How to get in touch with administrators for money owed?
Discussion
Never had any experience of this, but a large company I have done work for has gone bust owing a significant amount of money (well to me anyway). The office are no longer answering the phones or returning messages. However Delloite apparently have been appointed administrators...
Anyone know what the next steps are to reclaim the money owed? Company does have significant assets, just unable to trade effectively in the current climate.
Thanks in advance.
Anyone know what the next steps are to reclaim the money owed? Company does have significant assets, just unable to trade effectively in the current climate.
Thanks in advance.
You should receive a letter from the administrators as you should appear in the company that has gone into administrations accounts.
You will be an unsecured creditor and will in all reality end up with very little of what you are owed if anything at all. Once the administrators get involved they normally manage to suck out most of what is available, you will get a breakdown of their fees just so you can see how quickly money will evaporate.
Hope you do all right out of the situation and it will be interesting to get a future update especially given the circumstances of them going into administration if they supposedly have good assets.
You will be an unsecured creditor and will in all reality end up with very little of what you are owed if anything at all. Once the administrators get involved they normally manage to suck out most of what is available, you will get a breakdown of their fees just so you can see how quickly money will evaporate.
Hope you do all right out of the situation and it will be interesting to get a future update especially given the circumstances of them going into administration if they supposedly have good assets.
I've experienced this in the States.
For the first couple of months I got a couple of letters a week, then it reduced to about one a month for the rest of the year.
Most of these were legal notices that were required to be sent out.
After two years I got 3 cents on the dollar.
As I understand it, a lot of the remaining money is used up by lawyers and accountants while winding up the company. Or that's what my accountant told me. There is a pecking order.
Hope you get a better shake than me. Good luck.
I'm not sure contacting them will speed things up, although they may be able to give you an approx penny in the pound figure.
For the first couple of months I got a couple of letters a week, then it reduced to about one a month for the rest of the year.
Most of these were legal notices that were required to be sent out.
After two years I got 3 cents on the dollar.
As I understand it, a lot of the remaining money is used up by lawyers and accountants while winding up the company. Or that's what my accountant told me. There is a pecking order.
Hope you get a better shake than me. Good luck.
I'm not sure contacting them will speed things up, although they may be able to give you an approx penny in the pound figure.
ahdguy
If you don't receive a letter within a couple of weeks from the admistrators, ring up the administrators and check that your invoice was actually on the system, if not you will have to send a copy invoice.
Unfortunately unless the company has substanstial assets (in which case they would be unlikely to being going into administration!) you will be very unlikely to see much of your money. Think single digit pence in the pound a best.
In this situation, you are best of writing off the money in your mind, and securing other (profitable) business, if you get anything back it will be a bonus.
davidy
If you don't receive a letter within a couple of weeks from the admistrators, ring up the administrators and check that your invoice was actually on the system, if not you will have to send a copy invoice.
Unfortunately unless the company has substanstial assets (in which case they would be unlikely to being going into administration!) you will be very unlikely to see much of your money. Think single digit pence in the pound a best.
In this situation, you are best of writing off the money in your mind, and securing other (profitable) business, if you get anything back it will be a bonus.
davidy
Gassing Station | The Pie & Piston Archive | Top of Page | What's New | My Stuff