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Just heard that one of my clients has gone into a creditors' voluntary liquidation.
They owe me around £4,500 - £5,000.
What a great start to the day. I'll be lucky to see any of it:( and even if I do it'll take months. Ah well Barclays please can you increase my overdraft:rolleyes:
Just heard that one of my clients has gone into a creditors' voluntary liquidation.
They owe me around £4,500 - £5,000.
What a great start to the day. I'll be lucky to see any of it:( and even if I do it'll take months.
Gutted for you, lots of companies in the industry I work are going under or having to make vast numbers of people redundant, not a nice time.
Ah well Barclays please can you increase my overdraft:rolleyes:
I have a direct debit of £49 coming out of my account on the first of every month for my gym membership.....Bearing in mind I dont do bad really, have lots of accounts with the same bank all with plenty of funds in.....they still wouldnt give me a £50 over draft to cover it incase I didnt get paid on time or like this month just gone the 1st was a sunday so they took the money on the thursday before friday pay day.
Banks are very very tight at the moment :rolleyes:
I dont have an overdraft on any of my accounts, as if I havnt got it I dont spend it, the one time I do try even with a perfect credit history and they turn me down lol.
timwilky
06-06-08, 09:14 AM
I have had it happen to me Ed. A company I did some private work for went under owing me £12,000. I had one hell of a time arguing with the receivers that goods provided remained mine until payed for.
I did remove them (2 cisco routers and Nokia/checkpoint firewalls) , they threatened to report me for theft of my own property. I pointed them to the small print of my quotation, delivery note, and invoice.
I have also removed my property from a company who failed to pay within 30 days. Sometimes it is the only way. I have family friends (Small builders merchant) who got their biggest ever order from a Scottish building company. Of course they got all the credit they asked for, £80,000 of material on site and used when the builder goes bang. Turns out local suppliers would not deal with them as they were notorious.
Some people simply take the biscuit when it comes to honouring their debts. Good luck
It's a bit easier Tim if you sell something physical. It's a complete pain in the **** if you sell a service like Sythree.
Good luck Ed. Hope you see some of it (if not all of it) back.
On a slightly seperate note. If you received a strange phone call or missed call the other day Ed, it was me. Had my mobile in my pocket unlocked.
That sucks Ed - wish you the best getting some of it.
So Ed must have pride of place in your phonebook :shock: :lol:
It's a bit easier Tim if you sell something physical. It's a complete pain in the **** if you sell a service like Sythree.
Good luck Ed. Hope you see some of it (if not all of it) back.
On a slightly seperate note. If you received a strange phone call or missed call the other day Ed, it was me. Had my mobile in my pocket unlocked.You had your pocket unlocked???!!! Blimey, wont the moths escape?
Bad news Ed.
timwilky
06-06-08, 10:14 AM
It's a bit easier Tim if you sell something physical. It's a complete pain in the **** if you sell a service like Sythree.
.
Yes I got back the hardware and was fortunately able to use it on a subsequent job, but I was still out of pocket for the consultancy work involved, about £2000. Being able to reuse the kit meant I was able to pay my supplier. However, my bank account/savings/overdraft were emptied as my cash flow went totally tits up until I was able to use it and get paid.
A local filling station owned by a friend got seriously burned by an account holder who clocked up over £5,000 and then went under with debts all over the place. There seems to be a few individuals who knowingly buy products/services knowing they may not be able to pay.
I always make a point of paying my suppliers on time. Yet there are some out there who think it is good business practice to string out payment, even if it eventually kills off their goods and services suppliers.
It's a hell of a lot of ??? for me. I will be lucky to see any of it back. I've written it off in my mind - if not in my books. It really is a horrible feeling - fore those of you who are employed, how would you like not to be paid for two months - that's really what it means.
There seems to be a few individuals who knowingly buy products/services knowing they may not be able to pay.
.
Then they make themselves personally liable & can't hide behind the limited liability of a company.
skeetly
06-06-08, 10:34 AM
Eek!
