when a company goes bust

And short tube! lol.

Didnt become involved in the powered access div, always thought it was a lemon! Finance I believe was through RBS but faber were factoring their invoicing - never a good move as you are giving away a part of your revenue for a short term loan and risking your business if the full payments dont arrive on time. in scaffolding its a big risk.

I only joined them 6 months before the collapse (and only got paid for 5).

The Basildon team, apart from myself and the late Tony McGuire, did join Fieldcrown but lasted about 3 months before dispersing to other companies in the London region. Only the Operations director Mike Bradburn remains with Fieldcrown (group) as Financial Director. I Joined Milbank as QS for a while. Incidently, as you probably know, Fieldcrown scaffolding was sold off and became Essex scaffolding (Basildon) headed up by Jon Manning and Mike Worrell.

Didn't know Reg!
 
You must be D.S from essex yeh ? Got ya on linkedin

Yes used factoring myself for 2 years only works with good clients that pay on time !
 
Good luck mate. It won't be easy but push the feckers all the way! It's not 'Complete' or 'City' is it by any chance?
 
Binthere said:
Scaffy - The Auction raised some £135k in material sales. Interesting to note the manifest's showed little amounts of tube over 18' and hardly any 13' boards. This was a predominantly Traditional T&F company. I note from the April 2012 administrators report that they mentioned Hole Plant as now being in Liquidation, I believe that Mike has continued with the name 'Faber Offshore Ltd' (though I am not definite on this). Over-financing to expand was the killer punch. With the onset of the 2008/9 banking problems the funding company (Liquidity) just called back their money leaving nothing to run the day to day business.
Click to expand...

Is that all it raised?? fekkin ell suprised at that. We spent about £14,000 down there and only came back with 3 18 tonners worth, i was there for 2 days loading them and while i was in that yard there was a constant stream of arctics full of cuplock going out! The boards that where there were obviously the ones that had been stood at the back of the board pile because they were all foooooked!
Once those administrators get involved don't count on getting owt back, we were in to uni-data infrastructure for a bit and have been sent a break down of creditors. The administrators themselves are in for the best part £50,000 already, their rates are ridiculous into the hundreds of pounds an hour!! Good luck Geeman.
 
copperknackers said:
Is that all it raised?? fekkin ell suprised at that. We spent about £14,000 down there and only came back with 3 18 tonners worth, i was there for 2 days loading them and while i was in that yard there was a constant stream of arctics full of cuplock going out! The boards that where there were obviously the ones that had been stood at the back of the board pile because they were all foooooked!
Once those administrators get involved don't count on getting owt back, we were in to uni-data infrastructure for a bit and have been sent a break down of creditors. The administrators themselves are in for the best part £50,000 already, their rates are ridiculous into the hundreds of pounds an hour!! Good luck Geeman.
Click to expand...
According to the administrators (Begbies Traynor) report 05/04/2012, reciepts from stock/scaffolding = £135938.13 though not all stock was sold and the remains are to be disposed of by the liquidators (now Begbies Traynor).

The original stock probably cost Faber many times more than was realised at auction.

No comfort to me however as I lost salary and several months employment between jobs.
 
wouldbe interested to see liquidators report

---------- Post added at 08:58 PM ---------- Previous post was at 08:57 PM ----------

did auction include bows gear from norwich police hq ??
 
As a creditor I have downloaded this info from the administrators web page, unfortunatly by doing this I am bound by their copyright rules and cannot copy this report in any way.

I cant remember if Michael Bowkett retrieved the Bow Scaffolding Materials from Faber prior to their own Liquidation - I believe that material discovery happened in 2003, Bow went bust in 2004/(5?) good question though!
 
You must log in or register to reply here.
Top Bottom