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Post by nigel610 on Apr 10, 2017 10:09:04 GMT
Hi can i cancel an autobid basically i have autobid on J*** S******* invoice and want to cancel and have looked on line they seem to be insolvent and i doubt if they. Have got a million pound turnover
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Post by kristjan on Apr 10, 2017 12:22:06 GMT
Hello,
Once your bid has been accepted, you cannot withdraw it. As for the insolvency claim - the company is an ongoing concern and we have no reason to doubt the solvency. We review the bank statements for every seller on the platform. We have also reviewed the statement for this particular company. In addition, the debtor, in this case a local council, has confirmed the invoice and the payment terms (ie. paying straight to our bank account).
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ali
Member of DD Central
Posts: 313 
Likes: 311
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Post by ali on Apr 10, 2017 12:45:24 GMT
The London Gazette records a petition to wind the company up in February by HMRC, but also that this petition was dismissed on 22nd March 2017.
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Post by kristjan on Apr 11, 2017 17:04:14 GMT
The London Gazette records a petition to wind the company up in February by HMRC, but also that this petition was dismissed on 22nd March 2017. Great to see that we have some sharp investors! It's good that you brought this up, as it allows us to clarify a few things. As you know, Investly checks companies' records before allowing invoices to auction. This includes checking their bank statements. Based on the information gathered for credit analysis, we decided to proceed because the company has a good history, is an ongoing concern and their business is growing. Unfortunately, we didn't realize the order would bring up so many questions. We contacted the seller for clarification. To bring clarity to the issue at hand, here is a summary of the events:The wind up order was due to their previous factor freezing their account and not paying out an invoice which had been financed. It left the company temporarily short on funds to pay VAT. The HMRC was extremely harsh in handling this matter. JS was aware the wind up order was to be published unless they paid the bill on time. They settled the VAT bill on time, but the order was nonetheless published. It took two weeks for the court to dismiss the order. The courts did not erase the original order, even though according to expert opinion the HMRC didn't have a legal basis for publishing it. The company has been operating for 14 years and this is their best year so far - business is growing and they have a long term contract with the council (this information is available on the council's website*) with an option to extend. *Since this is a public forum, I cannot provide a link as it would disclose the name of the seller and debtor. If you're an investor you already know the names, but you can e-mail me (kristjan(at)investly.co) for the link.
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