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Post by bengilbert on Jan 25, 2014 23:29:14 GMT
A new loan has just been put up - due to begin on Tuesday afternoon.
Only the front page credit report available for now.
It only seems to have gone up in the last couple of hours - someone working late on a Saturday night.
EDIT: In the last 3 minutes, 3 people have independently posted the info about this loan appearing!
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Post by pepperpot on Jan 25, 2014 23:35:39 GMT
Busy for a saturday night!, whatever happened to disco lights and loud music??
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Post by batchoy on Jan 26, 2014 16:48:23 GMT
Working for a company that has suffered financial loss as a result of be screwed over by a company that went through a pre-pack administration and came out the other side debt free, with the same management team and a minutely changed name and then proceeded to want an immediate credit line and more product, I shall probably avoid this one.
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j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188 
Likes: 540
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Post by j on Jan 26, 2014 17:36:27 GMT
Working for a company that has suffered financial loss as a result of be screwed over by a company that went through pre-pack a administration and came out the other side debt free, with the same management team and a minutely changed name and then proceeded to want an immediate credit line and more product, I shall probably avoid this one. had not heard of pre-pack admin before, but having researched it, I'm leaning towards avoiding this one too & have withdrawn my initial pre-bid. I would have serious ethical issues with this one, unless very detailed info available in the forthcoming detailed credit report that might convince me otherwise, though I doubt it will. Wonder if there ever have been plans for creditors to be fully paid?
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agent69
Member of DD Central
Posts: 6,048
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Post by agent69 on Jan 26, 2014 18:23:17 GMT
Another company with a questionable financial past.
You can add me to the no way Jose list
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oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
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Post by oldgrumpy on Jan 26, 2014 18:56:31 GMT
Any company using such tactics to avoid paying people from whom credit was previously demanded and given in good faith should not be given further credit. I would like confirmation that this particular sequence of events is designed to repay all existing trading creditors*, except the bank who seem to be waiving some of their dues. (The "loan rationale" does refers to reduction of debt burden, not absolvement from earlier debt). Should Burger King be paying up towards this, or was the whole debacle due to incompetent management by the leisure company. I shall watch this and look forward to the observations of AC.
*edit: The question has already been asked in Q & A so I shan't ask it again.
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j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
Likes: 540
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Post by j on Jan 26, 2014 19:08:32 GMT
Any company using such tactics to avoid paying people from whom credit was previously demanded and given in good faith should not be given further credit. I would like confirmation that this particular sequence of events is designed to repay all existing trading creditors*, except the bank who seem to be waiving some of their dues. (The "loan rationale" does refers to reduction of debt burden, not absolvement from earlier debt). Should Burger King be paying up towards this, or was the whole debacle due to incompetent management by the leisure company. I shall watch this and look forward to the observations of AC. *edit: The question has already been asked in Q & A so I shan't ask it again. Maybe they're planning to pay back in bananas?.............or other types of fruit! sacrilege 
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oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
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Post by oldgrumpy on Jan 26, 2014 19:24:19 GMT
"Maybe they're planning to pay back in bananas?"
We'll have to scrutinize the full documents (when we get them) and Q&A for evidence of FAIR TRADE! 
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Post by bracknellboy on Jan 26, 2014 20:10:20 GMT
Working for a company that has suffered financial loss as a result of be screwed over by a company that went through pre-pack a administration and came out the other side debt free, with the same management team and a minutely changed name and then proceeded to want an immediate credit line and more product, I shall probably avoid this one. had not heard of pre-pack admin before, but having researched it, I'm leaning towards avoiding this one too & have withdrawn my initial pre-bid. I would have serious ethical issues with this one, unless very detailed info available in the forthcoming detailed credit report that might convince me otherwise, though I doubt it will. Wonder if there ever have been plans for creditors to be fully paid? While 'pre-packs' have got a bad name - prinicipally from creditors - if a business is going to be unable to trade its way out of its position without a writedown then it is not necessarily a totally bad thing.
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,323
Likes: 897
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Post by JamesFrance on Jan 26, 2014 20:38:05 GMT
In a past business life I suffered bad debts from these sort of people. They even had the nerve to come back seeking credit under their new identity and seemed surprised when they were shown the door. I would never trust anyone who thought this behaviour was in any way acceptable, even if the law allows it.
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Post by batchoy on Jan 26, 2014 20:47:06 GMT
had not heard of pre-pack admin before, but having researched it, I'm leaning towards avoiding this one too & have withdrawn my initial pre-bid. I would have serious ethical issues with this one, unless very detailed info available in the forthcoming detailed credit report that might convince me otherwise, though I doubt it will. Wonder if there ever have been plans for creditors to be fully paid? While 'pre-packs' have got a bad name - prinicipally from creditors - if a business is going to be unable to trade its way out of its position without a writedown then it is not necessarily a totally bad thing. It is when it is at the expense of other jobs and businesses. We were hit for £50K but due to our financial position we traded through it, we also worked with some of our customers who were also suppliers and were hit so that they could trade through it by giving extended payment terms. This it hit our cash flow in the short term but were were able to maintain our customer base long term, but I do know of other SMEs who were put in a position where they had to lay off staff and one which went under. The thing that leaves a bad taste with pre-packs is that they are all done and dusted before those who are affected find out. One day you have what appears to be a normal trading relationship, the next you are told that the company you were dealing with does not exist anymore, you are not going to get paid what you are owed and by the way we want another delivery of the same goods on the same terms. Whilst to all intents and purposes all that has changed is that the company has gone from xxxxxx Ltd to xxxxx (UK) Ltd and it has a different registration number.
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Post by jevans4949 on Jan 26, 2014 21:31:22 GMT
One can't help feeling that people who have walked away from their debts once will not worry about doing it again.
And how do you lose 2 million quid on a burger joint?
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Jan 26, 2014 23:26:25 GMT
One can't help feeling that people who have walked away from their debts once will not worry about doing it again. And how do you lose 2 million quid on a burger joint? Whilst what you have just said is of course possible it is a very risky game for the directors to play. There are a whole host of penalties they could face personally and a very large degree of wrath and punishment from the VAT and Revenue who probably were major creditors and would not take well to loosing twice.
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Post by bracknellboy on Jan 27, 2014 6:30:08 GMT
While 'pre-packs' have got a bad name - prinicipally from creditors - if a business is going to be unable to trade its way out of its position without a writedown then it is not necessarily a totally bad thing. It is when it is at the expense of other jobs and businesses. ... The thing that leaves a bad taste with pre-packs is that they are all done and dusted before those who are affected find out. One day you have what appears to be a normal trading relationship, the next you are told that the company you were dealing with does not exist anymore, you are not going to get paid what you are owed and by the way we want another delivery of the same goods on the same terms. Whilst to all intents and purposes all that has changed is that the company has gone from xxxxxx Ltd to xxxxx (UK) Ltd and it has a different registration number. Indeed. But note I was saying IF a business is unable to trade its way out.
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,323
Likes: 897
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Post by JamesFrance on Jan 27, 2014 7:50:09 GMT
But we are talking about the same business continuing with the same owners, who the law has allowed to cancel their debts. IMO this type of insolvent business should only be allowed to be sold on to completely new owners.
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