HELP!!...Company gone into Administration and owes me money..

Courier_man · 3 January 2012 at 7:05PM

:money:Hi
Basically I’m a self employed Courier driver, I do all my driving for an Engineering company

Today I’ve been told the company has gone into Administration and I need to attend a meeting tomorrow morning (I will update you on this!)

The really bad news for me is they owe me a lot of money (£7,000!)
1. What are the chances of me getting hold of this money?
2. How long will it take?

Generally I’m just after some advice on what to do next, as you may understand I’m ridiculously worried right about now

I need to the know the best possible way to get my money back (IF possible at all)

I’ve got signed delivery notes from the company and records of all outstanding invoices

What can I do?

Hope you can help
Thanks
PS - I’m not sure whether this is correct thread section, so could you point me in the right direction if I’m wrong?

Keeping_Positive · 3 January 2012 at 7:12PM

Sorry to hear that but

1)not great as you will be put in with all the other non preferential creditors so get a % of anything left after the wages and administrator and may be others are paid. Dont think tax is preferential nowadays.

2) can take time depending on the circumstances and how long the administrators take to obtain any monies due to the company before they can hand it out as per above.

COOLTRIKERCHICK · 3 January 2012 at 7:19PM

sorry to hear this...

In reality no one knows how financially safe companies are these days...

In the first instance i would think about future work... make sure you can line up work.. get your details out to any/all delivery firms in your area...even large firms like b&q....basically any company that you think might need your services, no matter how small.

Someone who has more experience and knowledge on this will give you more info on this, but make sure you keep in contact with the insolvency company that will be dealing with the company.

As i say... the only advice i can give.. is make sure line work up for the future

bungle4by4 · 3 January 2012 at 7:37PM

Ask advice on the bankruptcy boards and they will tell you that insolvency is victimless..

im sure that you agree

Good luck for the future mate, hope this doesn't kill your business

vax2002 · 3 January 2012 at 7:40PM

What warning signs were there ?
late payments, promises of jam tomorrow ?
Learn them and learn them well and remember loyalty is always at the expense of somewhere else, usually your family.

Courier_man · 3 January 2012 at 7:44PM

Keeping_Positive wrote: »

Sorry to hear that but

1)not great as you will be put in with all the other non preferential creditors so get a % of anything left after the wages and administrator and may be others are paid. Dont think tax is preferential nowadays.

2) can take time depending on the circumstances and how long the administrators take to obtain any monies due to the company before they can hand it out as per above.

Thanks for the reply

It gets worse...At the end of this month I owe money for Tax (Around £3000). I can get hold of this money, however is there any sort of "relief" I can get ?

Courier_man · 3 January 2012 at 7:45PM

vax2002 wrote: »

What warning signs were there ?
late payments, promises of jam tomorrow ?
Learn them and learn them well and remember loyalty is always at the expense of somewhere else, usually your family.

Everything was fine, until October and payments were taking longer and promises weren't kept

Keeping_Positive · 3 January 2012 at 9:41PM

Courier_man wrote: »

Thanks for the reply

It gets worse...At the end of this month I owe money for Tax (Around £3000). I can get hold of this money, however is there any sort of "relief" I can get ?

If you are VAT registered you can claim back VAT paid on the unpaid invoices. You would need to speak to HMRC to clarify. Also let them know what has happened and they may let you pay in installments. Dont ask dont get.

Good luck

stephent82 · 3 January 2012 at 10:47PM

Do you have any items in your possession that you were due to deliver? If so, do not deliver them. Put them in a safe place and let the company know that you have put a hold on them until you are paid. Contact a solicitor and let them know what you have done. Do this with any items in your possession that belong to the company.

It is a very bad time for the 'little guy' out there. I truly feel for you and I hope that you can get something back, quickly.

BaggieBoy_3 · 3 January 2012 at 11:06PM

Happened to us quite a few times but, fortunately, for no where near £7K. As was said earlier you'll probably be just another non-preferred creditor and will very likely get nothing. Depends on how much they owe and what assets they have plus if there is any possibility of them being taken over by a rival company.

Good luck with it.

Courier_man · 4 January 2012 at 1:30PM

Thanks for the help everyone

Today I went for a short meeting...nothing new really

They're totalling everything up, they have plenty of assets to sell.

But it does not look good so far!

Is there anyway I can some how push my self to the top of the "list" of people they need to pay back?

HELP!!...Company gone into Administration and owes me money..

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