roboldham Posted November 15, 2005 Share Posted November 15, 2005 Hi there folsk I have run a number of businesses over the years, main one been going for over 10 years. A client of mine has just gone bust owing me 50K from back in March. Anyone got any bright ideas of what to do - I have dealt with this a few times over the years and normally it comes down to writing it off to experience. But - for 50K it's worth doing something special dont you think? Discuss R Quote Link to comment Share on other sites More sharing options...
Pete Posted November 15, 2005 Share Posted November 15, 2005 What do you do? We had someone go bust on us and we marched in and removed everything we'd supplied them VERY quickly indeed. Quote Link to comment Share on other sites More sharing options...
bignum Posted November 15, 2005 Share Posted November 15, 2005 send the boys round m8 Quote Link to comment Share on other sites More sharing options...
MARTIN R Posted November 15, 2005 Share Posted November 15, 2005 What do you do? We had someone go bust on us and we marched in and removed everything we'd supplied them VERY quickly indeed. I reckon I would take back what I could if its possible Quote Link to comment Share on other sites More sharing options...
roboldham Posted November 15, 2005 Author Share Posted November 15, 2005 hmm... I do a bit of business consultancy for THEIR clients and we did a bit of web development for THEIR clients - so they have been paid btu we have not. Slight betrayal of trust too cos I won them some good business - again THEY have been paid for.... but I have not. R Quote Link to comment Share on other sites More sharing options...
RobSheffield Posted November 15, 2005 Share Posted November 15, 2005 get to the front of the queue in the liquidation sale? go round and grab whatever looks expensive (including secretary!!) Quote Link to comment Share on other sites More sharing options...
CJ Posted November 15, 2005 Share Posted November 15, 2005 Were they a sole trader or limited compnay? Have they gone into receivership? Quote Link to comment Share on other sites More sharing options...
roboldham Posted November 15, 2005 Author Share Posted November 15, 2005 ltd company 20 years in the biz, in receivership R Quote Link to comment Share on other sites More sharing options...
Pete Posted November 15, 2005 Share Posted November 15, 2005 I'm sorry to say it Rob, but I think you're screwed. It'll be up to the receivers to sort out the debts and consolodate everything. There's never much left in these situations. Maybe you'll get 5%-10% back of what they owe you. I hate this kind of thing. People you deal with for years and come to trust and they stab you in the back like this. Like you say, THEY got paid for YOUR work. Quote Link to comment Share on other sites More sharing options...
CJ Posted November 15, 2005 Share Posted November 15, 2005 Unfortunately I fear pete is right. If you go in heavy handed and try to remove goods you could find yourself arrested for theft. In these cases the receiver will firstly have to pay all the secured creditors. these may include the C&E, IR, banks etc. Methinks you may come way down this list and get nothing at all. Quote Link to comment Share on other sites More sharing options...
adi2009 Posted November 15, 2005 Share Posted November 15, 2005 Bad debts - written off. Sh*t happens :thumbdown Quote Link to comment Share on other sites More sharing options...
roboldham Posted November 15, 2005 Author Share Posted November 15, 2005 yeh, you guys are right i guess. I have a couple of ideas about trying to get some new business out of the mess but we'll see. I wouldnt consider nicking tanggibles anwyay, too much hassle. Thanks fellers R Quote Link to comment Share on other sites More sharing options...
Pete Posted November 15, 2005 Share Posted November 15, 2005 When we went in and took back unpaid for goods it was before the receivers went in and had blind eyes turned by staff that favored us as a supplier. We were lucky that we worked fast and didn't get bitten. Quote Link to comment Share on other sites More sharing options...
Simon Posted November 15, 2005 Share Posted November 15, 2005 I assume that you have PO's for the work you have done for them and you have invoiced them. This may help with the liquidators. If you haven't got any PO's then not a lot to be done really. I do a lot of my work on trust, much the same way that you have worked with your client, so I can sympathise with you on this. Quote Link to comment Share on other sites More sharing options...
roboldham Posted November 16, 2005 Author Share Posted November 16, 2005 yar, got full set of PO's, I do try to get them from all my clients these days as a rule. Anything helps I guess! R Quote Link to comment Share on other sites More sharing options...
Faye Posted November 16, 2005 Share Posted November 16, 2005 . these may include the C&E, IR, in the interest of company promotions, neither of those entities exist anymore, we're HM Revenue & Customs. Quote Link to comment Share on other sites More sharing options...
Guest slapmatt Posted November 16, 2005 Share Posted November 16, 2005 Rob - Do you work by yourself, or do you have employees? Quote Link to comment Share on other sites More sharing options...
Guest Terry S Posted November 16, 2005 Share Posted November 16, 2005 Rob sorry to say the guys are right. You will get little if anything back off the liquidators as they will probably be up to their eyes in debt with preferential creditors. We had a £50k bad debt and a £30k one all within 2 weeks 5 years ago. On the £50k one the directors were found to be grossly negligent ( they both had a 6 week holiday in Florida with their families with the companies money just before it folded). Both escaped prosecution and we got 3p in the pound back. I am not the type of person who can let things like this lie, but you need to bide your time. Acting on emotions will get you in trouble. I have been satisfied by the outcome Quote Link to comment Share on other sites More sharing options...
eyefi Posted November 16, 2005 Share Posted November 16, 2005 i would definately find it difficult to let 50k slide, i'd never sleep again. i had a 3k debter go into receivership a bit back and gentle personal persuasion got me 2k back pretty quickly and when he eventually turns up again i'll get my remaining 1k. you southerners arn't tight enough Quote Link to comment Share on other sites More sharing options...
shaf Posted November 16, 2005 Share Posted November 16, 2005 man that sucks. i get jittery if someone owes me a £50.... let alone 50k Quote Link to comment Share on other sites More sharing options...
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