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debt monkey

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Everything posted by debt monkey

  1. Good idea making the thread Dragon. I will try to keep it updated
  2. The following national retailers have been placed into administration: Woolworths MFI The Pier Zavvi Whittard Officers Club USC Olan Mills Morgan
  3. What do you think should be done instead? With one of the recent high profile retail administrations, we had the option of pre-pack sale part of the business back to a parent company or liquidation of the entire company and closure of all the stores. The company had previously been up for sale but there was no serious interest, there were no funds to continue trading, and a deal had to be completed before landlords took action. Theres more than a few on life support, we are expecting to be appointed on 2/3 big retail administrations shortly.
  4. I think you will find the technical term in our office is "Another one bites the dust"
  5. Following on from another thread, which dragon will be first to apply for insolvency proceedings?
  6. Yes, a lot of effort was made as we were worried that it would be a disaster if we destroyed somebodies items and then they complained to the local papers. Apart from just writing, adverts and notcies, we also phoned/emailed customers if we had upto date information. Whilst there is demand for storage firms at the moment, they have to be very careful with bad debts in the current climate.
  7. Ive done the administration of a storage company. Its awkward as there are very few laws directing us what to do, and the contract you signed is not much use if the company is in administration or liquidation. We traded the storage company whilst looking for a buyer, and notified all customers in writing. After about a month, it was apparent that the company would have to close, as the land was worth more than the company. We gave all customers 4 weeks notice to remove items. A lot of people did not reply. We had to go to court for directions, wrote to all customers again, put up notices and advertised in the local paper. After another 4 weeks, we wrote to all the customers again letting them know that all items would be transfered to another stoarge company in 2 weeks, and that the charges would be the same but if you did not pay the new company we would have to dispose of the items. The court apporved our plans.
  8. If the company is in administration the administrator is liable for the rent. However we would normally negotiate a rent free period whilst we trade the company and look for potential buyers. Most landlords agree. Landlords are an unsecured creditor along with everyone else.
  9. Rumour has it that administration papers were drafted ready to be couriered to the court to place HBOS and RBS into administration simultaneously.
  10. Halfords do quite well on cycle sales. They supply at lot of bikes to companies through the HMRC Bike to work scheme.
  11. Thanks for the links buytoilet. If you hear anything about Sunseeker, please post it on this thread.
  12. Next set of insolvency figures due out on 6 February 2009. Bankruptcy UP Liquidations UP Administrations UP Going to be a blood bath
  13. Research carried out by YouGov for R3, which is the association of business recovery professionals, showed that there are 600,000 DMP's at present. The criticism of these is that the DMP companies are largely unregulated and do not want to fail the DMP's as they will lose out on fees.
  14. Unfortunately, as a Licensed Insolvency Practitioner, I see a large number of people that are given bad advice by companies that just specialise in IVA's or DMP's and dont get the full range of options explained to them.
  15. Does anybody have any news or gossip about Sunseeker? One of the biggest employers in Poole, how are they coping?
  16. Thanks for the update CO2, very interesting, sounds as though your business is in safe hands and should do well. Agree, selling stock as administrator or liquidator was easy last year, but has become much harder in the last 6 months. We used to know quite a few people who were willing to buy large volumes of stock from us very quickly, but now theres only a couple remaining and they have a lot of choice at the moment. If your friend were to speak to the right people, , he could find out how much equity she has in her property. There are solicitors out there who will pursue these matters for him, all the way to bankruptcy, without him having to pay.
  17. My house is in one of these areas. Solicitor explained it to me and i found an insurance policy to cover the property for £180
  18. Yes, it wont be a bust like a bank, but I expect there to be an ordered winding down of a number of credit card businesses
  19. http://www.creditman.biz/uk/members/news-v...newsviewID=9297
  20. The holding company that owns Esporta Gyms/Health Clubs is in administration. The administrators held an auction last month to try and sell the gym business but failed.
  21. Went to a good restaurant yesterday for lunch with a client. This time last year the place would of been rammed with corporate lunches, but there was only two other tables occupiued.
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