Bikebitzuk

[Snowy]

Looks like its in trouble. Shame, another one on its way out leaving less choice all round.

http://www.bikebitzuk.co.uk/index.php?main_page=down_for_maintenance

[Swanny]

One by one they fall :(

[Col]

;D ;D ;D love it

'under advisement from an Insolvency Practitioner'

advisement is ..... yer fooked ;D ;D

[Ade]

yeah .. but not so funny for the staff who could be made redundant if the business has an Administrator or Receiver appointed and they don't consider it to be a going concern that they could trade on in the hope of finding a buyer.

[Mitch9128]

Very small outfit in the midlands, maybe 2 people at most, tbh i've never used them before.

[Trev]

;D ;D ;D love it

'under advisement from an Insolvency Practitioner'

advisement is ..... yer fooked ;D ;D

Not necessarily, five years ago our business took the scary step of asking our accountants Insolvency supporter to help and after 12 months and a huge amount of hard work and dedication from Directors and staff we had turned the business around. Afterwards though the chap did tell me that only 1 in 20 of the businesses they go into can be turned round, all depends on how early they are engaged, how far the business is gone and how prepared the owners are to put their backsides on the line.
Not an experience I enjoyed but one I massively benefited from in the long term
Good luck to anyone in the same situation, you're going to need it

[Col]

Isn't it easier to simply liquidate all assets and make payments to creditors and if bothered start a new company ...heard of this happening a few times

[BB]

Probably depends how honorable you are and if you care about your employees, suppliers etc...

[Dabz]

Isn't it easier to simply liquidate all assets and make payments to creditors and if bothered start a new company ...heard of this happening a few times

horrible thing to do. People who do that should be banned from running their own business in future. Too much of this about in my opinion...we've had a number of customers (well, ex-customers - wouldn't deal with them again) do this with no thought or respect for those they are leaving with a financial headache

[redken1]

Isn't it easier to simply liquidate all assets and make payments to creditors and if bothered start a new company ...heard of this happening a few times

horrible thing to do. People who do that should be banned from running their own business in future. Too much of this about in my opinion...we've had a number of customers (well, ex-customers - wouldn't deal with them again) do this with no thought or respect for those they are leaving with a financial headache

+1 and those who start up again in wife's name. >:( :-X

[Col]

It is very surprising that it is allowed/possible especially with the interference and regulations that are imposed on business.

Perhaps the CBI should have this brought to the Gummint attention and made an illegal means of escaping honourable obligations ... would be a welcome piece of legislation I would think :)

[Ade]

It is very surprising that it is allowed/possible especially with the interference and regulations that are imposed on business.

Perhaps the CBI should have this brought to the Gummint attention and made an illegal means of escaping honourable obligations ... would be a welcome piece of legislation I would think :)

"Phoenix" companies rising from the ashes of company insolvencies.
Having worked in an insolvency dept for a couple of years in the early 1990's, it sometimes is the only option to the Receiver or Administrator, to accept an offer for the realisable assets from the directors / owners of the previous business. Often they are the only interested party.

Time is a crucial factor in these situations and sometimes waiting too long could mean not realising as much for the creditors (especially the unsecured creditors at the end of the queue).

As regards the behaviour of directors, their actions prior to insolvency are looked into by the Receiver, in terms of establishing whether they continued to trade when knowingly insolvent etc etc ... and if their breaches in terms of Insolvency Act and Companies Acts were serious enough, then the Receiver will report on their conduct to the DTi ... who may then ban directors from holding directorships for the relevant periods of time.

Also, if it is an Administrative Receiver that is appointed by a creditor who has a charge over assets of the company (i.e. normally a bank), then all the Receiver is obliged to do is to realise enough cash to pay out the bank. If there are any realisable assets left after the bank are paid out then the Receiver will appoint a Liquidator (more fees !) to sell the remaining assets, settle other liabilities such as wages and if anything remains then a dividend may be declared for unsecured creditors.

An incredibly painful situation for creditors who loose money having supplied goods / services in good faith .. and some themselves may not survive if the bust company was a major customer of the supplier.

I didn't enjoy my 2 years in that dept very much at all. :(

[Col]

I would imagine that it could be an interesting area to be in for office workers.

Google being my chum here I discover that the 'admin' firms are the first to be paid and 'workers' are way down at 5th or 6th...says it all really as if these admin firms were to have what is left I would be inclined to believe there would not be too many of them ;D ;D