Companies in Administration/Bankruptcy Thread - Page 78

malcy · 31-08-2018, 05:09

Wonga go into administration.
https://www.theguardian.com/business...administration

If you have an outstanding loan you still have to pay it off.
However if you have claimed compensation for being ripped off by them in the past you are out of luck. They can void all claims and you can’t claim from the Financial Sevices Compensation Scheme.

jockosjungle · 31-08-2018, 07:21

Yes I didn't seem to get that, you have to pay your debt to them but they don't have to pay what they owe. I genuinely think they're doing this just to get out of the payments, I'm guessing someone will buy the trademark and the loans owed to them (for a knock down price) and start up again.

malcy · 31-08-2018, 08:15

Quote:

Originally Posted by jockosjungle

Yes I didn't seem to get that, you have to pay your debt to them but they don't have to pay what they owe. I genuinely think they're doing this just to get out of the payments, I'm guessing someone will buy the trademark and the loans owed to them (for a knock down price) and start up again.

It�s to escape all the compensation claims they have gone for administration.

As you can say the new owners, probably the old ones, can walk away from all legacy liabilities the ones people have been suing over as terms declared illegal. So for them clean slate.

All the ambulance chasing claims firms have moved on from PPIs as they deadline for those claims ends in less than a year so the short term loan companies have been swamped with claims.

With Wonga the �10m funding a few weeks ago from the owners didn�t help. As this was to cover the costs of expected claims so all the claims companies started sending thousands more claims.

Read it costs �550 to administer an in house claim, even more if it goes to the ombudsman with any compensation assessed on top. So you can see how �10m is easily spent.

As you have no FSCS protection with these loan companies even if you have had a judgement of compensation if you haven�t had the cash then you are an unsecured creditor so no hope of cash.

Obviously if you are a borrower you have to pay.

Same happened with my Northern Rock mortgage when they went bust and Government took over we still had to pay and it�s now with Virgin.

jockosjungle · 18-09-2018, 07:03

Sports Direct seem to be doing their best to destroy any goodwill for any customer of House of Frasier

https://www.bbc.co.uk/news/business-45552449

But I think the lesson remains, you really don't want to have any money hanging around on a gift card and buy things on a credit card.

This has happened so many times before, you'd think people would learn.

Boink! · 20-09-2018, 21:43

Evans Cycles has put itself up for sale as it seeks fresh funding amid tough High Street trading conditions.

https://www.bbc.com/news/business-45595144

malcy · 01-10-2018, 19:15

Primera Air the Scandinavian low cost airline have gone bust with all flights stopped with immediate effect.

https://www.bbc.co.uk/news/business-45712063

They flew from Birmingham to the Med and also Stansted to North America including New York, Toronto and Washington DC.

Kryten · 02-10-2018, 16:42

Quote:

Originally Posted by malcy

Primera Air the Scandinavian low cost airline have gone bust with all flights stopped with immediate effect.

https://www.bbc.co.uk/news/business-45712063

They flew from Birmingham to the Med and also Stansted to North America including New York, Toronto and Washington DC.

Amazon will buy them so they can just erase two characters from the plane logos and use them for Prime Air

j/k (actually there is a Prime Air at least here in the US that is Amazon, see them at my local airport, all related to cargo for Amazon)

I am not shocked that one of these LCC's failed, given the increasing cost of fuel I expect more to follow. I think Norwegian may regret turning down a buy out from IAG at some point.

jockosjungle · 02-10-2018, 17:06

Was considering them for a trip to America, but we chose to postpone.

Wife used to work for Homebase, really struggling to get a reference out of someone as it seems she worked for them about 4 takeovers ago.

malcy · 02-10-2018, 17:13

Quote:

Originally Posted by jockosjungle

Was considering them for a trip to America, but we chose to postpone.

Wife used to work for Homebase, really struggling to get a reference out of someone as it seems she worked for them about 4 takeovers ago.

I guess the problem with Homebase is so many changes of ownership and head office moved no one left in HR with any history of the company who would know where all the employee paperwork for former staff is kept as legally they can�t just bin it.

douglasb · 02-10-2018, 17:41

It can't be an uncommon issue - companies go bust all the time. All you can do is share the info you have and maybe find an extra personal reference.

Kryten · 02-10-2018, 17:52

Quote:

Originally Posted by douglasb

It can't be an uncommon issue - companies go bust all the time. All you can do is share the info you have and maybe find an extra personal reference.

This. And if you have contact of old manager that may help too.

jockosjungle · 02-10-2018, 18:59

It's a council job, 2 hours serving school dinners. She just needs to do some digging to find the right number. She's been a stay at home Mum for 6 years so she doesn't even know anyone who worked there anymore.

GregB · 11-10-2018, 13:11

Looks like Patisserie Valerie knead some more dough

https://www.theguardian.com/business...ion-of-capital

jockosjungle · 11-10-2018, 13:40

Who'd have thought queuing 20 minutes for a sub par vanilla slice for �4 wasn't a good business model.

Seriously though, these things might work well in London where people seem to expect those sort of prices and enough can afford it, but they've opened one in Warrington a few weeks ago. As someone said, "calm down folks, it isn't Greggs closing"

GregB · 11-10-2018, 14:31

It used to have a very small number of places in London and was seen as a pretty high end cake shop. Then it became a familiar tale of venture capitalists taking control and expanding way too far, ruining the good name it might once have had and eventually destroying the business. Of course none of them will suffer if or when it does go belly up.

jockosjungle · 11-10-2018, 15:00

I'm sure we've been through this before, but I believe the way to make money from these food places is to end up with a lot of locations, sell it to someone else. Eventually the landlords get fleeced and the thing just keeps going.

mjb1975 · 11-10-2018, 21:15

Those mille feuilles are bloody gorj though.

Shame.

dbilsborough · 11-10-2018, 23:41

https://www.bbc.co.uk/news/business-45830031

Coast fashion retailer collapses putting 300 jobs at risk

malcy · 30-10-2018, 21:17

Evans Cycles has gone into administration and been immediately bought by Mike Ashley !
The administration allows him to ditch 30 stores around half the total.

https://www.bbc.co.uk/news/business-46037259

jockosjungle · 31-10-2018, 06:44

It's as if he is involved somehow, I want to buy you out, but I also don't want to pay your suppliers, etc.