Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: Lizzie_Zoom on 17 December 2012, 18:55:54
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Well Comet finally close their stores tomorrow. Terrible for the staff at this time of the year.
However, if you are disappointed that you have not been able to spend any of your money on any remaining stock, do not worry you, me, everyone is going to pay their share of £50 million
Yes, £24million in redundancies we will be paying for PLUS £26million lost in money that should have been paid to the Inland Revenue!
The company that bought the outfit recently for £1, will apparently come away with "a lot" of money!!
Madeness!!!
::) ::) ::) ::) ::) ::)
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We are wasting an awful lot more than that on other pointless government spending ;)
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Where do they keep finding this never ending money pit , id like shares in it ::)
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Who agreed it?
And you are right we are wasting a lot more than that elsewhere BUT a start needs to be made.
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The redundancy trick is played by companies all the time these days.They go bust,dont pay the workers their wages or redundancy pay,and legally the taxpayer has to foot the bill.The company can then make a few minor changes to its name,paperwork,etc. and start up again a short time later and carry on as if nothing has happened.
Shouldnt be allowed imo.
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They should chase the companies more than they do
I was made redundant in a similar situation 2 years ago, had to claim my redundancy pay from the government
The company i worked for was a german company and seem to have got away scot free !!!!!
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The redundancy trick is played by companies all the time these days.They go bust,dont pay the workers their wages or redundancy pay,and legally the taxpayer has to foot the bill.The company can then make a few minor changes to its name,paperwork,etc. and start up again a short time later and carry on as if nothing has happened.
Shouldnt be allowed imo.
I agree it's like tax avoidance there are some clever freakers out there to exploit loop holes in crap legistration. The problem as I see it is that the government doesn't stop it. I WONDER WHY ???:( :( :(
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Makes me wonder how much of the spoils was p1553d up the wall in hotel expenses and liquid lunches by Deloitte employees while they were winding it up. ::)
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Makes me wonder how much of the spoils was p1553d up the wall in hotel expenses and liquid lunches by Deloitte employees while they were winding it up. ::)
Deloitte were the company involved in our closure, and i believe they made a lot of money out of it :0
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Makes me wonder how much of the spoils was p1553d up the wall in hotel expenses and liquid lunches by Deloitte employees while they were winding it up. ::)
Deloitte were the company involved in our closure, and i believe they made a lot of money out of it :0
You can bet your bottom dollar that they will get paid while the employees will have a rather grim Christmas and uncertain 2013 :( :(
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Makes me wonder how much of the spoils was p1553d up the wall in hotel expenses and liquid lunches by Deloitte employees while they were winding it up. ::)
Deloitte were the company involved in our closure, and i believe they made a lot of money out of it :0
You can bet your bottom dollar that they will get paid while the employees will have a rather grim Christmas and uncertain 2013 :( :(
Are you suggesting the the workers employed by Deloitte do the work for nothing ??
"Deloitte" as a company name actually does nothing .. it is the people who do the work, and I suggest that every person working there would probably like to be paid for their endeavors ??
Or should all people working over Xmas do so for nothing, simply because some other people don't have jobs ??
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Makes me wonder how much of the spoils was p1553d up the wall in hotel expenses and liquid lunches by Deloitte employees while they were winding it up. ::)
Deloitte were the company involved in our closure, and i believe they made a lot of money out of it :0
You can bet your bottom dollar that they will get paid while the employees will have a rather grim Christmas and uncertain 2013 :( :(
Are you suggesting the the workers employed by Deloitte do the work for nothing ??
"Deloitte" as a company name actually does nothing .. it is the people who do the work, and I suggest that every person working there would probably like to be paid for their endeavors ??
Or should all people working over Xmas do so for nothing, simply because some other people don't have jobs ??
Absolutely not, but if a company is bankrupt I.E no money how come the adminstrators get first dips at what is left, not the employees who have gone unpaid for a period.
Who actually gets what and who pays the outstanding debts ???
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Makes me wonder how much of the spoils was p1553d up the wall in hotel expenses and liquid lunches by Deloitte employees while they were winding it up. ::)
Deloitte were the company involved in our closure, and i believe they made a lot of money out of it :0
You can bet your bottom dollar that they will get paid while the employees will have a rather grim Christmas and uncertain 2013 :( :(
Are you suggesting the the workers employed by Deloitte do the work for nothing ??
"Deloitte" as a company name actually does nothing .. it is the people who do the work, and I suggest that every person working there would probably like to be paid for their endeavors ??
Or should all people working over Xmas do so for nothing, simply because some other people don't have jobs ??
