Jones Beckett

[crazyfrog]

How much mark up?

I've been in contact with Client Co to see if they paid JBA direct. They paid all bar the last invoice to RBS Invoice Finance. The last invoice they paid to JBA directly. (I invoiced JBA in June, JBA received the money in October...with a 35% mark up)

Is this an industry average? Or is this far more than an agency would normally receive in commision.

I do know that the last invoice Client Co was paid, was done so out of their new AP system (based in India) so it may be that JBA got the money direct because the new system hadn't been set up properly to pay via factoring companies (I should know as I did the export from the old system to the new and highlighted the issue that Invoice factoring had been left out of the migration). So...JBA might be telling some of the truth about not receiving money from RBS...in my case anyway.

In my case I didn't get the RBS excuse. For me, it was normally that they needed Becketts signature to release the money and he was never there...for almost 6 months!

[cookiemonster]

I've been in contact with Client Co to see if they paid JBA direct. They paid all bar the last invoice to RBS Invoice Finance. The last invoice they paid to JBA directly. (I invoiced JBA in June, JBA received the money in October...with a 35% mark up)

Is this an industry average? Or is this far more than an agency would normally receive in commision.

I do know that the last invoice Client Co was paid, was done so out of their new AP system (based in India) so it may be that JBA got the money direct because the new system hadn't been set up properly to pay via factoring companies (I should know as I did the export from the old system to the new and highlighted the issue that Invoice factoring had been left out of the migration). So...JBA might be telling some of the truth about not receiving money from RBS...in my case anyway.

In my case I didn't get the RBS excuse. For me, it was normally that they needed Becketts signature to release the money and he was never there...for almost 6 months!

can "Dark Knight" help us get the answers needed?

[cojak]

Admin has been asked to let you guys PM.

[DarkKnight]

i have checked the PM-ing and it works.

<mod> snip </mod>

Interest payments were minimal to RBS- I can give you the informatipon on why this was but it has to be through PM

Hi chaps,

Cojak - I appreciate you need this info Guys, but we have a duty of care here. Please use the PM facility and I'll speak to admin regarding how much you can place on the public board.

[DarkKnight]

no offence - but thats really annoying i took ages typing that up and im far too busy to go through it again.

[realityhack]

no offence - but thats really annoying i took ages typing that up and im far too busy to go through it again.

We've still got the original if you didn't copy it. Happy to PM to you, but just need to check with admin before releasing any of that info publicly.

[cojak]

no offence - but thats really annoying i took ages typing that up and im far too busy to go through it again.

Don't worry DK, I've saved the original - you won't have to re-write if Admin OKs it.

[DarkKnight]

thanks - really helpfull. im just swamped at the moment. if possible can you forward to cookiemonster please.

[crazyfrog]

So, what happens next? Do we all pillory the liquidators for a solution individually, or do we have someone to focus for us?

[cookiemonster]

liquidators request for info

So, what happens next? Do we all pillory the liquidators for a solution individually, or do we have someone to focus for us?

I recieved a reply from Alex at Bond with regards to their investigations. The email trail is below

1. It is difficult to say exactly how long it will take me to complete the investigation into the affairs of the Company and the conduct of the directors both past and present. The Company Directors Disqualification Act 1986 and the Insolvency Act 1986 both state that a Liquidator must submit his or her report to the Department for Business, Innovation and Skills (“BIS”)within six months of their appointment. However, investigations can continue after this period has elapsed.

2. Unfortunately, the contents of a Liquidators report to BIS is strictly confidential so not to prejudice any action which may be taken against delinquent directors.

3. As confirmed above, in the event that my findings in this matter are included within the Joint Liquidators report to BIS, I will not be able to disclose the same. However, confirmation regarding the progress of any precipitous action being taken against the directors by the Joint Liquidators, above and beyond that being taken by BIS, will be provided to creditors.


It has been brought to my attention that a group of the Company’s creditors have been discussing raising funds in order to take action against the director. I would suggest that creditors would be best served passing me all the information and evidence of wrong doing they have to assist my investigations. Without the same, I will not be able to progress the matter.

As of yet, I have requested this information from as many creditors as I can but no-one has got back to me yet. I'd like to set a deadline for Friday 26th March for this information as its really important the liquidator has all the info he needs to file a report that could to further action by BIS.

Really its in our hands, so if you want a chance of seeing some attempt made at recovering the money, give me all the evidence you can, please!