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Small claims court Result
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 Midlands Eagle  24 Nov 22 2.18pm |
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Originally posted by ASCPFC
To get around it the previous owner is not even a director of the new company. A front man is - the previous owner then sub contracts him/herself. it's still illegal and the previous owner could still "get done"
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palace_in_frogland  In a broken dream 24 Nov 22 3.38pm |
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Originally posted by Midlands Eagle
it's still illegal and the previous owner could still "get done" If it’s a new company, with a new board and a new article of incorporation, and they then hire the former company owner as an employee, where’s the illegality? Immoral, for sure, but illegal?
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| Midlands Eagle 24 Nov 22 4.24pm |
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Originally posted by palace_in_frogland
If it’s a new company, with a new board and a new article of incorporation, and they then hire the former company owner as an employee, where’s the illegality? Immoral, for sure, but illegal? Directors have a fiduciary duty to creditors and assets must only ever be sold at or above their true value irrespective of whom they are sold to and selling assets for a nominal value is effectively cheating creditors
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| Spiderman Horsham 24 Nov 22 5.03pm |
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Originally posted by Forest Hillbilly
Are you CP in disguise?
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| palace_in_frogland In a broken dream 25 Nov 22 6.56pm |
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Originally posted by Midlands Eagle
Directors have a fiduciary duty to creditors and assets must only ever be sold at or above their true value irrespective of whom they are sold to and selling assets for a nominal value is effectively cheating creditors You’re right, of course about the undervaluing of the assets; I was thinking of the legality of employment. I should have read the first post properly.
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The groover  Danbury 25 Nov 22 9.05pm |
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Originally posted by Midlands Eagle
That's illegal and is something that creditors of the old company watch out for. Assets must be sold at their true value Well it happened to me. A one man band selling Bi-Folds. Sold the remaining assets to his 'new company'. It would have been up to me to take him to court again. I got him because he was advertising himself as an approved installer for his supplier, which he wasn't. He was also advertising 2 weeks turn around for bi-folds just before he declare the company bankrupt. Thus taking lots of peoples money and then disappearing. I found out his new company name, contacted his supplier and told them the above. The MD of his supplier said 'What do you want me to do? He paid us.' I said as I've informed you of his criminal activity you are culpable and I'm sure that you would not wish to be associated with him. So I suggest you stop supplying him until he fits my Bi-folds. They were fitted two weeks later and I paid half of what I should have. I told him to take me to court for the rest. Never heard from him again!!! He told me he would install them himself as he was not happy. I told him I was looking forward to it. He was a no show! I would post the company names but know that the site would not want me too.
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| cryrst The garden of England 26 Nov 22 6.30am |
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Originally posted by The groover
Well it happened to me. A one man band selling Bi-Folds. Sold the remaining assets to his 'new company'. It would have been up to me to take him to court again. I got him because he was advertising himself as an approved installer for his supplier, which he wasn't. He was also advertising 2 weeks turn around for bi-folds just before he declare the company bankrupt. Thus taking lots of peoples money and then disappearing. I found out his new company name, contacted his supplier and told them the above. The MD of his supplier said 'What do you want me to do? He paid us.' I said as I've informed you of his criminal activity you are culpable and I'm sure that you would not wish to be associated with him. So I suggest you stop supplying him until he fits my Bi-folds. They were fitted two weeks later and I paid half of what I should have. I told him to take me to court for the rest. Never heard from him again!!! He told me he would install them himself as he was not happy. I told him I was looking forward to it. He was a no show! I would post the company names but know that the site would not want me too. As trigger would say “ half price eh, what’s that company again”
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