HELP!! I think I’m going to lose thousands

[Lightheart]

Hello wondering if anyone has any ideas how company liquidation works?

my fiancé bought me an engagement ring a few months ago. I recently sent it off via the jewellers it was bought from who said they would resize free of charge, my fiancé also paid for insurance through the company.

They have had the ring six weeks we have been in discussion with them throughout this they said they had a backlog- no real problem as wedding isn’t actually happening yet. They then contacted to say there was a flaw on the ringg(their mistake) so they would be rebuilding it.

anyway as of yesterday they have gone into liquidation, where do I stand on getting my ring back? How will they reimburse me if they don’t return said ring. And what if the original ring is no longer there (I’m wondering are the destroyed/taken apart if they’re flawed)

please help it was not a cheap ring and was bought via a concession stand in a VERY well known department store

Contact the administrator - if the company has gone into liquidation an administrator will be appointed. Send them copies of your correspondence with the company and a photo of the ring. Make sure you say what size it was. Unless saying it was flawed was a ruse to delay sending it back to you for some reason you should be able to get it back. Did you have it insured?

It is your property, they cannot keep it. Ask the insurance company to reclaim it from the administrators.

An administrator is appointed if the company went in to administration. A liquidator is appointed if the company went into liquidation. There will be information on companies house as to which this is. Can you say the name of the company so we can help a bit more?
Do you have confirmation of the insurance policy? I would firstly check that / speak to the insurer and see if you are covered (I imagine you will be).
Regarding the ring itself, it will probably take a while for the liquidator to work through any items held but if the ring is on site, labelled as yours it should come back to you. If it’s not labelled or has been sent to a third party for work to be done then it’s anyone’s guess as to what might happen - there’s too many variables to know.

You purchased the ring so it is yours not theirs so should not be included in the stock take. Contact whoever the insurance is with and also the liquidators. You may get the actual ring back but more likely you will just get the value the ring was insured for.

But if the actual item is not identifiable, OP will be an unsecured creditor and will likely get nothing from the liquidation estate.

It’s Vashi

How did he pay for it? If it was on a credit card you may be able to recover the money from the credit card company

The company, Diamond Manufacturers Limited went into liquidation on 4 April. Benjamin Dymant and Matthew David Smith of Teneo Financial Advisory were appointed Joint Liquidators.
Your best bet is the insurance policy but just in case, I would email the liquidators, explain the issue and send proof that the ring was with Vashi, receipts, valuation, whatever you have.

If the insurance policy wasn’t incepted, I’d get saving if I were you.

Yes this. Therefore your best chance is the insurance that was taken out. But still contact the liquidqtors on the off-chance it is sitting somewhere with your name on it.

@Lightheart you’re welcome by the way 🙄

@Burnamer ? Give me a chance

i obviously really appreciate everyone’s help and responses. Thanks

it is insured and we have also received an email now to say the ring will be returned to us but they cannot determine what state of repair it will be in