there is no way they could make money if they intended to actually pay suppliers, which of course they don't.

It happens too often, and is regarded by some as a legitimate technique for trading. My customers - mostly large blue chip companies OR local authorities- are condoning this practice by trading with them to save a few pennies.

All perfectly legal.

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By *he_original_poloWoman
over a year ago

a Primark shoebox in Leicester

I am sure the contractors are thrilled at going into receivership/liquidation… those big bad nasty feckers running a business for at least 9 years and then letting it go tits up for the sake of it.

After at least 9 years of running the business they don’t sound too much like the more unscrupulous money grabbers greedy fucks who set up a company to dupe others with every intention of leaving bills unpaid whilst they scarper off with the cash.

Of course it’s not a nice thing to happen… but it does. Let's not forget, they are in the shit because they weren't getting the cash in too.

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By *etillanteWoman
over a year ago

.


"thats a pisser

i bet they carried on using you for work even though they knew they was going into liquidation "

And that is the bloody annoying thing

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By (user no longer on site)
over a year ago


"thats a pisser

i bet they carried on using you for work even though they knew they was going into liquidation

And that is the bloody annoying thing"

i feel for companies that are owed the money too as its just not what the country needs

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By *etillanteWoman
over a year ago

.


"I am sure the contractors are thrilled at going into receivership/liquidation… those big bad nasty feckers running a business for at least 9 years and then letting it go tits up for the sake of it.

After at least 9 years of running the business they don’t sound too much like the more unscrupulous money grabbers greedy fucks who set up a company to dupe others with every intention of leaving bills unpaid whilst they scarper off with the cash.

Of course it’s not a nice thing to happen… but it does. Let's not forget, they are in the shit because they weren't getting the cash in too.

"

The difference being that if you OWE money to them you still have to pay the receivers.

I've been in the situation where I had to pay money to someone who owed me money. They then came back as a new company using the same machinery and driving the same cars

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By (user no longer on site)
over a year ago


"I am sure the contractors are thrilled at going into receivership/liquidation… those big bad nasty feckers running a business for at least 9 years and then letting it go tits up for the sake of it.

After at least 9 years of running the business they don’t sound too much like the more unscrupulous money grabbers greedy fucks who set up a company to dupe others with every intention of leaving bills unpaid whilst they scarper off with the cash.

Of course it’s not a nice thing to happen… but it does. Let's not forget, they are in the shit because they weren't getting the cash in too.

The difference being that if you OWE money to them you still have to pay the receivers.

I've been in the situation where I had to pay money to someone who owed me money. They then came back as a new company using the same machinery and driving the same cars"

happens alot that

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By *etillanteWoman
over a year ago

.


"I am sure the contractors are thrilled at going into receivership/liquidation… those big bad nasty feckers running a business for at least 9 years and then letting it go tits up for the sake of it.

After at least 9 years of running the business they don’t sound too much like the more unscrupulous money grabbers greedy fucks who set up a company to dupe others with every intention of leaving bills unpaid whilst they scarper off with the cash.

Of course it’s not a nice thing to happen… but it does. Let's not forget, they are in the shit because they weren't getting the cash in too.

The difference being that if you OWE money to them you still have to pay the receivers.

I've been in the situation where I had to pay money to someone who owed me money. They then came back as a new company using the same machinery and driving the same cars

happens alot that "

And asked us to do work for them again

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By *he_original_poloWoman
over a year ago

a Primark shoebox in Leicester


" The difference being that if you OWE money to them you still have to pay the receivers."

Albeit too late.

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By *heWolfMan
over a year ago

warwickshire

You need to find the names and addresses of the principal directors and demonstrate your disapproval directly.

Not that I am suggesting in any way, shape or form that you knock on anyone's door at dusk, with your collar turned up and a black wooly hat on, which may possibly roll down and become a balaclava, just to tell someone that their business practices are going to cause you a lot of difficulty now, and that you are pleased to see they are still living in a nice house with a nice car - all the while using a quiet, calm, measured tone, with no bad language or threats.