I would never expect anyone to do something for nothing.
The main problem with them was the lack of communication, the way WE had to chase THEM up to find out what was going on and as said previously they help themselves to whats left before any of the redundant staff get a penny
Obviously you have never had any first hand experience of them
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<snip>
Absolutely not, but if a company is bankrupt I.E no money how come the adminstrators get first dips at what is left, not the employees who have gone unpaid for a period.
Who actually gets what and who pays the outstanding debts ???
<snip>
I would never expect anyone to do something for nothing.
The main problem with them was the lack of communication, the way WE had to chase THEM up to find out what was going on and as said previously they help themselves to whats left before any of the redundant staff get a penny
Obviously you have never had any first hand experience of them
OK .. lets have a few "what ifs"
What if .... I'm an administrator hired to sort out a companies financial problems
What if.... that company is so far in the clag it cannot continue trading
What if .. it's assets exceed its debts by a long mile
What if ... as the administrator I actually have a few functioning brain cells
What if ... I take steps to ensure I get paid for the work I'm going to have to do BEFORE I start doing it
What if ... that is called "common sense"
What if .. I fail to do the above and lose money .. my company goes bust and all my employees lose money .....
Yup .. I totally understand why they get paid first .... it's the law of "supply and demand" :)
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What if's do not answer the question about who gets what in what priority, Share holders, employees, administrators, tax man, property rental ETC ETC ???
Deloites is an accounting business which takes on all kinds of financial work and pays it employees just like any other business, some contracts are more profitable than others. One of my questions is who pays them for winding up a company that has no assets, and in debt ??? like Comet
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What if's do not answer the question about who gets what in what priority, Share holders, employees, administrators, tax man, property rental ETC ETC ???
Deloites is an accounting business which takes on all kinds of financial work and pays it employees just like any other business, some contracts are more profitable than others. One of my questions is who pays them for winding up a company that has no assets, and in debt ??? ike Comet
Surely they have stock which is worth something? :-\
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<snip>
Absolutely not, but if a company is bankrupt I.E no money how come the adminstrators get first dips at what is left, not the employees who have gone unpaid for a period.
Who actually gets what and who pays the outstanding debts ???
<snip>
I would never expect anyone to do something for nothing.
The main problem with them was the lack of communication, the way WE had to chase THEM up to find out what was going on and as said previously they help themselves to whats left before any of the redundant staff get a penny
Obviously you have never had any first hand experience of them
OK .. lets have a few "what ifs"
What if .... I'm an administrator hired to sort out a companies financial problems
What if.... that company is so far in the clag it cannot continue trading
What if .. it's assets exceed its debts by a long mile
What if ... as the administrator I actually have a few functioning brain cells
What if ... I take steps to ensure I get paid for the work I'm going to have to do BEFORE I start doing it
What if ... that is called "common sense"
What if .. I fail to do the above and lose money .. my company goes bust and all my employees lose money .....
Yup .. I totally understand why they get paid first .... it's the law of "supply and demand" :)
Like i said in my previous post obviously you have never been in that situation, i totally understand that they need to get paid for the work ( whatever that may be ), and i myself would want to secure my payment if i were them.
Maybe im just being bitter towards them, but i suppose its just another case of the little man losing out :)
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What if's do not answer the question about who gets what in what priority, Share holders, employees, administrators, tax man, property rental ETC ETC ???
Deloites is an accounting business which takes on all kinds of financial work and pays it employees just like any other business, some contracts are more profitable than others. One of my questions is who pays them for winding up a company that has no assets, and in debt ??? ike Comet
Surely they have stock which is worth something? :-\
Not much Steve.
Remember the suppliers had stopped supplying Comet with any news stock some weeks ago, so stock levels will be low. What there is will be liquidated for whatever value the administrators can raise for it, but with much ex-display product and the fact it is "bankrupt" stock, it will raise very little in the scheme of things. What is raised must be paid to the priority creditors, such as the Inland Revenue and the banks. It just will not go that far!! ::) ::) ::)
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Inland revenue are, apparently, not a priority creditor in this case. That's the reason its costing so much.
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<snip>
Absolutely not, but if a company is bankrupt I.E no money how come the adminstrators get first dips at what is left, not the employees who have gone unpaid for a period.
Who actually gets what and who pays the outstanding debts ???
<snip>
I would never expect anyone to do something for nothing.
