ChrisJ Posted April 7, 2023 Share Posted April 7, 2023 Canadian here, recently moved to the UK so don’t know the laws here do you have a legal term called - misappropriation of funds? ask a lawyer - basically your funds have been used in the old saying - robbing Peter to pay Paul - and the owner/president/managing partner/CEO/CFO etc etc etc is held personally liable for - as it says - misappropriation of funds you can upset the apple cart on these people if this exists here, forensic audit and if they see the big wigs used deposits or moneys paid for personal gain (beyond a reasonable salary) it pinches the vail of the LTD company and they are on the hook Link to comment Share on other sites More sharing options...
Sparrowhawk Posted April 7, 2023 Share Posted April 7, 2023 (edited) 11 hours ago, Susie said: It doesn’t sound like the purchasers had much choice it was pay by credit transfer or go else where. Many companies only take money in by direct transfer. My company does not take credit cards mainly because we do mostly business to business transactions but do get asked occasionally and I have to say no because of the fees involved in taking the payment by card. Card processing is an area I know, and for the situation of taking a deposit on a larger order, these fees are negligible. Taking a pay-as-you-go card processor as an example (i.e. the most expensive fees on offer) a £100 payment by card has £1.60 in fees. If you're doing volume you can quickly negotiate these down. If a company wouldn't accept a small fee + accounting overhead to secure an order worth thousands, I'd be concerned they weren't credit-worthy enough to be accepted by any card processor. Or their order books are so full they can be choosy. Which when I come to order windows is the argument I expect they will make... I'm sorry for everyone caught up in this liquidation. I've been caught in a couple (losing 4-digit amounts each time) and it's an absolute emotional rollercoster. After the shock and anger came an "I feel so f*****g stupid" phase which was the worst. Stay strong. Edited April 7, 2023 by Sparrowhawk 3 Link to comment Share on other sites More sharing options...
PeterW Posted April 7, 2023 Share Posted April 7, 2023 31 minutes ago, Dave Jones said: perhaps my English isnt good the key word is, O V E R D R A U G H T You are paying using borrowed money same as a credit card. Sorry - read the Financial Ombudsman note here about what is not covered by Section 75 https://www.financial-ombudsman.org.uk/consumers/complaints-can-help/credit-borrowing-money/goods-services-bought-credit It is very specific about what is and is not covered Link to comment Share on other sites More sharing options...
Nickfromwales Posted April 7, 2023 Share Posted April 7, 2023 18 minutes ago, PeterW said: Sorry - read the Financial Ombudsman note here about what is not covered by Section 75 https://www.financial-ombudsman.org.uk/consumers/complaints-can-help/credit-borrowing-money/goods-services-bought-credit It is very specific about what is and is not covered Amen. This is not a thread for giving false hope to people who are already emotionally compromised. If anyone would like to offer advice or support here, please only do so with the accompanying, current, facts that their statement is based upon. A-la, the above Thanks. Mods. 1 Link to comment Share on other sites More sharing options...
saveasteading Posted April 7, 2023 Share Posted April 7, 2023 10 hours ago, Nickfromwales said: I run a business, and for a couple of clients projects I didn't get paid back You are right of course. There are bad clients too, and then the contractor is at risk. It could all be sorted but, for some reason, it never is. English law favours the landowner client, of course. We had a 100k debt from a dodgy client once, and it was all lost. ( 2 years of helpful suppliers allowec us time to pay it all back). The steel building stood there, belonging to us but we couldnt take it down again. This does not happen on the continent where we could at least have dismantled it, and that would aid negotiation. One client carelessly told me that he never pays a supplier he won't need again. I added 3% for the retention we would never get. None of this helps Jamie of course. But it stinks in both directions and the good people's money doesn't disappear...someone has it. Link to comment Share on other sites More sharing options...
Nickfromwales Posted April 7, 2023 Share Posted April 7, 2023 1 minute ago, saveasteading said: You are right of course. There are bad clients too, and then the contractor is at risk. It could all be sorted but, for some reason, it never is. English law favours the landowner client, of course. We had a 100k debt from a dodgy client once, and it was all lost. ( 2 years of helpful suppliers allowec us time to pay it all back). The steel building stood there, belonging to us but we couldnt take it down again. This does not happen on the continent where we could at least have dismantled it, and that would aid negotiation. One client carelessly told me that he never pays a supplier he won't need again. I added 3% for the retention we would never get. None of this helps Jamie of course. But it stinks in both directions and the good people's money doesn't disappear...someone has it. Indeed. Just odd how money has been requested, more than once, so close to pulling the doors shut? For £100k, that steel building would have been chopped down on a bank holiday Monday. Link to comment Share on other sites More sharing options...
