Has Futuro Gone Bust?

[DodgyAgent]

it is examples like this that make the CUK forum a golden resource to contactors

Milan.

does anyone know who their clients are?

[DS23]

I understand how you feel.....If it were me, I would be accidentally wiping the contents of my hard drive and leaving the building.
tim

likewise. anyone being shafted by the liquidation - i feel your pain.

when this happened to me a few years back i knew there was something dodgy going on and started withholding invoices. i prayed that agency would pay me my dues and that the tulip would not hit the fan. they paid me a bit and then it all went sticky-stinky.

i spoke to the liquidator, explained my situation and bought myself out of the original contract - i paid them 5K and withdrew all claims against the agency. that was real painful - owed 20K and there's me giving the fxxxs even more.

the liquidator ended the contract which allowed me to sign a new, backdated contract that enabled the withheld invoices to be processed. hoorah!

so if you do have withheld time and expense you might be able to get something out of it.

[ITContractor]

I'm afraid it's not looking good at all here.

They've been kicked out of one big company who have transferred their contractors elsewhere. They were already struggling before that.

The standard practice when agencies get into trouble is to go into administration and then buy the contract assets back from a friendly administrator.

The directors of Chamberlain Scott International bought the contract assets of a company who had turned over 6 million the year before (themsleves obviously) for 91K and started trading again as Chamberlain Scott International (UK).

Futuro have got a shocking auditors report and anyone who had enquired about them with Experian would have found that out.

It's a big surprise that those who put them on PSLs didn't find that out.

[tim123]

It's a big surprise that those who put them on PSLs didn't find that out.

Why would they care. They are never going to be a debtor so all that is of interest in getting on a PSL is: "How many consultants do you have on your books" and "how low will you go".

tim

[Goonerak]

Received this from the administrator this morning

Further to your recent email, I confirm that Jason Godefroy was appointed Joint Administrator of the Company on 27 February 2007.

For your information, the Joint Administrators will be writing to all creditors of the Company in due course in order to provide further details of the Administration, together with an opportunity to submit any claim that you may have against the Company.

I advise that I am unable to provide any further information at this stage with regard to any potential dividends.

Should you not have already done so, please provide a contact address to ensure that you will receive all future correspondence in this matter.

Should you have any queries regarding the above, please contact me.
For and on behalf of
Futuro Group Limited
Rachna Darbar
for Jason Godefroy
Joint Administrator
The affairs, business and property of the company are being managed by the Joint Administrators who act as agents for the company and without personal liability

Rachna Darbar
menzies | corporate restructuring
43-45 Portman Square, London, W1H 6LY
tel: 020 7487 7240 fax: 020 7487 7299
dd: 020 7487 7269
www.menzies.co.uk

[WindyAnna]

Why would they care. They are never going to be a debtor so all that is of interest in getting on a PSL is: "How many consultants do you have on your books" and "how low will you go".

In the olden days when I was a permie I used to review the PSL every year. We always got a full D&B done since it was in no-one's interest for the supplier to go to the wall at a critical time in the project. Same as we never bought systems or services from anyone without checking them out first! Just seems to make sense for everyone.

It is even more frustrating when you flag the agencies instability to the client and they do stuff all about it!!!

Windy

[WindyAnna]

Contact e-mail to register with administrators

Following on from post above here's the contact e-mail address:

[email protected]

Cheers

Windy

[DodgyAgent]

Following on from post above here's the contact e-mail address:

[email protected]

Cheers

Windy

isnt menzies where you buy porn mags?

[freakydancer]

isnt menzies where you buy porn mags?

There was a cracking selection in the old menzies in staines - nicked my first porn from there..."electric blue" c1988

[Not So Wise]

Ouch, for those affected by this, my sympathies as you are probably in for a lot of pain

Same happened to me about 6 years ago when the agency I worked though went bust

Here is what you should expect:

Money outstanding with invoices submitted to agency:

Client will refuse to pay you direct for this money as the administrators will most bill them directly for the full amount (both yours and agents cut) sooner or later (though your portion of this money will not be sent directly to you but will be put into the general assets pool)

Money outstanding with invoices not submitted to agency:
Clients might be willing to accept those invoices direct to them (or new nominated agency) Negotiate with them, play nice because even though it could save them some money it could cause them some legal hassle down the road

Your contracts:
Receivers will most likely try to sell them in bulk on to another agency at a discount, that agency might honour all or a portion of money owed on those contracts to the contractors.But because they most likely just bought the contracts not the liabilities it will really depend on what the total future value of the contract is worth to the new agency, if you are near the end of contract and there it is unlikely to be no renewal they are unlikely to pay you much if any of the outstanding money

One thing to note, most contracts (agent to client and agency to contractor) contain insolvency clauses that make the whole contact null and void, you might be able to use this to your advantage (handy for restrictions on working direct with client). This also means you are not obliged to accept your contract being "sold"

Getting money owed from the administrators
All I can say is good luck, Agencies generally have few tangible "assets", thus there is unlikely to be much money once the administrators have it all pooled. As contractors you will most likely be low on the list to get money and what you get will be only a fraction of what you are owned. Fastest I have heard of this happening was 6 months. In my case after year and half administrator had dropped my estimated payout from 80% to last I heard 10% at which point I could not be bothered to pursue it anymore