Thats HMV going as well! - Page 11 - SV650.org

dizzyblonde · 16-01-13, 03:33 PM

Equally companies such as Next pulling the plug on their kitchen range. Lots of people having paid deposits for an installation that will never happen.

Biker Biggles · 16-01-13, 03:38 PM

Just a thought.If they felt the need to check with the lawyers back in December that they could legally default on their obligations would it be reasonable to assume they knew they were insolvent then?If they then sold more vouchers would that be fraud?

yorkie_chris · 16-01-13, 03:39 PM

Good luck getting anything back off the administrators though you'll be at the bottom of a long list.

flymo · 16-01-13, 03:40 PM

good idea to use a credit card for this, especially for things like kitchens etc as the card company are equally liable.

16-01-13, 03:51 PM

Just because you are insolvent doesn't mean you are in default. Insolvent means that you cannot pay your obligations. Default happens when you have not paid your obligations (usually a few weeks afterwards).

You can always legally default on your obligations, that's what the contract is for. It sets out what each party must do, and what happens when either party fails to do that.

As I said they could well have defaulted in November, as which point their creditors take control. The creditors do not have to put them into administration they merely have the right to. From their point of view and trying to maximise returns, it would have been stupid to do that before Christmas sales period. (I am not defending the stance)

flymo · 16-01-13, 03:54 PM

Quote:

Originally Posted by ClunkintheUK

Just because you are insolvent doesn't mean you are in default. Insolvent means that you cannot pay your obligations. Default happens when you have not paid your obligations (usually a few weeks afterwards).

You can always legally default on your obligations, that's what the contract is for. It sets out what each party must do, and what happens when either party fails to do that.

As I said they could well have defaulted in November, as which point their creditors take control. The creditors do not have to put them into administration they merely have the right to. From their point of view and trying to maximise returns, it would have been stupid to do that before Christmas sales period. (I am not defending the stance)

you can say that again!

16-01-13, 04:08 PM

Yes i can, but then i'd have to charge for my legal advice.

16-01-13, 04:48 PM

If they had stopped selling vouchers before xmas, then questions would be asked why.

Good posts Clunk!

16-01-13, 04:48 PM

If they had stopped selling vouchers before xmas, then questions would be asked why.

Good posts Clunk!

PS: I'm not defending it either, I'm just saying I can understand why it's been done the way it has, and even if it's totally heartless, that's big business.

Biker Biggles · 16-01-13, 06:06 PM

I can understand why they did it too,but theres a fine line here.If you take money for a product and you can reasonably be expected to know that you will be unable to honour that transaction you commit fraud.Isnt that "fraudulent trading"and would be enough to disbarr you from being a director of a company?Im not saying they did this,but I would think there is a case for an investigation.

16-01-13, 03:33 PM	#101
dizzyblonde Da Cake Boss Mega Poster Join Date: May 2007 Location: On a flying Horse Posts: 9,992	Re: Thats HMV going as well! Equally companies such as Next pulling the plug on their kitchen range. Lots of people having paid deposits for an installation that will never happen. __________________ Suzy, yellow 2001 SVS. Kitty, V-Raptor 1000, ZZR1400<<its my bike now Pegasus! Hovis 13.8.75-3.10.09 Reeder 20.7.88-21.3.12

16-01-13, 03:38 PM	#102
Biker Biggles Member Mega Poster Join Date: Jan 2005 Location: Barnet Herts Posts: 5,068	Re: Thats HMV going as well! Just a thought.If they felt the need to check with the lawyers back in December that they could legally default on their obligations would it be reasonable to assume they knew they were insolvent then?If they then sold more vouchers would that be fraud? __________________ On a clear day we stand there and look further than the ordinary eye can see.

16-01-13, 03:39 PM	#103
yorkie_chris Noisy Git Mega Poster Join Date: Apr 2007 Location: Halifax/Leeds Posts: 26,645	Re: Thats HMV going as well! Good luck getting anything back off the administrators though you'll be at the bottom of a long list. __________________ Currently Ex Biker Now rebuilding a 63' fishing trawler as a dive boat

16-01-13, 03:40 PM	#104
flymo Member Mega Poster Join Date: Jan 2008 Location: North West Posts: 3,124	Re: Thats HMV going as well! good idea to use a credit card for this, especially for things like kitchens etc as the card company are equally liable.

16-01-13, 03:51 PM	#105
ClunkintheUK Guest Posts: n/a	Re: Thats HMV going as well! Just because you are insolvent doesn't mean you are in default. Insolvent means that you cannot pay your obligations. Default happens when you have not paid your obligations (usually a few weeks afterwards). You can always legally default on your obligations, that's what the contract is for. It sets out what each party must do, and what happens when either party fails to do that. As I said they could well have defaulted in November, as which point their creditors take control. The creditors do not have to put them into administration they merely have the right to. From their point of view and trying to maximise returns, it would have been stupid to do that before Christmas sales period. (I am not defending the stance)

16-01-13, 04:08 PM	#107
ClunkintheUK Guest Posts: n/a	Re: Thats HMV going as well! Yes i can, but then i'd have to charge for my legal advice.

16-01-13, 04:48 PM	#108
-Ralph- Guest Posts: n/a	Re: Thats HMV going as well! If they had stopped selling vouchers before xmas, then questions would be asked why. Good posts Clunk!

16-01-13, 04:48 PM	#109
-Ralph- Guest Posts: n/a	Re: Thats HMV going as well! If they had stopped selling vouchers before xmas, then questions would be asked why. Good posts Clunk! PS: I'm not defending it either, I'm just saying I can understand why it's been done the way it has, and even if it's totally heartless, that's big business. Last edited by -Ralph-; 16-01-13 at 04:50 PM.

16-01-13, 06:06 PM	#110
Biker Biggles Member Mega Poster Join Date: Jan 2005 Location: Barnet Herts Posts: 5,068	Re: Thats HMV going as well! I can understand why they did it too,but theres a fine line here.If you take money for a product and you can reasonably be expected to know that you will be unable to honour that transaction you commit fraud.Isnt that "fraudulent trading"and would be enough to disbarr you from being a director of a company?Im not saying they did this,but I would think there is a case for an investigation. __________________ On a clear day we stand there and look further than the ordinary eye can see.