Fusion Media is no more

FurbtasticM · 30-07-09, 12:50 PM

Quote:

Originally Posted by the_saint

You mean to be the guy who runs the company, realises the assets and dishes them out?! Big conflict of interest to have a creditor of the company doing that!!

Not that i'm doubting Furbs integrity (and i'm sure he won't mind me saying this) but would you want someone who is owed money from them handling that?! I wouldn't, whats to stop them paying themselves to the detriment of everyone else? That's where the conflict is.

Exactamundo, professional rules would prevent it.

SandDancer · 30-07-09, 03:18 PM

you could see this coming a ****ing mile off , i hope everyone ends up getting something back

Amiethest · 30-07-09, 10:24 PM

Have to agree, but if they had the assets to pay us, they wouldn't have filed.

nbat58 · 31-07-09, 09:26 PM

This is only my view:

This insolvency has obviously been planned by GA for a few months now and I will eat my hat if we creditors get anything at all.

The pot will have been emptied way before GA went into insolvency, why else will they carry on trading when the outcome would have been known to them...yes I know they have been trying to save the business B******T.

Hope I am not breaking any rules by the above comments.

Ilikefree · 31-07-09, 10:41 PM

out of interest, does this mean tab is bankcrupt, and not just the company?

MightyDOB · 31-07-09, 11:21 PM

just got back from my hols to see the news

big thanks to those of you who are still on the case trying help people get some money back, will have my fingers crossed for myself and everyone owed cash

the_saint · 31-07-09, 11:37 PM

Quote:

Originally Posted by Ilikefree

out of interest, does this mean tab is bankcrupt, and not just the company?

Not at this moment, he is just a shareholder and director and as a general legal principle he has no personal liability beyond what he invested in the company.

That said there are two issues that may cause personal liability, but at this point it is impossible to say whether either of these will apply and i'm just speculating so don't anyone go reading anything into any of this.

(1) If he traded wrongfully then as a director he can be personally liable. I.e. if he carried on with the business when he knew or thought there was no reasonable prospect of rescuing the business. If he is personally liable and he does not have enough assets to satisfy that liability, then he may become bankrupt.

(2) He may have personally guaranteed the debts of the company to a bank (or someone else i guess potentially) in which case if he can't satisfy then he may again become bankrupt.

But like I say there is no way to know if either of those is relevant, so for now assume neither is. The first one will have to be investigated by whoever is handling the case, and the second one will be a private matter that we may never know about.

Bazza · 01-08-09, 12:54 PM

I have to say it feels wrong seeing this happen to Giveaway, at their prime they were arguably the best freebie site out there. There was a time I would have laughed at the suggestion of them going bankrupt. Perhaps they tried too hard to lower referral rates, who knows what really happened.

I do hope anyone who has sacrificed their time and put effort into working on Giveaway sites will get all that they are owed. I know what it feels like to lose out when a freebie site closes. Fortunately I don't think I have any referrals on any GA site but I hope everyone else gets paid.

I'd also like to thank everyone who is using their time to help GA members recover what their owed, especially Furb, Saint and Jon. Sorry if there is anyone I haven't mentioned, I haven't been following the situation thoroughly. I just hope everyone appreciates the effort people are going to.

FurbtasticM · 01-08-09, 03:10 PM

Quote:

Originally Posted by the_saint

Not at this moment, he is just a shareholder and director and as a general legal principle he has no personal liability beyond what he invested in the company.

That said there are two issues that may cause personal liability, but at this point it is impossible to say whether either of these will apply and i'm just speculating so don't anyone go reading anything into any of this.

(1) If he traded wrongfully then as a director he can be personally liable. I.e. if he carried on with the business when he knew or thought there was no reasonable prospect of rescuing the business. If he is personally liable and he does not have enough assets to satisfy that liability, then he may become bankrupt.

(2) He may have personally guaranteed the debts of the company to a bank (or someone else i guess potentially) in which case if he can't satisfy then he may again become bankrupt.

But like I say there is no way to know if either of those is relevant, so for now assume neither is. The first one will have to be investigated by whoever is handling the case, and the second one will be a private matter that we may never know about.

