eXceem

Go Back   eXceem > The Recycle Bin > Old Forums > Old Networks > GiveAway Network

Claim your amazing £1,000 slots booster bonus now!


Fusion Media is no more

This is a discussion on Fusion Media is no more within the GiveAway Network forums, part of the Old Networks category; Finally in insolvency, discuss......

 
 
Thread Tools
Old 27-07-09, 09:00 PM   #1
BANNED
 
Join Date: Dec 2008
Posts: 53
Ginister has a little shameless behaviour in the past

Fusion Media is no more


Finally in insolvency, discuss...
 
Old 27-07-09, 09:22 PM   #2
iPod 30gb
 
Join Date: May 2006
Posts: 1,089
Mica has a spectacular aura about
Send a message via MSN to Mica Send a message via twitter to Mica
Grrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr.
__________________
My rubbish Cheap iPhone incomplete Cheap iPad websites Free iPods
 
Old 27-07-09, 09:27 PM   #3
iPod 20gb
 
Join Date: Mar 2009
Location: Sussex, UK
Posts: 912
pspupgrade is a jewel in the rough
So, that involves the T3 gaming magazine?
 
Old 27-07-09, 09:30 PM   #4
£50,000 Club
 
tombsc's Avatar
 
Join Date: Nov 2005
Location: Down Under
Posts: 1,665
tombsc is just really nicetombsc is just really nice
So, as 'customers' - does that make us creditors?
__________________
Received...
Spoiler
 
Old 27-07-09, 09:43 PM   #5
iPod 20gb
 
dbatch's Avatar
 
Join Date: Jun 2008
Posts: 688
dbatch has a spectacular aura about
Send a message via Skype™ to dbatch
Do they own real-incentives too?
__________________
 
Old 27-07-09, 09:48 PM   #6
Jon
MJ lady with maracas
 
Jon's Avatar
 
Join Date: Mar 2005
Location: Leeds
Posts: 12,798
Jon has a brilliant futureJon has a brilliant futureJon has a brilliant futureJon has a brilliant futureJon has a brilliant futureJon has a brilliant future
Send a message via twitter to Jon
Quote:
Originally Posted by dbatch View Post
Do they own real-incentives too?
No
__________________

 
Old 27-07-09, 09:48 PM   #7
Jon
MJ lady with maracas
 
Jon's Avatar
 
Join Date: Mar 2005
Location: Leeds
Posts: 12,798
Jon has a brilliant futureJon has a brilliant futureJon has a brilliant futureJon has a brilliant futureJon has a brilliant futureJon has a brilliant future
Send a message via twitter to Jon
Quote:
Originally Posted by tombsc View Post
So, as 'customers' - does that make us creditors?
Yes
__________________

 
Old 27-07-09, 09:49 PM   #8
Jon
MJ lady with maracas
 
Jon's Avatar
 
Join Date: Mar 2005
Location: Leeds
Posts: 12,798
Jon has a brilliant futureJon has a brilliant futureJon has a brilliant futureJon has a brilliant futureJon has a brilliant futureJon has a brilliant future
Send a message via twitter to Jon
Quote:
Originally Posted by pspupgrade View Post
So, that involves the T3 gaming magazine?
No, thats Future media who print T3
__________________

 
Old 27-07-09, 09:50 PM   #9
Jon
MJ lady with maracas
 
Jon's Avatar
 
Join Date: Mar 2005
Location: Leeds
Posts: 12,798
Jon has a brilliant futureJon has a brilliant futureJon has a brilliant futureJon has a brilliant futureJon has a brilliant futureJon has a brilliant future
Send a message via twitter to Jon
Please remember this thread - http://www.exceem.co.uk/forums/givea...uct-forum.html while posting in here
__________________


Last edited by Jon; 27-07-09 at 10:05 PM..
 
Old 27-07-09, 09:53 PM   #10
£50,000 Club
 
tombsc's Avatar
 
Join Date: Nov 2005
Location: Down Under
Posts: 1,665
tombsc is just really nicetombsc is just really nice
Quote:
Originally Posted by Jon View Post
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.
__________________
Received...
Spoiler

Last edited by tombsc; 27-07-09 at 09:55 PM..
 
Old 27-07-09, 09:55 PM   #11
Jon
MJ lady with maracas
 
Jon's Avatar
 
Join Date: Mar 2005
Location: Leeds
Posts: 12,798
Jon has a brilliant futureJon has a brilliant futureJon has a brilliant futureJon has a brilliant futureJon has a brilliant futureJon has a brilliant future
Send a message via twitter to Jon
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.
__________________

 
Old 27-07-09, 10:34 PM   #12
..is a Muppet!
 
FurbtasticM's Avatar
 
Join Date: Oct 2006
Location: Swindon
Posts: 10,100
FurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond repute
Yup, insolvency is my day job, what exactly do people want to know?
__________________
 
Old 27-07-09, 11:20 PM   #13
iPod 60gb
 
tronsmith's Avatar
 
Join Date: Jan 2008
Location: Brighton
Posts: 1,663
tronsmith is just really nicetronsmith is just really nice
Send a message via MSN to tronsmith
Quote:
Originally Posted by FurbtasticM View Post
Yup, insolvency is my day job, what exactly do people want to know?
Will I get anything from them at all?
 
Old 28-07-09, 08:16 AM   #14
BANNED
 
Join Date: Dec 2008
Posts: 53
Ginister has a little shameless behaviour in the past
Quote:
Originally Posted by Jon View Post
Yes
Silly question, whats a creditor?
 
Old 28-07-09, 08:22 AM   #15
BANNED
 
Join Date: Dec 2008
Posts: 53
Ginister has a little shameless behaviour in the past
And will I get monies if I have ordered an item and not yet recieved? And how?
 
Old 28-07-09, 08:37 AM   #16
..is a Muppet!
 
FurbtasticM's Avatar
 
Join Date: Oct 2006
Location: Swindon
Posts: 10,100
FurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond repute
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
__________________
 
Old 28-07-09, 08:39 AM   #17
..is a Muppet!
 
FurbtasticM's Avatar
 
Join Date: Oct 2006
Location: Swindon
Posts: 10,100
FurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond repute
Quote:
Originally Posted by Ginister View Post
Silly question, whats a creditor?
Anyone who is owed money/gifts by Fusion Media.
__________________
 
Old 28-07-09, 08:42 AM   #18
..is a Muppet!
 
FurbtasticM's Avatar
 
Join Date: Oct 2006
Location: Swindon
Posts: 10,100
FurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond repute
Quote:
Originally Posted by Ginister View Post
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).
__________________
 
Old 28-07-09, 08:59 AM   #19
BANNED
 
Join Date: Dec 2008
Posts: 53
Ginister has a little shameless behaviour in the past
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!
 
Old 28-07-09, 09:26 AM   #20
..is a Muppet!
 
FurbtasticM's Avatar
 
Join Date: Oct 2006
Location: Swindon
Posts: 10,100
FurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond reputeFurbtasticM has a reputation beyond repute
Quote:
Originally Posted by Ginister View Post
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.
__________________
 
 

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off





All times are GMT. The time now is 07:09 PM.
All trademarks and copyrights held by respective owners. Forum posts are owned by the poster.

Powered by vBulletin® Copyright ©2000 - 2012, Jelsoft Enterprises Ltd.
SEO by vBSEO
no new posts