Shiloh Posted April 7, 2023 Share Posted April 7, 2023 (edited) Jamie was quite critical of Durisol, taking money when they knew they were going under. It looks like he’s done the same thing. It may not help many but I’ve been in contact with Isotex and they are offering a 45% discount to those who’ve been stung. Edited April 7, 2023 by Shiloh 1 1 Link to comment Share on other sites More sharing options...
Nickfromwales Posted April 7, 2023 Share Posted April 7, 2023 37 minutes ago, Shiloh said: It may not help many but I’ve been in contact with Isotex and they are offering a 45% discount to those who’ve been stung. Thank you for posting this, and it may be of huge interest to anyone mid-build!!! Link to comment Share on other sites More sharing options...
Nickfromwales Posted April 7, 2023 Share Posted April 7, 2023 39 minutes ago, Shiloh said: Jamie was quite critical of Durisol, taking money when they knew they were going under. It looks like he’s done the same thing. My moral compass told me not to go under when folk were invested in my company ( life savings / earnings etc ), so I just bit down even harder and weathered the storm(s), and some utterly disingenuous scrotes of clients to boot. I'm still owed north of £40k, but ain't going to see that ever again. All of that went out of my account and into these snakes new builds. I can only thank them for me now having a proper and robust billing system, where things get signed for, agreed, and then done. Never go on faith and smiles, is what this had taught me. I was quite a happy-go-lucky guy, but nowadays I'm far more weary of leaping before looking. There are defo two sides to these stories, but this one stinks. 1 Link to comment Share on other sites More sharing options...
Nickfromwales Posted April 7, 2023 Share Posted April 7, 2023 55 minutes ago, saveasteading said: English law favours the landowner client Yup. They can write anything down in their claim and it's almost impossible to defend yourself if you hadn't stopped to get quotes out, get them signed, and then did the work. 1 Link to comment Share on other sites More sharing options...
SteamyTea Posted April 7, 2023 Share Posted April 7, 2023 (edited) @Jamie Kent It is a bank holiday weekend, so no need to knee jerk anything. Also, may be best to get your name changed on here as you don't want legal people search for you and what you may have said. It is an over connect world now. I also don't think the time you have invest in getting to the BR stage is wasted, there are many ways to achieve the same result. Edited April 7, 2023 by SteamyTea 1 Link to comment Share on other sites More sharing options...
saveasteading Posted April 7, 2023 Share Posted April 7, 2023 4 hours ago, Nickfromwales said: For £100k, that steel building would have been chopped down on a bank holiday Monday. That would have been criminal damage, even to our own property., and 800m2 is a big thing to chop. But we did turn up at 6 am with a hiab to at least take away the 15T of unfixed cladding. A gang somehow soon turned up with chains and threats. Police came, then stayed and allowed us to load up. Well done her. 4 hours ago, Shiloh said: Isotex are offering a 45% discount to those who’ve been stung. Well done them. It would be helpful if they can offer security of ownership. That is easy and cheap for a big company. They perhaps have the material schedules for most orders. 2 Link to comment Share on other sites More sharing options...
Nickfromwales Posted April 7, 2023 Share Posted April 7, 2023 1 minute ago, saveasteading said: That would have been criminal damage, Yup. 4 minutes ago, saveasteading said: Well done them. It would be helpful if they can offer security of ownership. That is easy and cheap for a big company. They perhaps have the material schedules for most orders. I wonder how much stock is in the UK at Insulhub's premises? Assuming not much or any, but worth asking the receivers what is available, especially for anyone is mid-build and short of materials and is now on stop because of this? Isotex will not want to lose face, so hopefully they'll facilitate speedy delivery to site for anyone who takes them up on the discounted offer. Link to comment Share on other sites More sharing options...
Kelvin Posted April 7, 2023 Share Posted April 7, 2023 46 minutes ago, Nickfromwales said: Thank you for posting this, and it may be of huge interest to anyone mid-build!!! It is great however it’s not enough. They need to put a plan in place to prioritise anyone mid-build to get them the product they need. They are a big enough company to do this. Link to comment Share on other sites More sharing options...