Nor am I suggesting that you finish by pointedly extending your regards to the wife and kids, before smirking and walking away with your hands in your pockets.

No, that wouldn't get you another penny of your money, so that wouldn't help.

However, when you see someone who thinks they are a smartarse, and that so long as they are OK, then all's well, standing on the doorstep of his personal retreat, his family home,in his slippers, reduced to a shaking heap of gibbering shit, I can assure you, it brings an untold wave of warmth and satisfaction washing over you that will last for a long time. Especially when you hear the person has abandoned his plans to simply set up another "respectable and respected" company allowing him to carry on playing the successful businessman rather than the failed businessman he is in reality, and has opted to retire early. Or he doesn't fuck off to Geneva on business any more, preferring to stay at home with his family. The transformation is incredible, that person will start to look old and frail, it makes them less cavalier.

Remember, NO threats or nastiness. You are only letting someone know that you know where they live...

Like I say, it won't get you your money, but it might make someone think before going on to fuck some other small businesses over, it helps focus their mind on all that is important, like their own family. It's certainly a lot more effective than threatening to shoot him - that won't get you any money, but will get you into trouble with the law, it probably won't even trouble him - Mr Plod will be looking out for you for him.

I have no problem with genuine business fails, these things can and do happen. Whilst it's terrible to be owed money by someone who goes down, seeing someone who has put his heart and soul into something before taking the hit, and it changing his life completely, is almost as bad. Not all big companies escape going bust with everyone at the top intact.

However, people hiding behind Ltd Companies/PLCs who are serial offenders, or if they walk away with no noticeable hardship from their business failure leaving a trail of broken subcontractors, well, they should be dragged out to a limepit and shot. Any chance of making that Law, Mr Osbourne, Mr Cameron?

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By *etillanteWoman
over a year ago

.


" The difference being that if you OWE money to them you still have to pay the receivers.

Albeit too late."

Albeit that it does F**k all for you getting your money

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By (user no longer on site)
over a year ago


"thats a pisser

i bet they carried on using you for work even though they knew they was going into liquidation "

Doesn't that count as trading whilst insolvent?

If you can establish that directors of a limited company did this you may have a claim against them personally. That may not put you in a better position financially but you'll probably feel a bit better if you can get them disqualified as directors for x years.

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By *etillanteWoman
over a year ago

.


"thats a pisser

i bet they carried on using you for work even though they knew they was going into liquidation

Doesn't that count as trading whilst insolvent?

If you can establish that directors of a limited company did this you may have a claim against them personally. That may not put you in a better position financially but you'll probably feel a bit better if you can get them disqualified as directors for x years."

Proving it is another matter

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By (user no longer on site)
over a year ago


"thats a pisser

i bet they carried on using you for work even though they knew they was going into liquidation

Doesn't that count as trading whilst insolvent?

If you can establish that directors of a limited company did this you may have a claim against them personally. That may not put you in a better position financially but you'll probably feel a bit better if you can get them disqualified as directors for x years.

Proving it is another matter"

Agreed, that's why I said 'if'.

That aside, a consortium of similarly treated subbies might get together to share the cost and it might be possible to find a suitably pissed-off former employee of the failed company who actually knows what went on.

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By *etillanteWoman
over a year ago

.


"thats a pisser

i bet they carried on using you for work even though they knew they was going into liquidation

Doesn't that count as trading whilst insolvent?

If you can establish that directors of a limited company did this you may have a claim against them personally. That may not put you in a better position financially but you'll probably feel a bit better if you can get them disqualified as directors for x years.

Proving it is another matter

Agreed, that's why I said 'if'.

That aside, a consortium of similarly treated subbies might get together to share the cost and it might be possible to find a suitably pissed-off former employee of the failed company who actually knows what went on."

And then they discredit him as just that.

