Creditor's Meeting - do I need to go?

A few months ago one of my clients went bust, and today I received a letter from the administrator's detailing all of their financial affairs etc.

Inside that pack is a form to fill in to attend a creditor's meeting.

Normally I'd probably go anyway but the date it is on is REALLY inconvenient for me.

So, is there any benefit to going? If I'm likely to recover more money from them then I'll go of course, but I somehow dont believe it will make the slightest difference.

I already know I'll get pennies to the pound, if I'm lucky. A part of me says I have wasted enough time on this mob and I'm better off using that time spend at this "meeting" to do a job that I can actually earn from, either directly or indirectly.

Time is money!

What do you think?

[dizzyblonde]

I got something similar years ago, after I ordered two sofas off a firm that later went bust.

Never went, far too many people they owed sofas or money to, not likely to get owt from it.

Then followed the countless amounts of useless letters from administrators put through my letter box.

Got my sofas in the end.....they were crap

Think its only helpful for those owed a pretty penny tbh.

[tigersaw]

had an extended guarrentee with a freezer once, it went bust and I got invited to a creditors meeting! I think the only winners are the administrators that wind up the companies and charge for all these letters.

Originally Posted by tigersaw

had an extended guarrentee with a freezer once, it went bust and I got invited to a creditors meeting! I think the only winners are the administrators that wind up the companies and charge for all these letters.

Yuuuuuuuup! Seen quite a few of these come through our business in the last four years. Always lucky to get a few quid considering the administrators tend to charge about £400 an hour. If it wasn't for them there would actually be some money to go around. IMO it's not worth you going. Just spend the time doing something you can earn from like you said

Not worth you going.

Generally a meeting of creditors is called for one of a few reasons.

If there are administrators in place, I'd imagine it's for them to ask you for permission to spend money on something. You get voting rights equal to your debt compared to everyone else's. So, if you're owed £1,000 and they owe £100,000 you have a 1% vote. It may be enough to swing it.

If it is the case that they are asking for a voluntary arrangement to be agreed, then again you will have the same amount of a vote.

Call the people calling the meeting and ask them what it's in relation to. Give me a ring or PM if you want more info.

[andrewsmith]

Originally Posted by EssexDave

Not worth you going.

Generally a meeting of creditors is called for one of a few reasons.

If there are administrators in place, I'd imagine it's for them to ask you for permission to spend money on something. You get voting rights equal to your debt compared to everyone else's. So, if you're owed £1,000 and they owe £100,000 you have a 1% vote. It may be enough to swing it.

If it is the case that they are asking for a voluntary arrangement to be agreed, then again you will have the same amount of a vote.

Call the people calling the meeting and ask them what it's in relation to. Give me a ring or PM if you want more info.

This

It would depend on the scales

Well I'm owed £2,100 and they owe a total of £1m

I'll ring them Monday.

Thanks

Originally Posted by hongman

Well I'm owed £2,100 and they owe a total of £1m

I'll ring them Monday.

Thanks

It's generally quite difficult to say without knowing the ins and outs, but generally speak with their debt that high and yours such a small percentage of that total debt, I'd say no.

However, as with all advice on the internet, take it as you want. Obviously, it's money you don't want to lose out on.

As I said before, if you want to PM me once you have some further info feel free.

[Bibio]

slight derail, did you know that Fairpack is still in Administration. the administrators have received around £8,000,000+ in fees. while the public have not received a bolt.

Silly isn't it.