Risen from the ashes.... How???

  PaulB2005 08:14 18 Jan 2006
Locked

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Please note: I'm not being facetious - just ignorant in the ways of the "Business World".

Whilst I'm not trying to infer anything about Time, how is it a company can go into receivership and then make an appearance 8 months later? If i read it correctly then Time went into Administration, the receivers are called in and now the original factory has been bought by the people who ran the failed company in the first place?

Isn't this like me failing to maintain payment son a car, having it repossessed and then buying it from the finance company?

If they have the backing to buy the factory again will they be fulfilling the failed orders mentioned at the end of the report? If not, how can they do this?

Surely you might as well start a company, ship nothing whilst running the company into the ground and pay yourself well, go into Administration and start again in 6 months? I believe there must be more to it that this but i can't see what!

  rmcqua 08:57 18 Jan 2006

Doesn't make sense, does it?

  PaulB2005 09:13 18 Jan 2006

Well i dare say it does but i'm not sure how.

  Chegs ®™ 09:23 18 Jan 2006

"as well as the remnants of Tiny.com which were bought by Watford Electronics"

As I read it,Watford/Savastore would be the ones who honour Time customers issues and judging by the numbers of Watford/Savastore complaints in reality no-one has.

  €dstowe 09:27 18 Jan 2006

Time computers have a very poor reputation with just about anyone who has an interest in computers - whether or not justified. Unless they rebrand with a totally different name and lose any connection with the old one, their reputation will follow them and, no doubt they will fail yet again.

  HondaMan 10:27 18 Jan 2006

"As I read it,Watford/Savastore would be the ones who honour Time customers issues"

How do you arrive at this? Watford et al bought Tiny, not Time. As the new company, Time UK Factory, would appear to have no commercial or legal liability for anything to do with Time. That company is defunct, kaput, gone. If a group of people want to purchase its assets from the receiver and start up a new company, then so be it. They cannot be saddled with the debts of a company that went bang.

The fact that some of the same people are involved, is neither here nor there on the face of it. A different situation may well apply to Directors etc.

I still wouldn't touch them with a barge pole. They should have kept it all quiet and just started selling computers under a totally different name to earn their own, hopefully, good reputation, not pick up someone else's bad one.

  PaulB2005 10:41 18 Jan 2006

"The fact that some of the same people are involved, is neither here nor there on the face of it."

This is what i have problems getting my head round.

  961 11:55 18 Jan 2006

All this is down to loopholes in company law that allow the name of a caput company to be resurrected in a new form

There are examples in the computer industry where it has happened more than once following the demise of the company that bought the assets (but not the debts and other liabilities) of the original company

What is needed is a new Company Bill to prevent this from happening unless the assets AND the debts and liabilities are taken over

That ain't going to happen anytime soon. In the meanwhile caveat emptor

  spuds 12:06 18 Jan 2006

Having been involved in similar 'inquiry' situations, especially the defunct Tempo event, I can categorically state that laws on insolvency and administration are very highly complexed, and not in the realms of the average layperson.

I took this issue up with the local Member of Parliament and other governing bodies, but the replies that I received, stated that the laws of the land were more than adequate, and no further actions were or would be necessary.

In my particular location, I know of 'a company' that as gone bust three times, only to start up a few days later, doing the same thing, with the same family members running the enterprise. In each case, it as been the previous customer who as suffered, and very little seems to have been done to balance the situation.

  Chegs ®™ 12:12 18 Jan 2006

I dunno what I was thinking either folks. ;-))

It was early,I had a late-nite,I forgot to put fresh batteries in my single brain-cell,old-age arriving prematurely...

I can think up lots of excuses for my error,forgive me.

  €dstowe 14:17 18 Jan 2006

Similar to spuds, one of my clients, who I had done business with for many years, was declared insolvent and I was one who was left owing a few thousand £££.

Two weeks later, the same people started up another company in the same premises manufacturing the same products with the same board and same staff but a different company name. I was asked to design the packaging for a new range for them - being told I would be paid before any work was done (no mention of their previous debt). Out of kindness, and on being paid half the due amount, I did the work. The other half of the payment didn't arrive.

Anyway, to cut a lot out of the middle, I was amongst the next lot of creditors to force insolvency on this company. That just cost me money and I received nothing in return.

The company is now in its fifth incarnation - now back to its original name. It has the same premises, same officials, same staff and even the original nameboard over the office block. They are using the artwork and designs which I am still owed money for and I can't do a thing about it because I've been through the due process of law in that matter.

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