....or if he (3) has an overdrawn director's loan account (took more out that he had put in) or (4) Declared dividends in excess of what was available in profit.

**the_icks** · 01-08-09, 03:14 PM

house/car etc etc.....

tombsc · 02-08-09, 03:41 PM

Well I recently had a D&B report that said Fusion Media had undergone a positive financial change - so they must have recently reported a decent profit, or perhaps they just had a less negative period than the previous one.
They must have been taking payments from TD though as they were still trading for months without paying anything out. Perhaps that was just to clear the personal debts?

the_saint · 02-08-09, 04:02 PM

Quote:

Originally Posted by tombsc

Well I recently had a D&B report that said Fusion Media had undergone a positive financial change - so they must have recently reported a decent profit, or perhaps they just had a less negative period than the previous one.
They must have been taking payments from TD though as they were still trading for months without paying anything out. Perhaps that was just to clear the personal debts?

Last time I looked at our credit checking thing (Thursday) they had a rating of 13 out of 100. Anything below 35 it is advised not to provide credit to. Read from that what you will.

Amiethest · 02-08-09, 04:03 PM

I wish I had known what was going to happen when I started. It nearly stopped me from carying on with the freebie scene. I was convinced it was a scam.

Ginister · 05-08-09, 05:58 PM

Just a thought, what would happen if they didn't put insolvency info up? Nothing for anyone!? Thanks anyway.

gez18 · 05-08-09, 08:35 PM

im still owed from ages back, but its always a shame wen the ex no 1 site goes etc

rip giveaway

Al2009 · 08-08-09, 12:51 PM

Does this cheer anyone up? Its from the funny translation site thing
http://translationparty.com/tp/#465139

nbat58 · 10-08-09, 10:41 AM

Quote:

Originally Posted by Bazza

I have to say it feels wrong seeing this happen to Giveaway, at their prime they were arguably the best freebie site out there. There was a time I would have laughed at the suggestion of them going bankrupt. Perhaps they tried too hard to lower referral rates, who knows what really happened.

I do hope anyone who has sacrificed their time and put effort into working on Giveaway sites will get all that they are owed. I know what it feels like to lose out when a freebie site closes. Fortunately I don't think I have any referrals on any GA site but I hope everyone else gets paid.

I'd also like to thank everyone who is using their time to help GA members recover what their owed, especially Furb, Saint and Jon. Sorry if there is anyone I haven't mentioned, I haven't been following the situation thoroughly. I just hope everyone appreciates the effort people are going to.

I personally think that reverse bid has taken the co down, a gamble that didn't pay off, wrong business decision but it could have gone the other way I presume.

The above is only my personal opinion only.

nbat58 · 10-08-09, 10:44 AM

Quote:

Originally Posted by Amiethest

I wish I had known what was going to happen when I started. It nearly stopped me from carying on with the freebie scene. I was convinced it was a scam.

Well this has definitely stopped me, as I will never try and get anything for free again, talking of free, 17 greens cost me in excess of £175.00.

Ah well, we live and learn.

FurbtasticM · 10-08-09, 11:33 AM

Quote:

Originally Posted by Ginister

Just a thought, what would happen if they didn't put insolvency info up? Nothing for anyone!? Thanks anyway.

If GA don't take the lead, then it is down to creditors to do so. Then it boils down to a question of whether anyone wants to throw good money after bad, unless someone like HMRC are owed and take action.

tombsc · 10-08-09, 02:01 PM

Anyone contacted BBC Watchdog

30-07-09, 10:24 PM	#63
Amiethest is meant to be revising Join Date: Dec 2008 Location: Nottinghamshire Posts: 6,323	Have to agree, but if they had the assets to pay us, they wouldn't have filed. __________________ Free iPad \| Free Xbox 360 \|Free 3DS Want to know how to get greens (referrals) for FreebieJeebies? I'll tell you how..... Work hard, like the rest of us! Feel free to ask questions!

