Fusion Media is no more

Ginister · 27-07-09, 09:00 PM

Finally in insolvency, discuss...

Mica · 27-07-09, 09:22 PM

Grrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr.

pspupgrade · 27-07-09, 09:27 PM

So, that involves the T3 gaming magazine?

tombsc · 27-07-09, 09:30 PM

So, as 'customers' - does that make us creditors?

dbatch · 27-07-09, 09:43 PM

Do they own real-incentives too?

Jon · 27-07-09, 09:48 PM

Quote:

Originally Posted by dbatch

Do they own real-incentives too?

No

Jon · 27-07-09, 09:48 PM

Quote:

Originally Posted by tombsc

So, as 'customers' - does that make us creditors?

Yes

Jon · 27-07-09, 09:49 PM

Quote:

Originally Posted by pspupgrade

So, that involves the T3 gaming magazine?

No, thats Future media who print T3

Jon · 27-07-09, 09:50 PM

Please remember this thread - Please read - conduct in this forum. while posting in here

tombsc · 27-07-09, 09:53 PM

Quote:

Originally Posted by Jon

Yes

So as creditors, we could petition to force Fusion Media Ltd into bankruptcy which would mean any monies they have would be paid to us.

(Sorry Jon, not sure if this is classed as discussing legal action?)

Quote:

Guide to Insolvency, Liquidation and Bankruptcy

Bankruptcy

As the director of a limited company, if it goes into liquidation, you will only lose what you put in (assuming you haven’t guaranteed any company loans with personal assets such as your house). If you are a sole trader and become insolvent, then you may personally go bankrupt. Anyone can do it, and it’s a way to free yourself from debts and make a fresh start. There are of course many downsides. Any assets you own will be shared among your creditors – that could mean losing your home. And while it’s easier to get going again after bankruptcy than it has ever been, you will find it tough to get cred

Wouldn't want anyone to lose their home over this though, so perhaps just best to accept the loss and move on.

Jon · 27-07-09, 09:55 PM

At the moment I could'nt fully answer that, I know a few people on eXceem do work in that field and I know someone who deals with this kinda thing (but he does it for multi-nationals etc) so ill be getting as much info as I can.

FurbtasticM · 27-07-09, 10:34 PM

Yup, insolvency is my day job, what exactly do people want to know?

tronsmith · 27-07-09, 11:20 PM

Quote:

Originally Posted by FurbtasticM

Yup, insolvency is my day job, what exactly do people want to know?

Will I get anything from them at all?

Ginister · 28-07-09, 08:16 AM

Quote:

Originally Posted by Jon

Yes

Silly question, whats a creditor?

Ginister · 28-07-09, 08:22 AM

And will I get monies if I have ordered an item and not yet recieved? And how?

FurbtasticM · 28-07-09, 08:37 AM

It really depends what assets they have left.

There may be some office equipment but that is unlikely to be worth anything.
The "Giveaway" and "ReverseBid" brands (name, domains, site designs) may have a value if not already transferred away.
I can't imagine there will be much left in the bank, so that really just leaves any balance due from affiliates such as TD.
..and of course, any money or claims against the directors.

There is no security to the bank on file, meaning that whatever ultimately comes in will then be paid back out in the following priority.

Costs and expenses of the insolvency process.
Any employee wages or holiday pay owed.
Balance split between everyone else - including people like HMRC.

That is just a very simple overview, it really depends what route the company goes down. The inference is voluntary liquidation but there are other alternatives, all of which can be expensive.

My guess at this stage is that unless there is a substantial balance due in from affiliates, creditors are unlikely to see any money back.

I would be more than happy to attend and report on any creditors meetings that may get called (work permitting).

Furb

FurbtasticM · 28-07-09, 08:39 AM

Quote:

Originally Posted by Ginister

Silly question, whats a creditor?

Anyone who is owed money/gifts by Fusion Media.

FurbtasticM · 28-07-09, 08:42 AM

Quote:

Originally Posted by Ginister

And will I get monies if I have ordered an item and not yet recieved? And how?

Like I said, it depends on the insolvency process. In general terms, when an Insolvency Practitioner gets involved, you send them full details of what is owed and sit back and wait (and unfortunately, it is typically a long wait).

Ginister · 28-07-09, 08:59 AM

So what your saying is unless that have loads of spare money in the bank (but they shouldnt as they are bankrupt...) 'creditors' will probs get no money. Damn the Credit Crunch!

FurbtasticM · 28-07-09, 09:26 AM

Quote:

Originally Posted by Ginister

So what your saying is unless that have loads of spare money in the bank (but they shouldnt as they are bankrupt...) 'creditors' will probs get no money. Damn the Credit Crunch!

Or if there is a significant balance due from TD for example.

A summary of the company's position will be produced as and when the formal process starts and that will give us a better idea.

27-07-09, 09:00 PM	#1
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27-07-09, 09:22 PM	#2
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27-07-09, 09:50 PM	#9
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27-07-09, 09:55 PM	#11
Jon MJ lady with maracas Join Date: Mar 2005 Location: Leeds Posts: 12,161 Thanks: 416 Thanked 3,148 Times in 1,421 Posts	At the moment I could'nt fully answer that, I know a few people on eXceem do work in that field and I know someone who deals with this kinda thing (but he does it for multi-nationals etc) so ill be getting as much info as I can. __________________ Jon eXceem - The Free Community 3iPod -=- eXceem -=- FreebieAngel
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27-07-09, 10:34 PM	#12
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28-07-09, 08:22 AM	#15
Ginister BANNED Join Date: Dec 2008 Posts: 53 Thanks: 103 Thanked 7 Times in 7 Posts	And will I get monies if I have ordered an item and not yet recieved? And how?
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28-07-09, 08:37 AM	#16
FurbtasticM Blobbage! Join Date: Oct 2006 Location: Swindon Posts: 7,657 Thanks: 2,440 Thanked 2,807 Times in 1,302 Posts	It really depends what assets they have left. There may be some office equipment but that is unlikely to be worth anything. The "Giveaway" and "ReverseBid" brands (name, domains, site designs) may have a value if not already transferred away. I can't imagine there will be much left in the bank, so that really just leaves any balance due from affiliates such as TD. ..and of course, any money or claims against the directors. There is no security to the bank on file, meaning that whatever ultimately comes in will then be paid back out in the following priority. Costs and expenses of the insolvency process. Any employee wages or holiday pay owed. Balance split between everyone else - including people like HMRC. That is just a very simple overview, it really depends what route the company goes down. The inference is voluntary liquidation but there are other alternatives, all of which can be expensive. My guess at this stage is that unless there is a substantial balance due in from affiliates, creditors are unlikely to see any money back. I would be more than happy to attend and report on any creditors meetings that may get called (work permitting). Furb __________________ Find out how to get your very own Free iPhone \| Free PS3\| Free iPad
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28-07-09, 08:59 AM	#19
Ginister BANNED Join Date: Dec 2008 Posts: 53 Thanks: 103 Thanked 7 Times in 7 Posts	So what your saying is unless that have loads of spare money in the bank (but they shouldnt as they are bankrupt...) 'creditors' will probs get no money. Damn the Credit Crunch!
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