John Peters in Liquidation

oldoakey

Just had this from a furnishing report magazine email thought it may help. All below have been copied and pasted in full from the email.

John Peters Furnishings owed around £15m to creditors
Published 17.11.2011 07:01 | Last Updated 17.11.2011 07:01

Unsecured creditors of fallen furniture chain John Peters - collectively owed £14.7m - are expected to share a pot worth £10,272 according to the company's liquidator O'Hara & Co.

Business Dream Ltd, the company trading under the John Peters Furnishing fascia, ceased trading and went into liquidation at the end of October. Its assets were later sold to its former owner with a spokesman for O'Hara saying it would recommence trading on a smaller scale.

According to the liquidator, John Peter's assets had a book value of about £700,000, most of which was stock subject to retention of title claims. It said the assets were expected to realise £71,000 with around half of that to be paid to staff for unpaid wages and holiday pay. A further £28,000 would be available for floating charge holders with unsecured creditors left to share just over £10,000.

Unsecured claims are collectively worth £14.7m.

John Peters owed £1.4m in unpaid rent while further landlord claims total over £10.7m. Trade and expense creditors - who include a host of UK and overseas furniture producers and importers - are owed £915,691 while the taxman's claim is worth over £600,000, most of which is for unpaid VAT.

Customer deposits are listed at £68,694.

Business rates owing total £462,360 while director and employee claims are worth around £500,000 combined.

texranger

this means that customers who paid deposits will get exactly the round sum of £0.00 back and no furniture

oldoakey

this means that customers who paid deposits will get exactly the round sum of £0.00 back and no furniture

correct

texranger

oldoakey wrote: »

this means that customers who paid deposits will get exactly the round sum of £0.00 back and no furniture

correct

this is what i have said in many posts within this topic, but some are under the impression that OCS will provide there orders

oldoakey

What I would like to see is the details of directors re numeration in the 6-12 months prior to this happening. Had they sucked all the capitol out of the business in the months leading up to the current mess and if so can they be brought to book for trading insolvently which as far as I am aware is illegal.

The people I most feel for (as well as the customers) are the small suppliers who seem to carry the can in terms of the goods they have supplied but are never going to be paid for which can ruin an otherwise profitable and healthy company at a stroke. I would try and get your goods back if you have a retention of title clause in your terms and conditions that is. They may not be worth much to you but at least the new JP wont have them.

texranger

oldoakey wrote: »

I would try and get your goods back if you have a retention of title clause in your terms and conditions that is.

most will have something like the goods remain their property until paid in full, which the receiver should follow up when they look through accounts etc., but if you are overseas then will it be worth using the retention clause to get you goods back as it would cost you to collect them and what state will they be in when you get them back.
most will just write them off and hope they may get a little back from the receivers.

texranger

slightly off topic. i am a webhost and 3 yrs ago i had a building company i was hosting go into liquidation, they had paid their hosting fees each month on time and without problem, the first sign was when my system reported that their contact details had been changed, these were change to c/o pricewaterhousecoopers, so i contacted them and explained who i was and all they told me they would send me a form to complete. when i spoke to my client he said he had no choice as he had work for the next 2 yrs, but because customers where not paying him, he could not continue. so in the case of JP this will not just effect them, but their suppliers will all be effected and some may have to close down due to people like these.

namtas

texranger wrote: »

regardless as JP has been liquidated then their is no chance of getting any money back and as a ltd company any director is only liable for their share amount, so if JP ltd had 5 directors each with a £1 share, then when the company liquidated each directors liablity would be a £1, so they all pay the receiver their £1s then thats their liability paid.
it is then the receivers job to sell off the companies assets to pay off its debts and i am afraid the first one on that list is HMRC and the banks, paying customers are the last ones on the list.

I am aware that whether or not it was found to be fraud or not wont help those that have lost money. But if after investigation it was found to be fraud then their may be some justice to be had.

CarolShackleton

texranger wrote: »

this is what i have said in many posts within this topic, but some are under the impression that OCS will provide there orders

When OCS telephoned me last week to say that they could still honour my order, I accepted this, but I am definitely keeping my options open as I don't trust them at all.......!!! I didn't want to say "no" to them and lose any chance of getting a suite at all from them, but in the meantime, if we get our deposit reimbursed either via chargeback or via the credit agreement, then I will be first to go elsewhere.......!!

All the posts on this topic make shocking reading......!! To really rub salt in the wound, John Peters Hull Store are advertising on the local radio station, saying that they are having a closing down sale this weekend and "all stock must go"............!!!!!????:mad::(

Paddyathome

Hi all just had a result the Credit Card Company have refunded my £400 deposit following the discussions we had and my reluctance to put any faith in OCS.

I had previously contacted the UK manufacturer of my suite and they told me of another supplier local to me, wouldn't sell to me direct, so placed a provisional order with them.

Like Carol above I had the phone call from OCS and reluctantly said yes I still wanted it but have just taken great pleasure in sending them an email cancelling it. Have also just had a confirming phone call from OCS.

Just completed the order with the new supplier and they are promising delivery before Christmas.

I am one happy person now :j