Help Needed...Agency has entered in liquidation overnight and owe me 40K

[karuLabs]

Hello Fellow Contractors,

Agency thorugh which i was contracting has closed overnight and below email has been sent when asked for the money they owed me.
What are my options and any advise please?

##########
Unfortunately due to the Company’s financial position no further payments will be made. Any payments made now will be at risk of being challenged as preference payments as per S239 of the Insolvency Act 1986.

The Company will shortly enter liquidation and all amounts due to you will form an unsecured claim. Whether or not a dividend (payment) becomes payable to creditors in due course is dependent on a number of variables which are not yet known at this stage.

I am sorry this is not better news at this time of year.
##########

[cojak]

Contact Safe Collections immediately.

Google them.

[ladymuck]

Are you an IPSE plus member? Phone them next

[Old Greg]

Contact Safe Collections immediately.

Google them.

This. And speak to client now if still working and see what new contractual arrangements can be made for ongoing work. Don not work another day without this in place.

See if you can get a better rate out of it by going direct or via someone like Hays who will take a margin of approx 4.7%.

[GhostofTarbera]

You are likely to get 2% back after liquidation vouchers take anything left alive

As client to go direct tomorrow




Sent from my iPhone using Contractor UK Forum

[GhostofTarbera]

You are likely to get 2% back after liquidation vouchers take anything left alive

As client to go direct tomorrow




Sent from my iPhone using Contractor UK Forum

What agency by the wAy ?


Sent from my iPhone using Contractor UK Forum

[DaveB]

And because no-one else has asked, how the hell did you end with them owing you 40k?

[Old Greg]

And because no-one else has asked, how the hell did you end with them owing you 40k?

I didn't like to ask. Not much help really.

[krytonsheep]

Worth talking to your accountant about the VAT liability on the 40k you've invoiced the agency for as well.

[karuLabs]

Thank you everyone for the suggestions.
Agency name is optimum-it and was contracting through them for the last 3 years.

Never saw this coming.