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Old 19 April 2006, 07:02   #1
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Morally Wrong - Surely

We have just found out today that a large customer of ours "Limited Company" went into administration on Thursday afternoon, owing us somewhere in the region of 19,780 inc vat. They are now set up from the same premises again as a new outfit, different name, all the same staff and the liquidators say it is perfectly legal, oh and we may not see a penny of our debt.

Is it me or is there something very wrong in this.
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Old 19 April 2006, 07:31   #2
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Quote:
Originally Posted by Nauti Buoy
We have just found out today that a large customer of ours "Limited Company" went into administration on Thursday afternoon, owing us somewhere in the region of 19,780 inc vat. They are now set up from the same premises again as a new outfit, different name, all the same staff and the liquidators say it is perfectly legal, oh and we may not see a penny of our debt.

Is it me or is there something very wrong in this.
Been there. been stung with that client went bust on a Friday owing around 489k to various sub-contractors ( 16k to us), transfered all assest over to his wife, somthing to do with ownership, and opened again the following Wednesday. Needless to say he lasted about 6 months and went bust again this time owing around 180k.
At least you can look forward to getting around 1p in the back...........if you lucky
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Old 19 April 2006, 08:00   #3
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Sorry to hear that Richard.

It has happened to me too. Makes me mad.
The new company was set up 4 months before the other went down, and all the assets had been transfered to the new company. Total owing to creditors in excess of 1M.
The only people to get anything were the bank, Mr G. Brown and the bl**dy Administrators.

Needless to say the had a bit of trouble getting credit afterwards.
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Old 19 April 2006, 08:01   #4
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Quote:
Originally Posted by Nauti Buoy
We have just found out today that a large customer of ours "Limited Company" went into administration on Thursday afternoon, owing us somewhere in the region of 19,780 inc vat. They are now set up from the same premises again as a new outfit, different name, all the same staff and the liquidators say it is perfectly legal, oh and we may not see a penny of our debt.

Is it me or is there something very wrong in this.
I guess the question now is will you do business with them again ? (assuming they pay up front this time). Can you put it about other businesses that they are bad creditors ? at least that way they would struggle to get services, & hasten their more permanent demise.

Ricky
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Old 19 April 2006, 08:12   #5
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I have heard this happens far too often and is just not fair on folks like yourself who go out on a limb to provide good service and support.

some real crooks out there these days...

also they do it to get out of warranty obligations.......


Quote:
Originally Posted by Nauti Buoy
We have just found out today that a large customer of ours "Limited Company" went into administration on Thursday afternoon, owing us somewhere in the region of 19,780 inc vat. They are now set up from the same premises again as a new outfit, different name, all the same staff and the liquidators say it is perfectly legal, oh and we may not see a penny of our debt.

Is it me or is there something very wrong in this.
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Old 19 April 2006, 08:35   #6
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I guess the question now is will you do business with them again ? (assuming they pay up front this time).
No will not be doing any further business with them, don't feel like helping them out. Planning on approaching their clients for the work direct, as we printed the work for the agency, so still have the artwork etc. Plus can beat their prices as they put on a surcharge.


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Originally Posted by thorper
Can you put it about other businesses that they are bad creditors ? at least that way they would struggle to get services, & hasten their more permanent demise.
Yes, but the print trade is quite a close nit "community" and word soon spreads so have naturally done my bit.

Hey ho!!!
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Old 19 April 2006, 12:58   #7
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The Irish revenue have a "Phoenix" division to deal with operations like this. Maybe you should talk to the tax people. Dont get angry, get even.
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Old 19 April 2006, 13:31   #8
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Wonder if they changed the name on their insurance as well.......
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Old 19 April 2006, 14:28   #9
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No will not be doing any further business with them, don't feel like helping them out. Planning on approaching their clients for the work direct, as we printed the work for the agency, so still have the artwork etc. Plus can beat their prices as they put on a surcharge.
Richard,

Sorry to hear about this - I agree it's a crap way for things to go on. The issue is the dividing line between someone genuinely having problems with their business or someone who is intent on taking the max out ot it and sod the consequences.

Do you use any of the credit checking agencies? D&B, Graydon etc. People often use them when they open accounts but don't review. You do get some extra info that isn't derived from Companies House.

As it's now a different company, you won't be breaching any agreements by going direct to the end client. One of the plusses in your business is you can usually tell where ithe work is going! With a bit of luck the end customers will take the same dim view and work with you.

Goodl luck.
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Old 19 April 2006, 18:09   #10
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The issue is the dividing line between someone genuinely having problems with their business or someone who is intent on taking the max out ot it and sod the consequences.
Sorry Mike, nothing personal - think this is Bollocks. My father's company got into problems a while ago. I jacked in my job, joined in the family firm, worked the company and paid off 100,000 worth of his debts to various creditors and closed the company down with EVERYONE paid off and got him to a position where he retired with another 100,000 in the bank, all his personal debts paid off and a brand new car sitting in the garage. It's a matter of ethics. It is too easy in this country to f**k about with other peoples livelihoods. He promptly missmanaged the money - but hey ho, it was his money then, not someone elses.

Now the other side of the story. 4 years ago my parents employed a builder to do some work (Ltd Co). Poor job. Idiots paid them. Builder renaged on guarantee. Went into administration. Turns out had a mirror Co up and running and just switched the business to the new firm (done it several times by all accounts). Sued them following Barristers advice that they had made mistakes & these had led to liability being transferred to the new Co. As is typical with this country the Judge disagreed (perhaps he had PMT, or a hang over or maybe his suspender belt was digging in that morning). My parents have just received a 20,000 legal bill & now have 10,000 of repairs they have to fund themselves. British justice at work.

Now, where did I leave those emigration papers?
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