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By *WLondonMix OP   Man
over a year ago

Willsden/DollisHill

Indeed we did get 9 years of work of them, however the last year and 3 months haven't been paid a penny, as we are an independent business it is a shame. We got bumped off for 25k 2 years ago by another firm that had major contracts with british rail, and we demolished many area's in london trainstations.

It is incredulous that companies can do this, yet it is nothing new. It isn't even a legal loophole but nice and clear. It is even worse as small independent firms like us, work hard, charge respectively and also give back a lot to the communities. Also just done the books and is actually 32.500 grand. Which is definitely something we can not contend with unless we restrict our labour force. Our workers including myself, work long hours as it is and we don't just work for ourselves but for the good of the company. It is close knit, and will be a shame to dump them into the benefits heap.

In times of recession as it is now, the government should be more supportive of us independents and bring harsher penalties onto these company that happily rip us out of Hard earned money.

But to fair, these things do happen. Too often. But don't worry he won't be getting knocks on the door, threats are pointless, also if we actually contest the terms they have offered, we automatically waiver our claim. Nice flowery worded letter and documents clearly stating, you are getting next to fuck all and nothing you can do about it. With a nice big high justice court stamp on it.

As previously stated we have been through similar before and fought tooth and nail to regain our balance. Once again we have to loose few more teeth and forget the manicures and carry on.

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By (user no longer on site)
over a year ago

Is the £32500 they owe you due as one payment, or is it an accumulation of a number of overdue payments?

All too often, we carry on working while being owed for work already completed.

We should in hindsight have stopped work earlier until payment was received.

It's always easy to say these things after the event, but sometimes we really should be tougher with our debters

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By (user no longer on site)
over a year ago

Well - that's capitalism for you. The devil take the hindmost. It's a great system for those at the top, but pretty shitty for those at the bottom. And now you're finding out what that's like!

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By (user no longer on site)
over a year ago


"Is the £32500 they owe you due as one payment, or is it an accumulation of a number of overdue payments?

All too often, we carry on working while being owed for work already completed.

We should in hindsight have stopped work earlier until payment was received.

It's always easy to say these things after the event, but sometimes we really should be tougher with our debters"

I did just that a couple of weeks ago. I'd done a lot of work in a house via a letting agent, for a Landlord, but the landlord didn't see fit to cough up, so off I went to another job and left that one half done - a house isn't much use if it's only part rewired .

So a week or so later the phone rang, it was the letting agent - 'How much longer will it be before that job is finished, as the new tenant is due to move in in 5 days' My reply, 'I won't be finishing it at all if Mrs X doesn't cough up and pay me'

2 days later - the cheque was there for me and I continued with the work.

Once people start to piss me about - the work stops, simple as that

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By *atisfy janeWoman
over a year ago

Torquay

Maybe the contractor that has gone into liquidation did so because they too haven't been paid for work carried out for other companies?

Very often it is a snowball effect with one company finding themselves with severe cash flow problems or being liquidated, and bringing other companies that provide them with goods or services down with them, and so on and so on.....often ending up with the smallest sub contractors and suppliers themselves going bust.

Also the comment about Aston Martins cars means nothing....most companies with large turnovers lease their directors and managers cars....it isn't always an indication that they are mis- spending their turnover on luxuries.

And FIFTEEN months of continuing services to this company without being paid?.....No alarm bells ringing earlier then?

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By *WLondonMix OP   Man
over a year ago

Willsden/DollisHill

It was an accumulation of work, we do demolition and site clearance and they generally have 6 months to pay the sum, or max a year in part payments. They had been a genuine customer for many years and this system proved sufficient, as they were at one point our 'bread and butter' money. They were always tighter than an ants glory hole , so we usualy expe payment late and it was mainly a case of, they always paid previously albeit late. Not only this the company will be starting again with same name but owned by a new irish company. so now going into receivership. This personally means we have to lump it or leave it. Hopefully when they start again we can recuperate our losses. But either way there should be laws against this, and glad to see so many people have same or similar opinions on this matter. Sorry for ranting on here but found in past in these forums you get some of the best advice or comments around lol

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