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Company gone bust!!!!!!

Posted by Andrew Windle on June 17, 2008, 4:24 pm
Andrew Windle

Hi people, I'm lookin for some advice if you could point me in the right direction.

We do (did do!!) a lot of work for a building company, payment was a bit slow but after a phone call we alway got our money. They dropped a van off with a gearbox problem, gearbox was over. We put a re-con box in, DMF and slave cylinder job done and all is ok. Gave the customer a ring "Vans done" customer came to collect the bill (we wouldn't let van go until the bill was paid in full) all was ok and off he went. That was about 3 weeks ago until today when "industrial asset valuer" came round and told us that the customer has gone bust and they were going to sort the bill out. Now the way he was talking he they are only going to pay a percentage of the bill and not the full amount. Now how do I stand, can I hold the van until the bill is paid in full or do I have to give it back with only part of the bill paid. If I do have to give it back can I pull the gearbox, DMF and slave cylinder back out of it as they are still mine.

Any help will be good
Thanks
Andy

Re: Company gone bust!!!!!!

Posted by Paul Foster on June 17, 2008, 4:38 pm, in reply to "Company gone bust!!!!!!"
Paul Foster

Do You have 'All parts fitted remain the property of xxxx until paid in full' on your invoices or account agreement? If so I would think that you are entitled to remove the objects or even claim the vehicle. I would hold onto it like grim death! Posession being 9/10's of the law, etc. You haven't taken the vehicle without consent so it's a civil matter.
Just my opinion.
Paul.

Re: Company gone bust!!!!!!

Posted by Dave Harney on June 17, 2008, 5:07 pm, in reply to "Re: Company gone bust!!!!!!"
Dave Harney

Hang on to it until your bill is paid in full, no matter what the "Law" say's !!
Hide it away if you have to.

Regards
Dave

Re: Company gone bust!!!!!!

Posted by Barry Rudd on June 17, 2008, 5:08 pm, in reply to "Re: Company gone bust!!!!!!"
Barry Rudd

Agreed, dont let it off your premises until paid in full. In fact start charging interest and storage. Once HMRC and secured creditors have been paid you wont get a penny.
good luck
Barry

Re: Company gone bust!!!!!!

Posted by Andrew Windle on June 17, 2008, 5:26 pm, in reply to "Re: Company gone bust!!!!!!"
Andrew Windle

Thanks people, looks like it might be fun times ahead. We haven't got anything on the invoice about all parts being paid for in full, but we will do from now on. I've got no intension of letting this go until its paid for in full but thanks for the advices.

I'll post and let you know how I go on

Many Thanks
Andy

Re: Company gone bust!!!!!!

Posted by martin young on June 17, 2008, 7:27 pm, in reply to "Re: Company gone bust!!!!!!"
Martin Young

andrew
have a read
hth
martin
http://members5.boardhost.com/ukautotalk2/msg/1170843352.html

Re: Company gone bust!!!!!!

Posted by Sean Connelly on June 18, 2008, 8:18 am, in reply to "Re: Company gone bust!!!!!!"
Sean Connelly

Hi Andrew,

We were in a similar position some years ago. We did get a tip-off phone call from one of the guys that there was a problem and we had two vans in at the time.

We hid them both. One was either a lease vehicle or had finance owing on it. The finance/lease company came to collect it but told them they couldn't have it back untill all our bills were paid. Over next few days and phone calls we agreed to buy the vehicle off the lease/finance company for what it owed them on the books only. We then sold the vehicle and the profit we made (about £1500) covered the companies other outstanding bills which we never receievd a penny for anyway.

Oh and the receivers never asked about the other van......

Sean

Re: Company gone bust!!!!!!

Posted by Tom Williams on June 19, 2008, 6:14 pm, in reply to "Re: Company gone bust!!!!!!"
Tom Williams

The law is on your side insamuch as you have a repairers lien on the vehicle. This is enforcable against allcomers. Whem I covered this at college in the early '70s 'allcomers' included uniformed police officers.

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