Notice Period.....

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richard-af replied

4 August 2007, 11:51
Originally posted by beerbarrel

It will not be an issue of last one out, turn off the lights - it will be last one out loses their money.

Never a truer word, etc.
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beerbarrel replied

3 August 2007, 19:08
The reason P4 have gone into administration is that they are unable to pay their creditors; they are insolvent.

This is not a sudden unexpected event, they have been in difficulty for some time, their accounts are 7 months overdue. My guess, judging from the views expressed on this site, is that the 'problem' creditor will prove to be HMRC?

The only way P4 can continue to trade is if the administrator can agree a scheme of arrangement with the creditors. However according to their contract that act allows either party to terminate the contract.

So any contractor who wishes to terminate their contract with P4 is now free to do so.

As existing P4 contractors gradually realise that P4 is insolvent they will leave. It will not be an issue of last one out, turn off the lights - it will be last one out loses their money.

Good luck!

Last edited by beerbarrel; 3 August 2007, 19:10.
Leave a comment:
WindyAnna replied

3 August 2007, 16:32
Your contract probably says "ceases to trade", if the company is trading in administration then your contract isn't void.

Sorry!
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malvolio replied

3 August 2007, 15:25
What does your contract say?

Basically if one party has closed up shop, the contract stops there and then. However, that doesn't mean the other party will be paid, since that money currently forms part of the first party's assets and now belongs to the adminstrator.

As the man said, get professional advice. If you're in the PCG, ring the legal helpline. If not, find a good solicitor who should give you half an hour free.
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richard-af replied

3 August 2007, 15:19
Originally posted by dazzer6588

i have my wallet out thanks, which pro??

Have a look at the Home Page here on CUK - various legal types available.

Also, might just be worth ringing another brolly and see if you can get decent advice from them, in exchange, so to speak, for your business with them.

Good luck.
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dazzer6588 replied

3 August 2007, 15:11
i have my wallet out thanks, which pro??
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richard-af replied

3 August 2007, 14:45
Originally posted by dazzer6588

If a company goes into administration such as P4 - is my contract with them null & void? do i have to give the wretched company one weeks notice?

point me in the right direction, cheers :-)

Speak to a pro - get yer wallet out.
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dazzer6588 started a topic Notice Period.....

3 August 2007, 14:40
Notice Period.....

If a company goes into administration such as P4 - is my contract with them null & void? do i have to give the wretched company one weeks notice?

point me in the right direction, cheers :-)
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