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Forgive my naivety but how does this insolvency stuff work?

 

Am I wasting my time emailing these FRP Advisory Trading chaps for my money? Should I just go through PayPal's resolution centre?

It's only £150, I'm sure some people here are owed way more, but I'm broke and everything's relative.

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4 minutes ago, tenner said:

Forgive my naivety but how does this insolvency stuff work?

 

Am I wasting my time emailing these FRP Advisory Trading chaps for my money? Should I just go through PayPal's resolution centre?

It's only £150, I'm sure some people here are owed way more, but I'm broke and everything's relative.

I’d do both personally.

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1 hour ago, tenner said:

Am I wasting my time emailing these FRP Advisory Trading chaps for my money? 

It won't do any harm but unlikely we will see anything. There is a strict order laid down in law in which debts get paid off if the company is liquidated, you find the taxman, banks, insolvency firm fees are all ahead of us. If they had enough money to pay us all back they wouldn't be insolvent.

 

Strictly though, it's not liquidated yet. It is possible someone buys the business and injects cash to keep it going, then would probably need to despatch existing orders else the reputation won't survive. Given that HB has been taken over by Americans this is possible, maybe unlikely.

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2 minutes ago, sime42 said:

You could might be able to buy the missing goods cheaper the second time around! ...... at the insolvency auctions, if you can find them.

I'd be very doubtful, I bet Stihl has ironclad terms of purchase. So anticipate a lorry going and emptying half the place of unpaid for gear.

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18 minutes ago, GarethM said:

I'd be very doubtful, I bet Stihl has ironclad terms of purchase. So anticipate a lorry going and emptying half the place of unpaid for gear.

That's exactly what happens, some years ago we supplied cables to LDV and when they went bust administrators invited us in to reclaim items we had not been paid for.

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I had something similar years back, the administrators were a bit fly by night and pretty arsey, asking loads of questions like describing the goods etc.

 

When they finally realised everything was serial numbered, data plated, painted in a brand specific colour they quickly changed tune and it was back in the workshop pretty quickly.

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