But paying preferential creditors would be illegal?

So was clocking up a bill at the Crowne Plaza during Ifsec knowing they couldn't pay it.

£12k if you're wondering.

Ouch! Isn't that called fraud?

I don't know the history behind the insolvency but from the outside it doesn't seem that the management intervened to prevent losses to their creditors at all. It seems like they raped as much as they could knowing they were going bump.

Ouch! Isn't that called fraud?

I don't know the history behind the insolvency but from the outside it doesn't seem that the management intervened to prevent losses to their creditors at all. It seems like they raped as much as they could knowing they were going bump.

Yep

and Yep.

 

And don't forget that most of the kit in their shed was consignment stock - not theirs. So they knowingly kept replenishing stock fully aware they didn't have a pot to piss in to pay for said stock.

I think it says a lot about the state/size of the distribution market that any supplier was happy to deal with them again.

I think it says a lot about the state/size of the distribution market that any supplier was happy to deal with them again.

It wasn't so straightforward.

A condition of getting back a bigger sum of money owed was the agreement to continue supplying.

Do you prefer to get 90% of the money owed or sit on principle and tell them to get stuffed?

And in many cases we are talking serious money here, 7 figures sums in a couple of cases.

Edited October 15, 201312 yr by Cubit

Someone did though didn't they? I remember reading about voided extended warranty on on one brand 'if bought from Norbain'.

 

Think it was CCTV.

Someone did though didn't they? I remember reading about voided extended warranty on on one brand 'if bought from Norbain'.

 

Think it was CCTV.

That was Dedicated Micros.

In essence, nobrains thought it entirely reasonable manufactures should provide warranty on kit that could be described as stolen, at the very least, not paid for.

Well I'm pleased to have stopped using them. (Nobrains).

 

Except for Axis cams.

That is a bit much. Seems practically all of their suppliers agreed to it though. If I was Nobrains if be laughing all the way to the bank, literally.

That is a bit much. Seems practically all of their suppliers agreed to it though. If I was Nobrains if be laughing all the way to the bank, literally.

Relationships changed from that point on though Matt.