Any Aministrators/Receivers on here?
Discussion
V8mate said:
Business to business debt? Or are you a private customer? What have you been told so far?
Do you have any security? i.e. anything belonging to the company?
Anything really?
Business to business debt,literally had a call from the owner of the company this evening telling me they were fDo you have any security? i.e. anything belonging to the company?
Anything really?
ked 
I was subcontracted by them to supply and install things for their customer so all work and materials are on their customers various sites.Adrenochrome said:
Cyberprog said:
Did you write in a retention of title clause for all materials supplied? If so, then you may be able to negotiate with their customer for the materials back, or payment direct to you.
Materials are all fitted unfortunatelyhttp://www.dac.co.uk/documents/resources/articles/...
Does appear to contradict what I had believed to be the case. If you've fixed the items, you may be unlikely to get them back. Doesn't stop you *trying* but may prevent any effective legal remedy.
Does appear to contradict what I had believed to be the case. If you've fixed the items, you may be unlikely to get them back. Doesn't stop you *trying* but may prevent any effective legal remedy.
I am one of the Insolvency Practitioners referred to earlier.
Do you know whether an Administrator has already been appointed or the process is still underway? Has a "pre pack" been mentioned?
There is unlikely to be much you can do to obtain payment now unless you have some kind of hold over your customer eg they need you to complete some work for them to be paid or you have to certify the work you have already done.
Every insolvency is different and the rules/ regs are complex so I will not post too much detail of the legal process. Sad to say that many administrations do not have a high return to unsecured creditors (ie you) but if it is worth appointing an Administrator rather than a Liquidator there is theoretically a business to be saved and sold on to either the current management or a third party. The Administration route should only be used if it benefits creditors but that benefit may not filter down to unsecured creditors.
If you want to email me through my profile I can be more comprehensive in details.
Do you know whether an Administrator has already been appointed or the process is still underway? Has a "pre pack" been mentioned?
There is unlikely to be much you can do to obtain payment now unless you have some kind of hold over your customer eg they need you to complete some work for them to be paid or you have to certify the work you have already done.
Every insolvency is different and the rules/ regs are complex so I will not post too much detail of the legal process. Sad to say that many administrations do not have a high return to unsecured creditors (ie you) but if it is worth appointing an Administrator rather than a Liquidator there is theoretically a business to be saved and sold on to either the current management or a third party. The Administration route should only be used if it benefits creditors but that benefit may not filter down to unsecured creditors.
If you want to email me through my profile I can be more comprehensive in details.
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