31-07-09, 10:41 PM	#65
Ilikefree Mini Mac Join Date: Jul 2008 Location: London Posts: 5,087	out of interest, does this mean tab is bankcrupt, and not just the company? __________________ *Help an old friend wrap up his freebie-ing by signing up for me in a trade on either Apple FJ or PS3 Kudos! £15 per green!* (pm me and I'll set it up in the trade centre)

02-08-09, 03:41 PM	#71
tombsc £50,000 Club Join Date: Nov 2005 Location: Down Under Posts: 1,665	Well I recently had a D&B report that said Fusion Media had undergone a positive financial change - so they must have recently reported a decent profit, or perhaps they just had a less negative period than the previous one. They must have been taking payments from TD though as they were still trading for months without paying anything out. Perhaps that was just to clear the personal debts? __________________ FreebieJeebies MacBook Air Free iPad Free iPhone free iTunes free iPhone 4 Received... Spoiler About £6539 so far

02-08-09, 04:03 PM	#73
Amiethest is meant to be revising Join Date: Dec 2008 Location: Nottinghamshire Posts: 6,323	I wish I had known what was going to happen when I started. It nearly stopped me from carying on with the freebie scene. I was convinced it was a scam. __________________ Free iPad \| Free Xbox 360 \|Free 3DS Want to know how to get greens (referrals) for FreebieJeebies? I'll tell you how..... Work hard, like the rest of us! Feel free to ask questions!

05-08-09, 08:35 PM	#75
gez18 iPod 60gb Join Date: Dec 2007 Location: cambs Posts: 1,935	im still owed from ages back, but its always a shame wen the ex no 1 site goes etc rip giveaway __________________ FREE PS3/FREE IPHONE/FREE AMAZON VOUCHERS

30-07-09, 03:18 PM	#62
SandDancer iPod 30gb Join Date: Mar 2008 Location: north east Posts: 1,355	you could see this coming a ****ing mile off , i hope everyone ends up getting something back

31-07-09, 09:26 PM	#64
nbat58 iPod 20gb Join Date: Nov 2008 Location: Derbyshire Posts: 457	This is only my view: This insolvency has obviously been planned by GA for a few months now and I will eat my hat if we creditors get anything at all. The pot will have been emptied way before GA went into insolvency, why else will they carry on trading when the outcome would have been known to them...yes I know they have been trying to save the business B******T. Hope I am not breaking any rules by the above comments.

31-07-09, 11:21 PM	#66
MightyDOB iPod Nano 1GB Join Date: Jul 2007 Posts: 77	just got back from my hols to see the news big thanks to those of you who are still on the case trying help people get some money back, will have my fingers crossed for myself and everyone owed cash

01-08-09, 12:54 PM	#68
Bazza Mini Mac Join Date: Dec 2005 Location: Northern Ireland Posts: 7,543	I have to say it feels wrong seeing this happen to Giveaway, at their prime they were arguably the best freebie site out there. There was a time I would have laughed at the suggestion of them going bankrupt. Perhaps they tried too hard to lower referral rates, who knows what really happened. I do hope anyone who has sacrificed their time and put effort into working on Giveaway sites will get all that they are owed. I know what it feels like to lose out when a freebie site closes. Fortunately I don't think I have any referrals on any GA site but I hope everyone else gets paid. I'd also like to thank everyone who is using their time to help GA members recover what their owed, especially Furb, Saint and Jon. Sorry if there is anyone I haven't mentioned, I haven't been following the situation thoroughly. I just hope everyone appreciates the effort people are going to.

01-08-09, 03:14 PM	#70
the_icks Mr Baldy Chicken Join Date: Mar 2006 Posts: 13,996	house/car etc etc.....

05-08-09, 05:58 PM	#74
Ginister BANNED Join Date: Dec 2008 Posts: 53	Just a thought, what would happen if they didn't put insolvency info up? Nothing for anyone!? Thanks anyway.

08-08-09, 12:51 PM	#76
Al2009 iPod Nano 4GB Join Date: Jul 2009 Posts: 316	Does this cheer anyone up? Its from the funny translation site thing http://translationparty.com/tp/#465139

10-08-09, 02:01 PM	#80
tombsc £50,000 Club Join Date: Nov 2005 Location: Down Under Posts: 1,665	Anyone contacted BBC Watchdog __________________ FreebieJeebies MacBook Air Free iPad Free iPhone free iTunes free iPhone 4 Received... Spoiler About £6539 so far