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Original poster

Any accountants who'd not mind helping-company gone under

88 replies

mymoneyplant · 07/03/2023 13:03

I worked for a company who provided BTEC and other similar courses. I taught the courses.
They're now insolvent.
Students have paid various sizeable sums and now they cannot continue their courses.
I have to meet with them all soon to tell them this news which is going to absolutely devastate them.

Where do they stand in getting their (thousands of pounds) money back?

I am devastated for them, so awful that this has happened
Name changed for obvious reasons.

OP posts:
titchy · 07/03/2023 13:14

Was the company registered as a provider? Has anyone contacted Pearson or whoever awarded the BTECs? There should be a fairly robust plan for provider failure that involves another provider taking over to see the students through.

Original poster
mymoneyplant · 07/03/2023 13:22

Yes they were @titchy it is Pearson. Good idea, thank you-I shall contact them myself I think. I just don't want to go to tell the students and know nothing! I am also definitely not thinking straight. This is such a shock. I'd only been there since January.

OP posts:
SheilaFentiman · 07/03/2023 13:24

I‘m so sorry OP

Aaron95 · 07/03/2023 13:42

Do you work for the company? If not then why are you contacting the students?

You should refer them to the administrator who is winding up the business. They will provide relevant information.

Original poster
mymoneyplant · 07/03/2023 14:50

All tutors are announcing it to their students.
I am trying to find out who the administrator is at the moment.
We've also been told to return all company equipment-to their head office, nearly 80 miles from here.

OP posts:
titchy · 07/03/2023 15:40

To be honest it shouldn't be you at all- it should be your regulator. Don't take it on yourself to tell the students things - could backfire massively.

Nimbostratus100 · 07/03/2023 15:42

mymoneyplant · 07/03/2023 14:50

All tutors are announcing it to their students.
I am trying to find out who the administrator is at the moment.
We've also been told to return all company equipment-to their head office, nearly 80 miles from here.

don't - it is not your job

SheilaFentiman · 07/03/2023 15:44

Agree with the above. You do not have the proper information, you are not a director or the administrator.

If they want something announced to students, it should be a formal email communication with official info

purplecorkheart · 07/03/2023 15:45

It is not your job to announce it to your students. You were employed to teach them.

If you tell them be very careful with what advice/information you give them. That could backfire big time on you. Maybe give them the contact details of citzens advice but even then be cautious.

Original poster
mymoneyplant · 07/03/2023 21:09

Well we were advised to meet with our students to show our support. I feel so gutted for them all. This company CEO had apparently liquidated two companies before. They'd already had an official email but it didn't explain anything.

OP posts:
TheFlis12345 · 07/03/2023 21:11

Advised to do that by who?

LookingOldTheseDays · 07/03/2023 21:11

You shouldn't be telling them anything about this - that's the liquidator's job. All you can tell them is the fact - that the company is now in liquidation, and to direct their queries to the liquidator.

Oblomov23 · 07/03/2023 21:12

This isn't your job. They are using you by implying it is, imploring you to tell the students. Don't.

SheilaFentiman · 07/03/2023 21:14

Quick note - the company may not yet be in liquidation. An administrator may have been appointed to see if it can be sold on as a going concern or any of its assets sold to help pay off creditors.

OP, have you been properly told now what is happening (you do not have to tell us!)

SheilaFentiman · 07/03/2023 21:14

Oblomov23 · 07/03/2023 21:12

This isn't your job. They are using you by implying it is, imploring you to tell the students. Don't.

Agree.

LookingOldTheseDays · 07/03/2023 21:14

They are now creditors of the company, and creditors are repaid in accordance with a strict legal order in a liquidation. As unsecured creditors, they will be low down the list, bit you don't have any way of being able to say how much (if any) of their funds may be returned - so simply don't try to comment on it. This isn't your job, and you don't have enough info to do so.

HewasH2O · 07/03/2023 21:16

Solidarity with the students? You have been in your role for 2 months & you should not doing this. You could inadvertently be giving them incorrect information in a bid to be helpful. Please step away.

LookingOldTheseDays · 07/03/2023 21:16

SheilaFentiman · 07/03/2023 21:14

Quick note - the company may not yet be in liquidation. An administrator may have been appointed to see if it can be sold on as a going concern or any of its assets sold to help pay off creditors.

OP, have you been properly told now what is happening (you do not have to tell us!)

True. I was making an assumption.

HewasH2O · 07/03/2023 21:17

Make sure you establish your own rights as well, which will vary depending upon whether you were employed or freelancing.

MaidOfSteel · 07/03/2023 21:26

Somebody is trying to shirk their responsibility in asking you to tell the students. Please do not do this.

I know you feel very bad for them but, equally, this must have come as a huge shock to you. Take a step back now and wait till you are contacted by the administrators.

neitherofthem · 07/03/2023 21:49

I agree with everybody else. Please don't embroil yourself in any of this. As for returning equipment to their head office - no don't do that. You will be contacted by the liquidator, and you will need to follow their instructions.

Search the business on the Companies House website, and there should be some details on there, if not yet, then fairly soon.

Are you an employee, or freelance?

aslkde · 07/03/2023 22:24

If they've gone bust, they won't be paying you. Why on earth are you doing their dirty work for them?

Original poster
mymoneyplant · 08/03/2023 12:32

Well all of the tutors are supporting the students in finding new courses etc.
I've been told by my boss that because my laptop was sent to my house, I have to pay to return it to their head office. Had it been sent to one of their buildings, I could get away with leaving it there. That'll cost me.

The students all got sent an email about the company going under but we all had group meetings on the internet with them too to apologise, as the company owners would just not do it. I didn't give them any information they didn't already know.

Some of them have been told that they cant have their money back because they paid by standing order, and things like that. Does anyone know where they stand on getting their money back? I am still searching to see who the administrator is.
The owner of the company is still operating other things too 😡

OP posts:
Original poster
mymoneyplant · 08/03/2023 12:35

@neitherofthem an employee.

OP posts:
SheilaFentiman · 08/03/2023 12:36

“Does anyone know where they stand on getting their money back? I am still searching to see who the administrator is.”

In a non MN-y way: sweetheart, please stop doing this for them. You need to be looking out for yourself right now.

Anything you can Google or any generic advice we can give is likely to be wrong or incomplete (eg the education sector may have a deposit protection scheme like the travel sector has ABTA, or it may not)

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