Veritas-IT - unpaid invoices.....

[maxs567]

I am not suggesting anything I am saying that as I was refused to be allowed to register my interest in purchasing the company even though I was able to offer BDO a letter stating a line of credit from a bank in excess of the purchase price that has notionally been agreed, also a client of mine who was at least able to register their interest never received any paperwork and despite constant hassling of both BDO and the directors and has never been offered the chance to review the books.

This leads me to believe that the company has done a deal with BDO, especially as the team headed by William Turner is not an administration team but a refinancing team.

Also ever since Sept 20th there have been rumours that the directors have been trying to do a "phoenix" if you think about it logically the debt is £1.1 million of which only £500 000 is owed to primary creditors so if you can discharge the other £600 000 debt by either simply not paying it or letting the company go into liquidation rather than administration then with a forward order book of £800 000 you can turn a profit of £300 000 and all you need is a decent legal team to chase that money down, how much would you pay for a business like that? Also who is in the best position to chase the money down than the directors who are already invoicing for people who have only been on interview or not yet started?

They have a lifestyle to maintain which is beyond their means they need the money, they will do what it takes, lets be fair they ran a company into the ground which can only be profitable, how can you lose money when permanent fees are 100% to the company??

I don't understand how someone could justify to "buy" the assets of the company, as that is a contract book that is full of breached contracts - for assignments being fulfilled by consultants whose contracts have been breached too. I imagine that most consultant have left for other agencies or have made other arrangements, and are probably continuing the assignments that are no longer owned by Veritas due to their breach.

Whoever buys the company will have to
- re-acquire the contracts, if possible; convince the clients to come back
- hire new consultants to supply fulfill the assignments
- convince the clients to accept the new consultants
etc ..

[chuey]

I have just been informed by one of Veritas ex-employees that Veritas has been bought out by ESS (??).

[oncebitten]

Veritas bought

just heard that a company called ESS Recruitment has bought the contractor book from the receivers. Maybe there is light at the end of the tunnel

[joyma]

Contracts bought?

I hear Veritas are now in administration and a company called ESS has bought the contracts. Haven't spoken to BDO yet - anyone got up to the minute information?

[NickNick]

Update

This is from an email received from Nick Brand and NOT me.

Hi Guys,

I have just heard that ESS have bought the Veritas contract book from the bank and therefore Veritas have now been officially been put in to administration. Make no mistake this deal was done by the bank, with the sole purpose of getting all their money back, therefore not sure how much ex-employee's, client's or contractor's benefit, if anything - time will tell.

At least now we can all contact BDO to see if their is any likeihood of us getting any of the cash we are owed.

Regards,

Nick

[outofwork]

correct

NickNick you are correct. Cassie called me at about 2pm to say that ESS Recruitment have bought the books and BDO are the official administrators. Cassie has asked for anyone that hasn't sent their RP1 form out yet to send it to her at BDO, for those that have sent their RP1 form to the insolvency company don't worry she is going to get them to fax those forms over to her. BDO have to check all our details are correct before signing them off to the insolvency company. The most we can claim is £310 per week....great.

[Whiskas]

for the contractors only...

I was told by BDO that we would be unlikely to see any of our cash repaid. They said the administration process could take up to a year, but they're expecting to write to us all in 6 - 8 weeks to tell us what we'll be getting (i.e nothing).

this is obviously not the case for the permies.

So gutted.

Apparently the new company bought the debt owed to Veritas but not the debt Veritas owes us. So the new company will be chasing our clients for any money they think was owed to Veritas.

I was told by BDO that their sole job now is on behalf of the creditors, to use any remaining assets to pay off the banks and the employees etc, and then to see what is left for the contractors but he said he expects this to be nothing.

Does anyone know contact details for ESS (assuming they are the company that bought veritas out?) I have looked online and I can't get hold of anyone who knows anything about it.

If anyone is considering legal action and wants to join forces, please let me know. Personally I don't think I can afford it on my own now!

[Growernotashower]

[QUOTE=Whiskas;316881]

" Does anyone know contact details for ESS (assuming they are the company that bought veritas out?) I have looked online and I can't get hold of anyone who knows anything about it. "



Have a look at Acumen in Milton Keynes

[NotAllThere]

So, if all the creditors had banded together, they could have bought the order book, and got paid, and perhaps mitigated the loss?

[Whiskas]

the accumen that is in liquidation...?!

Thanks for the info on Accumen. You're right, it is them that have bought Veritas. However, if you look on companies house it says they are in liquidation!!

http://wck2.companieshouse.gov.uk/de...2186610#result

They seem to have the same website under two different company names, the other one - Engineering Staff Solutions Limited is not in liquidation but they look very much like the same company to me.

They are trying to get Veritas contractors to go on their books and mentioned they were looking at the legal side to see whether we were legally bound to as they have now bought the contracts (don't quote me on this as I don't fully understand all these legal wranglings).

Any thoughts?