Can we recover our money when a company goes into liquidation

[Stuart Green]

Hi Guys!

 

I wonder if I could borrow you guys brains and expert knowledge again...?

 

The other half brought some furniture....quite a bit as she just moved in to her new house. The furniture was suppose to be delivered and coming in, however she received a letter from the furniture company expressing their apologies and that they are in financial difficulties. HSBC have removed their support & card processing and they have tried to refund her money, but because of the problems, it may not have happened.

 

They have stated if the refund doesn't happen, that we should be indemnified by the card issuer under section 75 of the consumer credit act. However, on checking this out, this only applies to credit cards but she paid by debit card.

credit cards - issue 31

 

They are not delivering the furniture and are currently taking advice into bankruptcy legalisation. The money doesn't look like it has been refunded and it's quite a bit.

 

Does anyone know how we go about claiming the money back at? I ain't got a clue about this one other than going to court to claim the money back but I thought I'd come to you guys because your all so bloody awesome!

 

Thanks again...and btw...its took me nearly a year, but I refused the banks offer and sent the final letter, fingers crossed!

 

Stu

[buzby]

If it was a Visa debit card, she'll be OK. Section 75 still doesn't apply, but Visa themselves provide additional cover. If a Mastercard (Switch or Maestro) there's no protectiion, and she'll be one of many unsecured creditors of the company.

 

Now, if the purchase was for a suite that was pre-ordered, there is every possibility that due to their difficulties it has neither been ordered from the supplier, or made (if a bespoke item), as such, the Liquidator may have ringfenced the money paid for pending orders and you will have the money repaid.

 

Things are not good, but there's still a possibility of the money being returned. Find out who the liquidator or receivers are, and make your claims as soon as possible, the earlier the better.

[Stuart Green]

If it was a Visa debit card, she'll be OK. Section 75 still doesn't apply, but Visa themselves provide additional cover. If a Mastercard (Switch or Maestro) there's no protectiion, and she'll be one of many unsecured creditors of the company.

 

Now, if the purchase was for a suite that was pre-ordered, there is every possibility that due to their difficulties it has neither been ordered from the supplier, or made (if a bespoke item), as such, the Liquidator may have ringfenced the money paid for pending orders and you will have the money repaid.

 

Things are not good, but there's still a possibility of the money being returned. Find out who the liquidator or receivers are, and make your claims as soon as possible, the earlier the better.

 

Hi Buzby,

 

Thank for the advice. I rang them on Weds & today, and got 2 totally different responses. However, I'm await to speak with the boss and find out what the crack is.

 

Its good to hear that Visa debit cover purchases, so I'll tell her to get in contact with them and see how to go about claiming these charges.

 

Thank you again for the advice.

 

Cheers

 

Stuart

[buzby]

Good luck!

[gmholder]

I am in a current situation with a company.

 

It is currently going to small claims, but apparantly they are planning to wrap up business.

 

Im now worried I will get none of my money they owe me back.

 

Any advice?

[Weird Al Yankovic]

I am in a current situation with a company.

 

It is currently going to small claims, but apparantly they are planning to wrap up business.

 

Im now worried I will get none of my money they owe me back.

 

Any advice?

 

Do as Buzby says and register as a creditor with the receiver, if they are at that stage.

 

It may be they are able to recover more money than what they owe out.

[gmholder]

Do as Buzby says and register as a creditor with the receiver, if they are at that stage.

 

It may be they are able to recover more money than what they owe out.

 

 

how do i go about doing that

[buzby]

You need to keep an eye out for an announcement (usually in the London Gazette that says the firms has gone into receivership and who it looking after this or the subsequent winding up. However, there will be many preferential creditors in front of you who will probably take most if not all of the available funds. (Govt, VAT, Banks etc).

[Steph1988]

Hi,

 

I have had a similar problem with a company going into liquidation and i don't know what to do. It was a modelling comp. that approached me via the internet, it all checked out and seemed legit, so i joined and paid a one off price of 75 pounds via a pay pal account that was set up on the website. They said that if no work had been given out in the first 6 months then you can have a refund, so 6months passed and i got no work, so i went on the website and there is a big red notice saying that they have gone into liquidation. I borrowed the money from my mum and now i have to pay it back but don't know how to go about getting the 75 quid back from the now non existant comp. the website is Home

 

I'd appreciate some help because i don't know about all this.

 

Thanks, Steph

Edited November 28, 2008 by jonni2bad
Link removed

[foof]

My friend paid her deposit on her wedding venue less than 2 weeks ago to find outtoday that they have gone into receivership. Surely there must be a law in place that stops troubled businesses feeding on unsuspecting public Is there any way she could get her much needed money back and quickly?

[buzby]

Find out who the Administrators/Liquidators are and register your claim. If it is taken over as a going concern, then the new owner may well honour the booking and deposit paid.

 

However, there is no such 'law' to protect consumers - unless the money was put on a credit card. If the venue was privately owned , then you can pursue the owner. If it was a Ltd conpany, you'll be stuck - as that's the whole point of being Ltd - it limits their liability.

Edited May 8, 2009 by buzby

[foof]

lovely - thanks very much. Will pass this info on to her and hopefully it will help her out.