Cable have the debt, ESS have the work in progress.
The debt was sold to Cable, the WIP was sold to ESS. (company name removed to protect the not guilty)
The administrator has taken two actions after he was nominated
1.1 To sell the debt of Veritas to a company called Cable Finance. The consequence is that the administrator received money from Cable Finance. What monies due from {COMPANY NAME} to Veritas for work properly invoiced is not due to and recoverable by Cable Finance. Cable Finance now own the rights to demand that money from and {COMPANY NAME} will be legally obliged to pay those monies in full whether or not Veritas has paid it out to any contractor. This debt includes all money that has been invoiced for and all money that Veritas could have invoiced for based on timesheets submitted and approved. So even if Veritas have not as yet sent invoices to {COMPANY NAME} but there are invoices pending or approved timesheets which can be billed to {COMPANY NAME} then they are entitle to bill {COMPANY NAME} accordingly. This is the reason way at the moment we still cannot provide you with the information of what was {COMPANY NAME} billed for. You will have been approached by the administrator who asked you to forward any information about the debt of Veritas to you. The administrator is the entity that supposes to pay the contractors (debtors) out of the monies he received from the Cable Finance.
1.2 To sell the Work In Process (WIP) to ESS as you all know by now. We have not yet been able to confirm the detail of WIP without being assured as to the Invoiced Work payable to Cable Finance.
The debt was sold to Cable, the WIP was sold to ESS. (company name removed to protect the not guilty)
The administrator has taken two actions after he was nominated
1.1 To sell the debt of Veritas to a company called Cable Finance. The consequence is that the administrator received money from Cable Finance. What monies due from {COMPANY NAME} to Veritas for work properly invoiced is not due to and recoverable by Cable Finance. Cable Finance now own the rights to demand that money from and {COMPANY NAME} will be legally obliged to pay those monies in full whether or not Veritas has paid it out to any contractor. This debt includes all money that has been invoiced for and all money that Veritas could have invoiced for based on timesheets submitted and approved. So even if Veritas have not as yet sent invoices to {COMPANY NAME} but there are invoices pending or approved timesheets which can be billed to {COMPANY NAME} then they are entitle to bill {COMPANY NAME} accordingly. This is the reason way at the moment we still cannot provide you with the information of what was {COMPANY NAME} billed for. You will have been approached by the administrator who asked you to forward any information about the debt of Veritas to you. The administrator is the entity that supposes to pay the contractors (debtors) out of the monies he received from the Cable Finance.
1.2 To sell the Work In Process (WIP) to ESS as you all know by now. We have not yet been able to confirm the detail of WIP without being assured as to the Invoiced Work payable to Cable Finance.
Comment