Sympathy mate :(
Self employed meself.
Yeah its pretty horrendous when you look at it from that angle.
Can self employed insure themselves for loses such as that? or are the costs of doing so unreasonable?
Ultimately I would love to be self employed before I'm 28 but its incredibly hard starting up alone and a big risk and your circumstances are just one of those risks......(I'll keep trying to get a couple of work colleague to share the risk for now :-k)
Spoken to the liquidator earlier.
Looks like it's bread and water for the next few months.
I hate people who don't pay:hackedoff:
Sorry to hear it mate, hope it all works out for you
Ceri JC
06-06-08, 04:41 PM
Ouch, sorry to hear about this. I hate it when companies do this, it's not like you just go under one day, out of the blue. You usually know it's in the pipeline months in advance.
Filipe M.
06-06-08, 05:00 PM
I'm very sorry to hear about this Ed. :( Having been shafted by an ex-employer a few years ago I guess I know how it feels to be in such a situation, I can't find words to describe it, despair and disappointment spring to mind but there's so much more to it than just that...
I really hope something works out for you, I'll be keeping my fingers crossed. :grouphug:
454697819
06-06-08, 10:14 PM
Yeah its pretty horrendous when you look at it from that angle.
Can self employed insure themselves for loses such as that? or are the costs of doing so unreasonable?
Ultimately I would love to be self employed before I'm 28 but its incredibly hard starting up alone and a big risk and your circumstances are just one of those risks......(I'll keep trying to get a couple of work colleague to share the risk for now :-k)
It works the other way around,
a company can ensure a dept, of a client.
Ed thats awful news, The liquidators should pay to you first as you are a smaller firm.
Ill keep my fingers crossed for you.
All the best
Alex
Have received notice of the creditors' meeting - on 19 June. As it's local, will turn up and see what the provisional liquidator has to say. Probably 'there's no money but thanks for coming':rolleyes::rolleyes::rolleyes:
Lesson learned. If I act for small companies again - money upfront, else no work.
wyrdness
08-06-08, 06:22 PM
Have received notice of the creditors' meeting - on 19 June. As it's local, will turn up and see what the provisional liquidator has to say. Probably 'there's no money but thanks for coming':rolleyes::rolleyes::rolleyes:
Lesson learned. If I act for small companies again - money upfront, else no work.
Sorry to hear about this, Ed. But I'm sure that you said the same thing once before when something similar happened.
markmoto
08-06-08, 08:23 PM
Sorry to hear this ed being self employed i can appreciate how hard it is, seems to be alot of companies going to wall of late several large businesses around here have gone including a citroen dealers. I wont give credit, money or you dont get your car back :D
Hope it works out for you mate.
aww hun sorry to hear that... not a nice position to be put in at all :grouphug:
BanannaMan
09-06-08, 01:41 AM
Sorry to hear Ed.
Self employed here as well.
Had a few similar instances in the past.... but never for that much.
Really bad news. :(
Hope you can recover some of it.
454697819
09-06-08, 07:26 AM
Have received notice of the creditors' meeting - on 19 June. As it's local, will turn up and see what the provisional liquidator has to say. Probably 'there's no money but thanks for coming':rolleyes::rolleyes::rolleyes:
Lesson learned. If I act for small companies again - money upfront, else no work.
nothing wrong with that Ed, Even large companies are asking for pro rata invoices these days...
timwilky
10-06-08, 09:23 AM
Yep, I work for massive company who turn over of billions a year. We negotiate contracts with stage payments etc. However we have also been very very very badly burned when a major customer (Renaissance cruises) went bust. Turns out we had leant them the money to buy our ships.
Now whilst we held the mortgages as it where. How do you sell on half a dozen second hand cruise liners when the market knows you are desperate to get rid of them. At a huge loss.
It did bankrupt us and thankfully the French government recognised that we were a profitable company with cash flow and restructuring issues. Unlike the British government who refused to help. Now when we restructured guess where all the high value work is now done.
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