andyofborg Posted April 25, 2016 Share Posted April 25, 2016 That loan will need to be repaid though, going into administration doesn't write off any creditors. by juggling things around the money ended up being owed by the company, if (when according to bbc news) it goes into administration the loan along with other debts will at best only be repaid at a few pence per pound and the rest will be written off. Link to comment Share on other sites More sharing options...
Fudbeer Posted April 25, 2016 Share Posted April 25, 2016 Looks like anothe town centre shop will be closed soon as BHS is going into administration, and with Primark on the Moor soon they will be struggling to carry on, hope someone does either save them or move into the BHS shop And there lies the problem people prefer to shop at cheap stores like Primark. Link to comment Share on other sites More sharing options...
iansheff Posted April 25, 2016 Author Share Posted April 25, 2016 (edited) Just been reading todays Mirror about this seeing if there were any updates. In the article it also said: Suit chain Austin Reed could also go under this week with 1,000 job losses after filing a notice of intention to appoint administrators. http://www.mirror.co.uk/news/business/bhs-boss-sends-letter-11000-7827153 http://www.mirror.co.uk/news/business/historic-british-firm-austin-reed-7826896 Edited April 25, 2016 by iansheff Link to comment Share on other sites More sharing options...
JFKvsNixon Posted April 25, 2016 Share Posted April 25, 2016 Just been reading todays Mirror about this seeing if there were any updates. In the article it also said: Suit chain Austin Reed could also go under this week with 1,000 job losses after filing a notice of intention to appoint administrators. What'll be happening is that the quarterly rents are due, so companies with cash flow problems are struggling to pay their rents. Link to comment Share on other sites More sharing options...
999tigger Posted April 25, 2016 Share Posted April 25, 2016 (edited) Billionaire sells it for £1 lol. I would give the rest of his businesses a wide birth in the future. Selling all those peoples futures and pensions for £1 Why? The people buying it thought they could turn it round, but they were wrong. Businesses are turned round and then they make a big profit when they are resold. The alternative was he could have just closed the business , then. ---------- Post added 25-04-2016 at 11:53 ---------- Sound like asset strippers bought it. Four directors took an £8m loan from the company shortly after 'buying' it. Now it's going into administration. There should be a law against that sort of business practice. There is and the administrator will investigate it. http://www.theguardian.com/business/2016/mar/04/owners-84-million-pound-loan-from-bhs-staff-job-losses They will be required to repay it and be personally liable if its found to be illegal and predjucial to creditors. Edited April 25, 2016 by 999tigger Link to comment Share on other sites More sharing options...
Mister M Posted April 25, 2016 Share Posted April 25, 2016 I was listening to the radio last night & a panel of retail experts were saying that BHS, whilst retailing good quality goods such as home furnishings, is perceived as 'out of date' by consumers. I like the store in Meadowhall, I know that the clothes, boxer shorts and socks are going to be of a reasonably high quality. It'd be a shame if all the stores close - I hope some can be salvaged. Link to comment Share on other sites More sharing options...
Cyclone Posted April 25, 2016 Share Posted April 25, 2016 (edited) by juggling things around the money ended up being owed by the company, if (when according to bbc news) it goes into administration the loan along with other debts will at best only be repaid at a few pence per pound and the rest will be written off. Have you got a link that documents this? Are you sure it's not a loan FROM the directors to the company? It is indeed correct that if the company goes under most of the debt will end up written off. the guardian article referenced above http://www.theguardian.com/business/2016/mar/04/owners-84-million-pound-loan-from-bhs-staff-job-losses Indicates that the loan is still outstanding. It would not be written off if the company was closed, the administrators would pursue it in order to distribute the returned value to creditors. Edited April 25, 2016 by Cyclone Link to comment Share on other sites More sharing options...
999tigger Posted April 25, 2016 Share Posted April 25, 2016 by juggling things around the money ended up being owed by the company, if (when according to bbc news) it goes into administration the loan along with other debts will at best only be repaid at a few pence per pound and the rest will be written off. It will only be written off if the liquidator cant recover it. its still a debt. The liquidator will seel to recover that money and if illegal the persons concerned will be personally liable to pay it back. Link to comment Share on other sites More sharing options...
Cyclone Posted April 25, 2016 Share Posted April 25, 2016 There is no reason the liquidator won't pursue it aggressively though. It's a large amount, well worth the cost of litigation and/or criminal charges. Edit - agreeing with you 999 Link to comment Share on other sites More sharing options...
iansheff Posted April 25, 2016 Author Share Posted April 25, 2016 (edited) Philip Greens new 90 meter yacht looks well, although can't understand why he needs another to go with the two he already has. http://www.mirror.co.uk/news/uk-news/tycoon-philip-green-faces-backlash-7828099 http://www.superyachtfan.com/superyacht/superyacht_lionheart.html Edited April 25, 2016 by iansheff Link to comment Share on other sites More sharing options...
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