Very sad,but have to say why oh why did the accounts department let it get so out of hand ?,cash flow is king.
What's an accounts department..? There's three of us, all out on the road working our nuts off. We work for various contractors, all of whom fail to pay up on time. This particular contractor has been using us for years, and apart from paying late every time they always eventually paid - until yesterday when they went belly up.
Is there any kind of comeuppance for the contractor? It's got to be some kind of illegal ? We can't call Mr Harris a dirty old perv but we can skip out on £10,000 of debt
There's no contractor any more, the company is dead. The directors may be liable for some bills, but we'll be a long way down the pecking order.
You have answered your companys problem then,someone should be chasing the cash,feel sorry for the employees but whoever was in charge has a lesson to learn in business.
yip, you can drive in to my workshop spend a fortune on your car then tell me you have no cash and drive out again. no garage can hold on to your vehicle MOT or otherwise stating its ours till the bill is paid, no garage can tell you its unsafe so i cant let you drive it out ether. i have to pursue through the courts.
Fig it's terrible news. I hope you get things sorted. Not worth getting in to an argument on here with people that don't know the details. You didn't get paid, that's the bottom line. It's not like you could have got the money out of them if they didn't have any
Good luck Fig, sorry to hear this as its all to common for small firms to take the hit. I know what its like chasing money as a sole trader, luckily I have never lost a large amount. Steve
Second time it's happened to me. Back in the day I worked as a stained glass 'artist', just me and the boss in a lock up in Gloucestershire. We had a big job coming up and the boss had to invest 5 grand in a load of hand rolled glass for the job, but no sooner had he bought it the contractor went into liquidation, and that 5 grand debt took us under. It doesn't take a lot.
on a positive note. a wee opportunity to start again working for your self. you know the business,you know the clients, dont take to much work to make one man busy.
Well, we're still working, but the bills will come and then the inevitable will happen, so I've got maybe a few weeks to sort my shit out. I'll ask my boss if I can keep the van, it owes them nothing and it'll help out a lot.
That's a very dangerous game to play, even a large PLC won't take that risk, and all credit (which is essentially what an unpaid bill is) should be insured. When you open an account with a rental company (for example) your credit limit is how much someone like gradings will insure the debt for. . Sorry to hear about the situation Fig, with your experience in the game I'm sure you will be back up and running soon.
