• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

Albany - Having Problems??

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    #41
    Again, I am not a lawyer and if you are owed a large amount of money then I would certainly get legal advice NOW..

    However, if I were in your situation then I would take it that (assuming they are over the 30 days payment terms as stated in the contract, or whatever the payment terms are) then you can take it as a breach of contract between you and the agency and therefore start to negotiate terms direct with the end client, unless of course the end client has a Preferred Supplier List and then you better start negotiating to one of them your very strong position in that you have the contract all lined up and you already have your foot in the door and so want xxx rate. Dont set the rate too high or else they'll try to undercut you and get one of their own in that doesnt have such a low profit margin.

    If you want to know who to contact if Agency Co. aren't answering phone's etc. as previously stated the Agency has gone into Administration, therefore, you should contact the Administrators and make sure you're registered on the list of creditors. These things generally take a long time to happen (to ensure the Administrators do a good job/take as much money for themselves as possible) and so assuming you have an unpaid invoice lodged with bust Agency then at some point (it took them 4 weeks to get in touch with me when an agency went bust on me) they will contact you as a list of creditors and ask you to list exactly what is due to (inc. Late Payment fee's and interest due set at the rate that should be stated on your invoice). Then they spend a little (well a lot) more time sorting out the companies assets etc etc and eventually (this took circa 4 months if I remember correctly) they come back and tell you that Agency Co. has not enough money in total to pay all creditors and HMRC come first, then what little is left after Administrators fees is divided up into a repayment scheme, in my case which was based on a 2 year buyout deal from another Agency Co. In short resign yourself to the fact that yes they can "just not pay me what im due" and that Administrators are on the same level as Lawyers, Plumbers and Agents when it comes to extortionate fees and so you are very unlikely to get your money back.

    However, the 1 shining light at the end of the tunnel if your sweating a lot at this point is GO SEE A LAWYER .. TODAY and they may advise you better given it's their chosen profession and I am merely stating what occurred in my own case. Yes I did see a lawyer and I managed to get 28k of the 36k due because I acted very fast and didn't submit a key document to end client until I received at least part payment of what was due which occured approx 1 week before Agnecy went into Admin.

    As I said Im still due what with interest etc. now adds up to 8.5/9k and that date is from Oct 2008.

    All the best of luck

    Chef

    GO SEE A LAWYER
    Last edited by chef; 8 February 2010, 11:14.
    The proud owner of 125 Xeno Geek Points

    Comment


      #42
      Originally posted by Sceptictone View Post
      Looks lik we are all stuffed. The problem is that if the contract is not terminated can Albany still invoice the client although I have not submitted timesheets?
      The only thing to do is to bite the bullet, say bye bye to the money, terminate the Albany contract, and not take up the Von Essen offer but get a contract with the client direct.
      any opinons on this?
      if you have unsubmitted timesheets... you could get the administrators to terminate your contract (pre date accordingly) which would free you up to negotiate a new contract either direct or through another agency and process the timesheets. of course this would come with a fee - get in contact with the administrators and start negotiating!

      what is the von essen offer?

      Comment


        #43
        Has anyone heard who the creditors are yet? I've still not heard anything from them.

        Comment


          #44
          Originally posted by paul2e View Post
          Has anyone heard who the creditors are yet? I've still not heard anything from them.
          Despite promises I haven´t had =any= communication from Albany myself.
          I need to know who the administrators are and who´s sitting on my money.

          If the reason Albany went into administration was merely because RBS pulled their funding, then perhaps there´s something left.

          However, if some cowboy took the money and did something deeply silly with it then we are all stuffed. Our money ended up in somebody elses pockets without any way for us to get it back, ever. I´d still be interested to know who the cowboy was though.
          Last edited by Tapasboy; 10 February 2010, 09:59. Reason: spelling

          Comment


            #45
            Originally posted by Tapasboy View Post
            Despite promises I haven´t had =any= communication from Albany myself.
            I need to know who the administrators are and who´s sitting on my money.

            If the reason Albany went into administration was merely because RBS pulled their funding, then perhaps there´s something left.

            However, if some cowboy took the money and did something deeply silly with it then we are all stuffed. Our money ended up in somebody elses pockets without any way for us to get it back, ever. I´d still be interested t know who the cowboy was though.
            You need to start here: http://www.insolvency.gov.uk/compuls...neycompany.htm



            AFAIK, a company in liquidation are under no obligation to contact you, though may do if they wish.

            Also AFAIK, the Albany companies that are no longer around were just trading companies and had no actual assets that could be disposed of etc.
            Even the fee earning contractors were handed over to VEC for free it seems.
            Though I did hear that one of the directors left Albany last week and moved to VEC. Suspicious or what??

            PZZ

            Comment


              #46
              Latest news for those who have not seen it: http://www.recruiter.co.uk/administr...004276.article

              PZZ

              Comment


                #47
                Thanks PZZ !! That is very good information.

                Comment


                  #48
                  List of administrators that have been appointed for Albany.

                  http://www.recruiter.co.uk/hope-for-...004292.article

                  PZZ

                  Comment


                    #49
                    What has possibly happened

                    If the administrators are also advisors to RBS then to understand what has happened I suggest looking at Private Eye, issue 1254, where they have details of companies going into administration that were doing ok, but the advisors/administrators pocket millions from the work they do with the rest going to the bank and nothing for anyone else. It is a rotten business.

                    Comment

                    Working...
                    X