Veritas-IT - unpaid invoices.....

[WindyAnna]

Does anyone know if there is any truth in that Veritas used RBS to factor invoices?

A lot of agencies use factoring companies to manage the gap between their payment terms to the contractor (generally short) and the payment terms from the client (generally much longer). It is a reasonable way of dealing with this and isn't in itself evidence of dodgy dealing.

Hi, I'm the nice administrator, could I have your timesheets please?

What for?

Well, we have to bill the client for the work you did.

Yes, but you already owe me £10k. I think you will bill the client and not pay me a penny.

Well, that's not true. Trust me.

In my experience the administrators will make absolutely no commitment whatsoever to making payment to you. They will tell you that they are going to bill the client but not that they will pay you.

Ok, tell you what. Trust me instead. I'll ask the client what their paying you, invoice them and pay you the difference. I get what I'm owed and you get your margin. Tell you what, I'll keep the margin and knock it off the £10k you owe me....

You can't do that!!!

Ok, put 10K in my bank account and then we are square. Then I will send you the timesheets..............eventually

No - you can't do that, and they can bill the client without your timesheets if they need to. They can directly ask your client for information about the days you worked and the client can be legally enforced to tell them. When this happened with Futuro the administrators actually took steps to do this with one client where they believed that not all timesheets had been submitted! Another client had paid an amount to each contractor as a goodwill gesture and the administrator tried to come after them for making payments outside of the Futuro contract even though they had paid Futuro for all the time already.

It may be that you can reach a deal with the administrtor to buy yourself out of your contract but they will do their best to get every penny that is owing to the company by whatever means necessary and that may result in them coming after your client for your work which can be very unpleasant.

Do get some legal advice and I really hope that you fare better than we did with delightful Futuro Group - directors still running the "unrelated" company in Europe and still living in their big houses on that one BTW.

All the best

Windy

[thescoobydoo]

Lying thieving directors

For the last 5 months I have been employed by a company that were apparently cash rich. I have hit every target that has been set and been promoted. I have made the company more money than I have cost and somehow last Wednesday the locks to the London office were changed whilst I was trying to set up an interview for yet another contract deal.

This has stopped me collecting personal affects. I brought 9 years of recruitment knowledge to them, which is still on their PCs. I have been told every day since last Wednesday that "tomorrow the company is going into administration", which has still not happened. Therefore I am in limbo.

I now propose a fresh approach. I am prepared to meet any employee's or contractor's to form a co-operative alliance which will be designed to sue the directors personally for breaking their word on having the company go into administration. Given I was not paid today means I am now entitled to look for work and have complete freedom to do so.

I am also legally allowed to seek financial redress to compensate me for the intellectual property that I have given them in my time.

If anyone would like to join in this fight please get in touch.


Regards.

[parclatot]

Fat bloke

Mad Billy,


Contractor care? your avin a laugh!

Nick will be looking after his own interests as usual, Amdocs, accenture etc, if he isn't already "one of the interested parties" I would be extremely surprised.

[zoomit]

Rbs

I can confirm that RBS are the bankers and invoice discouters for vertiots and will be fighting very hard to clear their debt, which they will do as all the debt is secured against timesheets they are the primary creditor

[outofwork]

I am in

I am with you scoobydoo. Apparentley as they are a Limited company they will not loose a single penny of their own money. We really will not know until late next week if not the week after if the company is going into administration or if someone is going to buy the company. I am spitting feathers at the moment. I am hoping to get some legal advise next week as to where we stand. I will be calling Cassie at BDO everyday for an update. I do know at least 2 employees that are now in arrears on their mortgage. The directors had a responsibilty for all of us and our contractors, how can they get away with this. As soon as I know where we ALL stand from a legal point of view I will let you know. We MUST get together and sort this out. If anyone knows anyone in Legal that can help us please let us know.

[outofwork]

Ps

Good point Scoobydoo. With X amount of years in this industry I have also put so much info on Adapt. I would like that back please. I did spend 2 hours on Wed sending my clients to my email address as authorised by Jason and Marcus however when I got home I found out that all out going emails had been stopped at 11am that morning!!!! Everyone else had the same problem.I still believe something very fishy is still going on

[Still_in_the_dark]

How sweet

It's nice to see you two finally working together.

You've got my support -

[cheesedoff]

thescoobydoo and outofwork I'm with you too!

Right we need to get these directors/shareholders to pay us what we are owed - salaries, outstanding commission and outstanding expenses (for going to visit their clients!!!). Surely someone can help us bring a case against them personally, any suggestions gratefully received

[mikekzn]

Strictly Contractors Only

url: http://veritas.247it.com/

[mikekzn]

getting together

url: http://veritas.247it.com/