Nickfromwales Posted April 7, 2023 Share Posted April 7, 2023 5 minutes ago, Kelvin said: It is great however it’s not enough. They need to put a plan in place to prioritise anyone mid-build to get them the product they need. They are a big enough company to do this. It sounds as if they have made this offer very soon after 'the event'? They mention folk affected specifically, so have they not just done what you say, prioritising those affected. Has anyone asked if they have offered speedy dispatch for those affected? If they have, then great. These big companies should have to offer a parachute to the end consumer, of course, if they allow someone to set up a money-making franchise. But if a client signs an agreement, with the understanding that there is no such mechanism, then you can't go at the supplier for any ( retrospectively deemed ) short-fall in their business practice. You can, however, ask. If you don't ask, you don't get. Dovista, the window / door group, however, did get involved when a window company went bust. And they sunk their teeth into the supplier, got the clients money out of him, and then worked tirelessly with me to get the matter concluded on the clients behalf. Big thanks to Ryan. Link to comment Share on other sites More sharing options...
Kelvin Posted April 7, 2023 Share Posted April 7, 2023 (edited) I meant that. Speedy despatch. Get one of their team on the case. List of customers that have paid money and not got product from the liquidators and contact them etc. It’s what I’d do if I ran the place. Edited April 7, 2023 by Kelvin Link to comment Share on other sites More sharing options...
SteamyTea Posted April 7, 2023 Share Posted April 7, 2023 30 minutes ago, Nickfromwales said: It sounds as if they have made this offer very soon after 'the event' Sounds to me they may be the ones that issued the winding up notice. Link to comment Share on other sites More sharing options...
ProDave Posted April 7, 2023 Share Posted April 7, 2023 17 hours ago, Dave Jones said: paid a small amount on either a debit card linked to an account with an overdraught or bank transfer from same account. Either way you would be fully protected. Can you explain this please. Does the account just need to have an overdraft facility, or actually be in debt and using that overdraft facility? and how long does that overdraft have to remain? Link to comment Share on other sites More sharing options...
Nickfromwales Posted April 7, 2023 Share Posted April 7, 2023 1 minute ago, ProDave said: Can you explain this please. Dies the account just need to have an overdraft facility, or actually be in debt and using that overdraft facility? and how long does that overdraft have to remain? I think @PeterW has put this to bed. Read his posts a few back Link to comment Share on other sites More sharing options...
Nickfromwales Posted April 7, 2023 Share Posted April 7, 2023 9 minutes ago, SteamyTea said: Sounds to me they may be the ones that issued the winding up notice. That would be public information? Does it say that? Link to comment Share on other sites More sharing options...
SteamyTea Posted April 7, 2023 Share Posted April 7, 2023 1 minute ago, Nickfromwales said: That would be public information? Does it say that? I don't know, not my problem. But I suspect that The London Gazette will know, eventually. Link to comment Share on other sites More sharing options...
Nickfromwales Posted April 7, 2023 Share Posted April 7, 2023 Just now, SteamyTea said: I don't know, not my problem. But I suspect that The London Gazette will know, eventually. Ok. Probably best to just stick to the facts here, as a lot of people are affected and they don't really need conjecture atm. Link to comment Share on other sites More sharing options...
Surfiejim Posted April 7, 2023 Author Share Posted April 7, 2023 1 hour ago, SteamyTea said: @Jamie Kent It is a bank holiday weekend, so no need to knee jerk anything. Also, may be best to get your name changed on here as you don't want legal people search for you and what you may have said. It is an over connect world now. I also don't think the time you have invest in getting to the BR stage is wasted, there are many ways to achieve the same result. I'm not sure why legal people may come after me. I've only stated information they themselves have made available on their website. I try to stay clear of the muck slinging whenever possible, although my time may come. When my build system and a fair wad of cash goes down the pan after months of planning, I think a little knee jerking is called for, or possibly required....It's been one way to ruin a good hoilday weekend. 1 Link to comment Share on other sites More sharing options...
Kelvin Posted April 7, 2023 Share Posted April 7, 2023 Quote: "I'm not sure why legal people may come after me. I've only stated information they themselves have made available on their website. I try to stay clear of the muck slinging whenever possible, although my time may come. When my build system and a fair wad of cash goes down the pan after months of planning, I think a little knee jerking is called for, or possibly required....It's been one way to ruin a good holiday weekend". Completely understandable. On the name thing. Buildhub is publicly searchable via search engines so there’s a view you should use a pseudonym etc. Link to comment Share on other sites More sharing options...
Surfiejim Posted April 7, 2023 Author Share Posted April 7, 2023 (edited) 15 minutes ago, Kelvin said: Completely understandable. On the name thing. Buildhub is publicly searchable via search engines so there’s a view you should use a pseudonym etc. Oh really ! I wondered why you all had funny names. I just thought you were all just crazy dudes. I'll change mine now and go to the dark side. Update: Does anyone know how to change my display name? It seems I may be just plain old me forever otherwise.. Edited April 7, 2023 by Jamie Kent Link to comment Share on other sites More sharing options...
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