Bit surprised they let him run up such a debt. But I guess thats what you get for normally only dealing with decent, honest people & being trusting.
Buffalo Farm Goes Bust
- Thread starter David1968
- Start date
Was lots of bad news coming out of there for some time, tractors repoed, and was using people from farther away to do jobs, our foot trimmer got caught there to, but did tell him not to go there, but guess the draw of good numbers of cow's to trim was to great while you're starting out.
Just over 600 credits due just over £3million . Looks like he's bought the assets from administrator for £80 000 . Sharp work
- Location
- 200 miles N,NW of New York
See post 103
I don't suppose it was detailed how much was owed to the investors and how much to suppliers?
Yes
- Location
- Wormingford, Essex
100% of the shares in the new company are owned by a Mr S Mitchell.
Sad to see the pages and pages of names that had put in at least £1000 each as part of the investor scheme.
Sad to see the pages and pages of names that had put in at least £1000 each as part of the investor scheme.
- Location
- Scot Borders
Not surprised, but surely some element of illegality?
Unfortunately its probably well within the law, company relaises that they can't carry on with the debts hanging over them, approaches an insolvency firm, agrees a "pre pack" deal to buy the assets for a sum that covers the insolvency firms work and off they go. IMO it should be illegal for an insolvency firm to agree to any asset sale prior to being formally appointed and any potential asset sale should have to be advertised to allow other bids to come forward.
- Location
- Lincolnshire
Should be sold at auction, so everyone can see whos bidding. And potentially then have "a little chat" in the car park.
- Location
- 200 miles N,NW of New York
Any link to it
- Location
- Wormingford, Essex
The way I read the report was that they did advertise it via a website, probably one that advertises such companies, and only got one bid on it. I'm sure it was all within the law, but I feel morally what was done was very wrong. I really feel for those that wanted to help get the business going, and those suppliers that have lost out as well.
Johnnyboxer
Member
- Location
- Yorkshire
Long list
SilliamWhale
Member
Who was the "very generous investor" who allowed him to buy back for £80k?
Exfarmer
Member
- Location
- Bury St Edmunds
WOW!
and the £80K just nicely paid the consultants and other fees
and the £80K just nicely paid the consultants and other fees
16 pages alone of people giving £30k down to £1k.Long list
- Location
- somerset
a receiver has a duty to 'maximise' the assets, so creditors can be paid out
for some, that max amount covers their fees
on the other hand, the business is still trading, staff still have jobs, which is some sort of plus
but it still leaves a nasty smell
for some, that max amount covers their fees
on the other hand, the business is still trading, staff still have jobs, which is some sort of plus
but it still leaves a nasty smell
Johnnyboxer
Member
- Location
- Yorkshire
They must like buffalo