Has Futuro Gone Bust?

[BrilloPad]

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

This is unlikely to be one at a time

tim

really? - they will get enough to cover their fees and do it asap to get their hands on it. This will be called "the need to stop the assets(i.e. contractors) walking"

[WindyAnna]

I reckon it will be speed rather than value, most of the big sites have already moved their contracts to another agency so unless they do it quick there will be none to sell! Depends whether the administrators have the sense to see that, their loyalty is to the factoring company who brought them in tho' so anything is possible.

If they do sell them back to the Directors then I reckon any client with any sense will use whatever clause they can to terminate immediately before the same thing happens again!

Cheers

Wind

[tim123]

I reckon it will be speed rather than value, most of the big sites have already moved their contracts to another agency so unless they do it quick there will be none to sell!

Yep, that is the point. If they were buildings, selling then one by one nets the best return.

But these are time limited contracts. Selling individually takes a lot of time and each day less on the contract makes it worth less money. The best return is going to be achieved by selling them in large bundles very quickly

tim

[ITContractor]

Last time there was a problem with an agency going under some contractors phoned up the Administrator and bought out their contracts dirt cheap from them and then got the agency cut as well.

[WindyAnna]

Futuro now in Liquidation

They've paid off the finance company (GE), they will pay the administrators, they should be able to pay the preferential creditors (the employees redundancy which comes from the state anyway!) and then "it is uncertain whether there will be sufficient realisations to enable a distribution to the non-preferential creditors of the company". since one of the non-pref creditors is HMRC (£312,671) it is likely that if tehre is owt to be had they will be the ones to have it!

I never expected to see any of this money (and if any of it does become available, in my case it will go to the Prosperity4 administrators - LOL) but the whole document just makes depressing reading except for this bit which really made me chortle ..

"There remains a significant number of outstanding timesheets which the Joint Administrators have to date not received from the contractors despite repeated chasing . The Joint Liquidators propose to continue to pursue this matter in the Compulsory Liquidation"

Oooh you naughty contractors - not submitting timesheets for money you will never see .... !!

Windy