L
Lynchy
Well-known member
£7 million on. Co's sales ledger,which administrators anticipate recovering between £1 million n low estimate £100 k
246 creditors owed £20 million,
246 creditors owed £20 million,
V8Druid
do it as well as you can,but learn to do it better
bloody scandalous
.... directors should be locked up ........ that money has all gone somewhere
L
Lynchy
Well-known member
Must be a sicker,one of the new suppliers,recently taken over a machinery franchise,owed £17k......n new spares for their machines in auction .....never paid for !bloody scandalous
V8Druid
do it as well as you can,but learn to do it better
have said for decades .... company law in this country needs changing/updating desperately ... only the bad guys win
pettsy
Well-known member
Shouldn’t they have terms that all spares remain their property until paid for in full?
V8Druid
do it as well as you can,but learn to do it better
maybe so, but you have to get them back first
pettsy
Well-known member
maybe so, but you have to get them back first
What i was meaning is how can administrators sell them in an auction if they’re not theirs to sell
L
Lynchy
Well-known member
Yeah it's included that they can return money and take goods back if proven by owner,that's why I thought it was weird only thing I can think is a lot of admin stuff'missing' n can't tie suppliers invoice to goods....no s/no's????What i was meaning is how can administrators sell them in an auction if they’re not theirs to sell
V8Druid
do it as well as you can,but learn to do it better
as the old saying goes .... "possession is nine tenths....etc."What i was meaning is how can administrators sell them in an auction if they’re not theirs to sell
and most of these administrators are as bad as the outfits they're supposedly over-seeing, there to line their own pockets, first and foremost, with creditors at the very bottom of the pecking order. They'd be a damned sight more efficient if their own bills went into the creditor's pot and were awarded the same levels of remuneration as them
L
Lynchy
Well-known member
Yeah nice work if you can get it,estimated lol total cost of administration....£400k or keep going till there's nothing left in the potas the old saying goes .... "possession is nine tenths....etc."
Never mind the £1+ million it's cost the national insurance fund to pay the 180+ staff
The owners said in last accounts were continuing to support loss making firm,then year later pull plug n tax payer picks up the bill
V8Druid
do it as well as you can,but learn to do it better
makes me savage the way these sharks/vultures/total w*nk*rs, like PWC etc., cream off their over inflated fees to wind these outfits up, whilst true/genuine creditors see maybe 0.1p in the pound in some cases, especially for goods supplied in good faith of actually being paid for them
L
Lynchy
Well-known member
Yeah I'm ex employee but also un secured creditor,not a great deal....but maybe 7p in the £............sometime,thing is the co was in a bad shape for ages but guess suppliers often between rock n hard place...but no work better than not getting paid for what done/suppliedmakes me savage the way these sharks/vultures/total w*nk*rs, like PWC etc., cream off their over inflated fees to wind these outfits up, whilst true/genuine creditors see maybe 0.1p in the pound in some cases, especially for goods supplied in good faith of actually being paid for them
V8Druid
do it as well as you can,but learn to do it better
yes ... people need to know when to draw a line under things and say NO ... especially when it's obvious that they've no hope in hell of seeing what they've already supplied back or paid for
V8Druid
do it as well as you can,but learn to do it better
so how much longer can these buggers lumber on .... insolvent ? .....
https://www.theconstructionindex.co.uk/news/view/kier-posts-245m-pre-tax-loss
https://www.theconstructionindex.co.uk/news/view/kier-posts-245m-pre-tax-loss
V8Druid
do it as well as you can,but learn to do it better
interesting article in TCI this morning ..... https://www.theconstructionindex.co.uk/news/view/rail-plant-operators-issue-cry-for-help ..
" Rail plant operators issue cry for help ..... The provision of specialist rail plant to contractors on the track network is at risk of collapse as suppliers say they are struggling to make ends meet. "
bears out what @Lynchy was saying a few weeks back ..... not so rosy in the sector BTLs the golden goose has sh*t itself
" Rail plant operators issue cry for help ..... The provision of specialist rail plant to contractors on the track network is at risk of collapse as suppliers say they are struggling to make ends meet. "
bears out what @Lynchy was saying a few weeks back ..... not so rosy in the sector BTLs
the golden goose has sh*t itself
L
Lynchy
Well-known member
Same situation as in bout '08,rugby,Tamworth,MK jobs all finished bout same time,firms had bought new gear,taken on staff,was just like the work tap was turned off,I ended up in Glasgow couple of years,rail job still strong there then,firms tightening up on hours/£ that just as well if not better off on civils jobs,I re did some of my rrv attachments recently,keep tickets up job might come back again in year or two n people who've left not do easy/expensive to get tickets back I'm doing something totally different at the mo,saw couple days back keltbray rail,looking to re deploy,or pay off guys from pilinginteresting article in TCI this morning ..... https://www.theconstructionindex.co.uk/news/view/rail-plant-operators-issue-cry-for-help ..
" Rail plant operators issue cry for help ..... The provision of specialist rail plant to contractors on the track network is at risk of collapse as suppliers say they are struggling to make ends meet. "
bears out what @Lynchy was saying a few weeks back ..... not so rosy in the sector BTLs
V8Druid
do it as well as you can,but learn to do it better
Kier and Graham win £17m Army contract
A joint venture of Kier and Graham has won a £17m contract for a new training centre at Bassingbourn Barracks.
www.theconstructionindex.co.uk
and what bloody idiot in Whitehall did this FFS
" A joint venture of Kier and Graham has won a £17m contract for a new training centre at Bassingbourn Barracks "
the same Kier that has teetered on the edge for way too long, lurching from crisis to crisis ... you'd think they'd have learnt a few lessons from the Carrilion fiasco
... but no !
Stalled Midlands hospital gets £350m in rescue funding
Preferred bidder Balfour Beatty is set to start work shortly to finish a hospital that has been stalled since the collapse of Carillon last year.
www.theconstructionindex.co.uk
and where did the original £350m disappear to ?
Grahams
Don't complain - suggest what's better
It’s not quite as bad as it initially looks. By giving the work to a joint venture the other company is on the hook for the whole thing if one goes skint. CarillionAmey managed defence estates and when Carillion went Amey had to carry the can for the whole contract with minimal disruption to service.Kier and Graham win £17m Army contract
A joint venture of Kier and Graham has won a £17m contract for a new training centre at Bassingbourn Barracks.
and what bloody idiot in Whitehall did this FFS
" A joint venture of Kier and Graham has won a £17m contract for a new training centre at Bassingbourn Barracks "
the same Kier that has teetered on the edge for way too long, lurching from crisis to crisis ... you'd think they'd have learnt a few lessons from the Carrilion fiasco
M
Monkeybusiness
Well-known member
I don’t think Amey are particularly healthy either...
V8Druid
do it as well as you can,but learn to do it better
Graham want their heads examining getting involved with them in the first place TBH Gra .....
it's like ...let's go for a swim with 50kgs of lead boots on each foot
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