Dutchpal.....GONE!

[exiledscot]

Hi All. Does anyone know of an umbrella that does use invoice financing? Im currently in Netherlands and am hating having to wait for a bloody month to get paid (I am with one of the bigger well known umbrellas here). My old umbrella in the UK does not operate in NL...so am stuck with these guys and their bloody 38 day terms.....

any pointers appreciated.

thanks

[LisaContractorUmbrella]

Thats exactly how I would say at least 90% of agencies operate.

Yep agreed

[chef]

Whereas an umbrella operates in the way LisaCU thinks, no payment to contractor until payment received by client.for that they charge a fee and therefore take a cut of contractors income and therefore make money

[moggy]

I thought that's where factoring came into play? contractor ltd has say 30 day agreement with agency, agency have 90 day agreement with client at a higher rate, agency then has an agreement with bank for a factoring loan to cover payments to contractor ltd while they wait for client co payment. Interest charged by bank should be less than rate difference between agency-contractor Ltd and agency-client for agency to make money.

Thats exactly how I would say at least 90% of agencies operate.

[chef]

I thought that's where factoring came into play? contractor ltd has say 30 day agreement with agency, agency have 90 day agreement with client at a higher rate, agency then has an agreement with bank for a factoring loan to cover payments to contractor ltd while they wait for client co payment. Interest charged by bank should be less than rate difference between agency-contractor Ltd and agency-client for agency to make money.

[LisaContractorUmbrella]

So you are saying 90% of UK agencies operate risky business models?

I am not sure that 90% of agencies do operate in that way

[normalbloke]

Paying out money that you haven't had in is a very risky business model and unlikely to end well in most circumstances

So you are saying 90% of UK agencies operate risky business models?

[LisaContractorUmbrella]

Paying out money that you haven't had in is a very risky business model and unlikely to end well in most circumstances

[normalbloke]

I wouldnt personally sign anything with Rendeck. They mis-managed one company and closed it. Whats to stop the same thing happening with Rendeck? Yes, its exactly the same people involved.

Much as it pains me to say (and I dont work for them!) ITECS seem to be OK and they seem to pay on time!

Dutchpal's business plan sucked....Pay the contractors up front without knowing when the client is going to pay you.....do the maths... it wasnt going to take long before the money ran out. Trouble is, its taken lots of contractors money that they probably wont see again and they expect to "carry on" as though nothing has happened?

I think not............

Surely that is the operating mode of most UK Agencies? I don't have to wait until the client coughs up for my invoice to get paid. Dutchpal must have had contracts with the clients concerning payment terms just like agencies here. I don't see what's different.

[marcelmarkus]

Rendeck Payrolling has no connection with Dutch Pal

As managing director of Rendeck Payrolling I would like to set the record straight on the relationship between Rendeck Payrolling and Dutch Pal. There was and is no relationship. Rendeck Payrolling is a sister company of Rendeck Automatisering and has nothing whatsoever to do with Dutch Pal. Rendeck Automatisering has used Dutch Pal last year to payroll a number of contractors. When it became clear that Dutch Pal was in financial difficulty we offered these contractors the option of moving to Rendeck Payrolling to ensure that they would get paid on time. Rendeck Payrolling is not owned by the same people that owned Dutch Pal. We have found some of the Dutch Pal staff prepared to work for Rendeck Payrolling, that's all. Rendeck Payrolling uses the same conditions as Dutch Pal did, with one exception: we pay the contractor once the client has paid us. This ensures a healthy cashflow.

[Rickster]

Dutchpal......Gone!

I wouldnt personally sign anything with Rendeck. They mis-managed one company and closed it. Whats to stop the same thing happening with Rendeck? Yes, its exactly the same people involved.

Much as it pains me to say (and I dont work for them!) ITECS seem to be OK and they seem to pay on time!

Dutchpal's business plan sucked....Pay the contractors up front without knowing when the client is going to pay you.....do the maths... it wasnt going to take long before the money ran out. Trouble is, its taken lots of contractors money that they probably wont see again and they expect to "carry on" as though nothing has happened?

I think not............

[gregoirebailly]

Dutchpal is gone but Rendeck is there!

Hi,
I also received this letter this morning but I heard yesterday that it was already over...
In the last days they did not communicate at all about the real situation of the company but prepared and sent me the new contracts with Rendeck payrolling! It is funny because there are the same people as there wre in Dutchpal: Corien, Marinke, and of course the same director...
I find it weird to be able to stop a business and to start exactly the same one, leaving the social security paying the outstanding salaries; but to be honnest I do not believe it will happen...
What can we do? Should we wait for letters from UWV or the curator?
GB

Hope no-one on here is owed money!

"As you are aware Dutch Pal has had some financial problems with regard to payments over the last few months and this has resulted in the company filing for Bankruptcy.

As of the 24th of January 2012 Dutch Pal has been declared bankrupt by the courts in Amsterdam. Ms Jorritsma (attorney at Boekel De Nerée N.V.) was appointed as curator. We will provide the curator with the names and details of the persons who are entitled to salary over the past periods. The curator has indicated that she will submit these names and details to the UWV. The UWV is the social security department who will determine whether your outstanding salary will be covered by the UWV by virtue of the Dutch "loongarantieregeling." This week the trustee will send all (former) employees a letter in which more information will be provided. Subsequently, the (former) employees will be contacted by the UWV.

The shareholders and Directors of Dutch Pal have spent the last few weeks trying to find a solution to save the company, but in this ever de-creasing financial climate our position was becoming increasingly more vulnerable and therefore we had no other choice than to file for bankruptcy.

We are all extremely sorry that it has ended this way and we apologize for any inconvenience that this has incurred"

[Rickster]

Hope no-one on here is owed money!

"As you are aware Dutch Pal has had some financial problems with regard to payments over the last few months and this has resulted in the company filing for Bankruptcy.

As of the 24th of January 2012 Dutch Pal has been declared bankrupt by the courts in Amsterdam. Ms Jorritsma (attorney at Boekel De Nerée N.V.) was appointed as curator. We will provide the curator with the names and details of the persons who are entitled to salary over the past periods. The curator has indicated that she will submit these names and details to the UWV. The UWV is the social security department who will determine whether your outstanding salary will be covered by the UWV by virtue of the Dutch "loongarantieregeling." This week the trustee will send all (former) employees a letter in which more information will be provided. Subsequently, the (former) employees will be contacted by the UWV.

The shareholders and Directors of Dutch Pal have spent the last few weeks trying to find a solution to save the company, but in this ever de-creasing financial climate our position was becoming increasingly more vulnerable and therefore we had no other choice than to file for bankruptcy.

We are all extremely sorry that it has ended this way and we apologize for any inconvenience that this has incurred"