The main problem with them was the lack of communication, the way WE had to chase THEM up to find out what was going on and as said previously they help themselves to whats left before any of the redundant staff get a penny
Obviously you have never had any first hand experience of them
OK .. lets have a few "what ifs"
What if .... I'm an administrator hired to sort out a companies financial problems
What if.... that company is so far in the clag it cannot continue trading
What if .. it's assets exceed its debts by a long mile
What if ... as the administrator I actually have a few functioning brain cells
What if ... I take steps to ensure I get paid for the work I'm going to have to do BEFORE I start doing it
What if ... that is called "common sense"
What if .. I fail to do the above and lose money .. my company goes bust and all my employees lose money .....
Yup .. I totally understand why they get paid first .... it's the law of "supply and demand" :)
what i find interesting is that the "fees" to wind up a company are always 99.99% of the assets
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Inland revenue are, apparently, not a priority creditor in this case. That's the reason its costing so much.
Oh they are always a priority Steve in my experience, but Comet "assets" will never come even a fraction towards paying £26 million! ;D ;D ;)
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trouble is , when all your premises are leased, they're not actually assets.....
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Inland revenue are, apparently, not a priority creditor in this case. That's the reason its costing so much.
Oh they are always a priority Steve in my experience, but Comet "assets" will never come even a fraction towards paying £26 million! ;D ;D ;)
No, they're not. The creditors did some kind of deal to make sure they got paid first. It was a condition of a loan or something.
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trouble is , when all your premises are leased, they're not actually assets.....
Exactly, and that is a key problem whenever a large national chain goes bust. ::)
Most multiple retailers do not own any property today, although 30 years ago that was a popular choice. Then they realised they could strike a good deal by selling the valuable asset and then leasing them back. As my company always said, we are retailers, not property developers. The benefits of those property sales were absorbed in the accounts many years ago! ;D ;D ;)
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Inland revenue are, apparently, not a priority creditor in this case. That's the reason its costing so much.
Oh they are always a priority Steve in my experience, but Comet "assets" will never come even a fraction towards paying £26 million! ;D ;D ;)
No, they're not. The creditors did some kind of deal to make sure they got paid first. It was a condition of a loan or something.
Well that will be a first I think Steve. The Inland Revenue have a legal right to any assets normally, and do not give that up lightly ;)
STOP PRESS: Sorry, I am wrong Steve. I am very surprised, but the Inland Revenue are classed as an "unsecured creditor". Amazing. That is "our" money. Something is wrong with the system ::) ::) ::) ::)
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A major problem these days are highly leveraged buy outs where profits (and often more) are absorbed by the large amount of debt placed on a companies books.
The company that has bought the business very often have no / very little money invested in the business, they are quite happy to asset strip to get what they can and then cast the company adrift.
Where retailing is rapidly changing at the moment into a clicks and mortar industry, those that do not have the funds or management foresight to setup and grow the potential Internet side of the business are doomed. This applies particularly to hi-tech retailing.
Buying and asset stripping of companies has been going on for as long as I can remember and is much more prevalent in the US and UK, then in Europe. But many more major businesses are still family owned in Europe, so maybe that is a key we are missing, along with their investors being prepared to take a longer term view. In the UK and US 3 monthly public company results is taken to mean long term! :o :o :o This is why the Government is considering changing the law so public companies have to only report twice a year.
I understand the arguments that hedge funds etc. buy under performing / failing companies and turning them around and there have been some good examples like Boots and WH Smiths. Maybe we only hear about the bad examples where they do crash and burn, but it might also be that the current balance is incorrect. Maybe making the acquiring company having to provide say 60% of the companies acquiring capital is the answer, but that would still not them selling, leasing, borrowing and keeping as much money as possible before trashing the company.
I personally have a dislike of pre-pack administration, which seems to me to be screw the companies suppliers, lose most of the debt and carry on, with the same management to do the same again in a few years. Now surely this can't be healthy for capitalism, where suppliers, supplying goods in good faith get screwed and weakened in such a way.
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Inland revenue are, apparently, not a priority creditor in this case. That's the reason its costing so much.
Oh they are always a priority Steve in my experience, but Comet "assets" will never come even a fraction towards paying £26 million! ;D ;D ;)
No, they're not. The creditors did some kind of deal to make sure they got paid first. It was a condition of a loan or something.
Well that will be a first I think Steve. The Inland Revenue have a legal right to any assets normally, and do not give that up lightly ;)
STOP PRESS: Sorry, I am wrong Steve. I am very surprised, but the Inland Revenue are classed as an "unsecured creditor". Amazing. That is "our" money. Something is wrong with the system ::) ::) ::) ::)
customs and excise on the other hand, are a different kettle of piranhas.