Creditor's Meeting - do I need to go?

Originally Posted by 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.

Whilst I appreciate the comment, and the feeling amongst those that lost you, insolvency practitioners charge no more than other professionals generally speaking. A good barrister would cost you upwards of £1,000 per hour, insolvency practitioners are quite often known as the bad man who takes all the money, and yes they are paid very well, perhaps too well, but they are still professionals with years of training (by my reckoning it's at least 6 years but I could be slightly out on that) and the exams are not easy. On top of that, there's the practical experience requirement.

Anything financial based at that level is generally well paid.

That said, there's not enough regulation (in my opinion) of insolvency practitioners.

Just to add, it's £8.2million for lawyers, insurers, administrators and media exec. And that's what they've received, obviously insurance is a cost that could come back on the insurance company.

[Bibio]

the point i was trying to make was that it should not take 5+ years to do their job, they are blatantly ripping the public off while they line their pockets.

Did you want to make sure I got your point this time?

Administration is a lengthy business and if it's over quickly, no more fees

[Bibio]

wasn't me but tidied up.

Haha I'm sure. I hate when that happens. Anyway, de-rail over....

[keith_d]

Originally Posted by hongman

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

I'll ring them Monday.

Thanks

Might also be worth asking what sort of assets there are and how much is owed to the inland revenue. From memory I think the pecking order is something like:

1) Secured creditors
2) Insolvency practitioners
3) Preferential creditors
(some outstanding wages, pension fund shortfall, etc.)
4) Inland revenue and unsecured creditors

So if you're in category four you may see little or nothing of the money they owe you.

Secured creditors only receive money upon assets over which they hold security. (Which can become complicated in the case of debentures)

Any shortfall is included along with all other unsecured creditor.

Yeah the administrator's have taken £160k in fees I think, if I am reading it right.

I probably just wont bother. HMRC are owed £600K of that £1m.

Thanks for the advice all.

Hoping I can get their servers back cheap to resell!

[keith_d]

Originally Posted by hongman

I probably just wont bother. HMRC are owed £600K of that £1m.

Fortunately, a few years back HMRC joined the rest of the unsecured creditors. So if you get 10p in the pound on your debt so do they.