Has Futuro Gone Bust?

[Victor Meldrew]

I don't beleeeve it!

Last Friday the client had all the ex-Futuro contractors sign up with either of their remaining preferred suppliers, Parity or Computer People. Today the client is saying that that they would like to confirm that only Computer People is nominated for the purposes of their 'transition exercise', further instuctions to be supplied. AAtrrrrghh this has to be an episode of 'One Foot...'

[realityhack]

Last Friday the client had all the ex-Futuro contractors sign up with either of their remaining preferred suppliers, Parity or Computer People. Today the client is saying that that they would like to confirm that only Computer People is nominated for the purposes of their 'transition exercise', further instuctions to be supplied. AAtrrrrghh this has to be an episode of 'One Foot...'

Ach. I'd switch to CP only if I absolutely had to for the rest of the contract - then get out of there the moment I could.

[Goonerak]

Thanks for the info NotSoWise

My understanding is that most of Futuro's money is tied up with a factorig company. The good news here is that at least Futuro can't dip into it.

There are only a few of us with Futuro where I work. We have been told to sever the contract by e-mailing Futuro and signing up with another agency on the PSL.

The client has agreed to pay us last week with the new agency paying us from Monday 26 February onwards.

Looks like the family will have to go without a holiday this year...

...unless I can get out out of my contract and get this one

http://www.jobserve.com/WAD6E1093DCB2759F.job

[ITContractor]

Good advice Not So Wise.

One thing I will say is that the agency does have substantial assets - all the contracts of its contractors.

The trouble is that 'friendly' administrators brought in by the dying companies often sell those dirt cheap back to the directors of the company who have by now formed another company.

If you can waylay that process and get an agency to bid for the assets there will be reasonable funds to pay contractors with.

However, normally the administrator is only interested in having enough assets to pay their fees.

If you wound up the company, or threatened to, you might get your money in full - or at least you may be able to put in a friendly adminstrator or liquidator who would dispose of the contract assets at a price nearer to the market value allowing them to offer contractors more than the 3p in the pound offered to the Chamberlain Scott contractors.

[WindyAnna]

Believe there are some other agencies talking to the administrators. No idea what the outcome will be. I suppose it depends on how many clients are moving their contractors elsewhere and how bad a state the company is actually in.

Happy Friday

Wind

[ITContractor]

It looks like they have definitely gone under.

One of our readers went to the office in Sevenoaks and found it empty except for the 'receiver'.

One would hope this time that the receiver or administrator will sell the contract assets off at a fair price rather than selling them dirt cheap to the directors as has happened before when contractors were left with virtually nothing.

[BlasterBates]

I would just point out that top of the list of the creditors will be the Administrator, closely followed by the Inland Revenue, and then of course the bank.

There isn't usually much left over but what there is will probably go to the directors. After all they'll have been hit hard, poor souls.


I'm afraid the contractors are down there near the bottom of the list with the office furniture whoelsalers.

[bobhope]

Will menzies sell the assets (contracts) piecemeal or only in one big bundle?

I fancy being a part-time pimp!

[freakydancer]

Will menzies sell the assets (contracts) piecemeal or only in one big bundle?

Menzies sell assets? I thought they sold magazines and stationary? Ok, they haven't quite got the power of the mighty WH Smith but they certainly hold their own.

Put it this way...they tulip over my newsagent.

[tim123]

Will menzies sell the assets (contracts) piecemeal or only in one big bundle?

I fancy being a part-time pimp!

They will sell them in whatever way generates the most income.

This is unlikely to be one at a time

tim