Edward Carter solutions ceased trading Edward Carter solutions ceased trading - Page 2
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  1. #11

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    Another, more serious, thought occurs: I assume you were on Self billing terms?

    The receivers/administrators/Insolvency Practitioners (have they shut down, been wound up or go into administration/receivership etc?) will have no idea that you are a creditor until the self bill invoice is created. I recall that only happened the day or day before they paid out to the PSC.

    Theoretically, there could be a lot of assets (outstanding invoices to Client Co) and very few creditors (PSCs with unpaid self bill invoices). They might make it a song and dance to get your claim in (its in their interest to minimise the pay outs!)... not sure if they have to accept a change from Self bill to invoice terms AFTER the date of closure or if you can invoice after that date anyway!

    M

  2. #12

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    There are two active charges in place.

    Clause 16 of the Barclays charge allows for the bank to set off any credit balances against the charge. Not sure if that puts them at the top of the table for recovering funds ahead of other creditors? Not idea for you if that's the case!

    Linky -> Companies House

    M

  3. #13

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    Quote Originally Posted by mjcp View Post
    There are two active charges in place.

    Clause 16 of the Barclays charge allows for the bank to set off any credit balances against the charge. Not sure if that puts them at the top of the table for recovering funds ahead of other creditors? Not idea for you if that's the case!

    Linky -> Companies House

    M
    Fantasy again

    The company is not trading as they have no money

    Administrators will Hoover up any scraps left


    Sent from my iPhone using Contractor UK Forum

  4. #14

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    Quote Originally Posted by GhostofTarbera View Post
    Fantasy again

    The company is not trading as they have no money

    Administrators will Hoover up any scraps left


    Sent from my iPhone using Contractor UK Forum
    That was my question:

    If the bank uses funds on deposit against their charge, then there are no funds for the receivers (or creditors).

    Much like if you go personally bankrupt: Trustee takes control of all assets but the the mortgage company (and any other charge holders) gets 1st dibs on proceeds of the house sale before the trustee and other creditors get their share of proceeds.

    M

  5. #15

    bored now

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    Quote Originally Posted by mjcp View Post
    That was my question:

    If the bank uses funds on deposit against their charge, then there are no funds for the receivers (or creditors).

    Much like if you go personally bankrupt: Trustee takes control of all assets but the the mortgage company (and any other charge holders) gets 1st dibs on proceeds of the house sale before the trustee and other creditors get their share of proceeds.

    M
    Clause 16 is designed to help the bank not you. Ignore it and remember that the only money you will see is what's left after the administrator has spent everything he can vaguely justify from what's left (which as Tarbera says will be nothing or as near as).
    merely at clientco for the entertainment

  6. #16

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    Quote Originally Posted by eek View Post
    Clause 16 is designed to help the bank not you. Ignore it and remember that the only money you will see is what's left after the administrator has spent everything he can vaguely justify from what's left (which as Tarbera says will be nothing or as near as).
    Yes, I think we are arriving at the same point... there will be sweet FA left. Bank will take the credit balance of the accounts against their charge, the proceeds of property will be lost against the charge on it (but who's buying commercial property in this market!?). Then the admin will mop up the rest.

    (fortunately, I'm clear of ECS and not owed anything!)

    M

  7. #17

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    Quote Originally Posted by mjcp View Post
    Yes, I think we are arriving at the same point... there will be sweet FA left. Bank will take the credit balance of the accounts against their charge, the proceeds of property will be lost against the charge on it (but who's buying commercial property in this market!?). Then the admin will mop up the rest.

    (fortunately, I'm clear of ECS and not owed anything!)

    M
    They have gone into Creditors Voluntary Liquidation, and as observed there are 2 charges against them. My colleagues and I are resigned to not seeing any of our money.

    My understanding is that the liquidators are aware of our status and that we are owed money.

    From what I understand many agencies run such that contractors always get paid, regardless of the situation of the agency, its just unfortunate that in this case they were robbing us to pay the banks. Such is the price of capitalism !

    Should anything more unfold I'll add it to this thread...after all I havent got anything else to do !

    Ken

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