Anyone got experience of a company calling in receivers?

[JackBauerKilledTheEasterBunny]

DH's work has some goods at a company being worked on. They have started the work and fitted new parts.
The receivers have been called in in the last few days.
How much of a hassle is it going to be to get the goods back, and what will happen to the new parts that have been fitted as the company hasn't paid yet, will they be removed? Will DH's work have to pay?

We can't get any info from anyone as they have all buggered off for weekend already!
(Being obtuse for obvious reasons so let me know if that doesn't make sense)

Go and get them if you can!

I think he might find the goods parts frozen and need to pay for the work done to get them released. They should clarify this with the receivers. They may yet finish the job in order to maximise income. Is the company likely to be sold as a going concern ?

This is the problem. They weigh 30 tonnes. And there are 2 of them!
How much of a problem will it be for him to get them back?

Find out asap who the receivers are and put in a claim straight away - with proof that the company owes you money.

The receiver will lock the premises as some point and EVERYTHING will be sold - usually very cheaply as they want to do it quick. then the money is divided amongst the creditors - the tax man gets his cut first and everyone else has to wait their turn. It is unlikely you will get all that you are owed - usually they make an offer of so many pence in the pound.

If they haven't locked the place yet - see if your dh is on good terms with someone at the company who can let him in to remove goods - but check first what the order / purchase agreement was - to make sure that legal title (ownership) of the goods is only transferred on receipt of payment - otherwise its theft.

Get hold of the receiver asap!

Not sure about whether the company could be/is likely to be sold.
I think paying for the new parts fitted shouldn't be an issue but they need the work finished, so need to get the goods out asap if they can. Will the receivers contact him as a customer then to discuss this?
He only found out through word of mouth (read that as gossipy small town)

messymissy, I don't think I made it clear. They are DH's works goods, the company removed them from site to do work on them which is partly done with some new parts been added, so I don't think they can sell them.
he is worried that they might remove the newly fitted parts of hold up giving his goods back, which will be a huge PITA.

I would n't wait for the receivers to make contact , he'd be better getting in before they have to work down a list of debtors/creditors.

or hold up giving his goods back

In which case, the equipment is still your DH's so contact the receiver and agree a date to remove your property.

Its unlikely they will remove the parts, as the receiver will look at the work in hand and try to get as much outstanding billing done so they recover the maximum amount of money - as its in their interest to do so as they are usually paid a percentage of any money they recover.

thanks. DH has got hold of someone who is going to 'sort it aht for him'

thanks though

Your DH's company need to check their Ts and Cs. There is a thing called a remalpa clause (or at least their is in Australia ) which helps in such situations - it means that the company selling the goods can seize the goods back if payment is not received, even if the purchasing company is subject to administration.

I used to work for an accountant and have some experience of working for receivers. You need to contact the receivers asap as they are the ones in control now. If the company continues to trade and will make a profit on the work your dh has asked them to do then it is likely that the work will be finished, your dh will pay for the work and get his goods back as normal. If however there is no continuing trade then you will probably be asked to take the goods as they are now and pay for any work done to date. The value of this will be negotiable!!

You may need to provide the receivers with proof that you are the owner of the goods before they let you take them back so have your paperwork in order asap.

Something called "The law of bailment of goods" will apply to your DH's own equipment which he left on the site because he was working there (i.e. his tools or equipment), because they are owned by a third party (your DH). The receivers won't be able to sell them. The Administrators/receivers have a duty to take reasonable care to return stuff owned by third parties to their rightful owners and will pay compensation if anything isn't (I think), but in the confusion there is a risk they could be taken and sold.

If your DH has done work and fitted equipment which he hasn't been paid for, then he should get down to the site and try to remove it as quickly as possible or ask for it back, because the receivers will secure the premises and get ready to sell everything. If the work is fitted an in place, then it will become an asset of the business, although there are complex rules here and it's too difficult to write down.
Beware of anything which could be deemed to be "criminal" i.e. breaking and entering into the premises or damage to equipment rendering it useless in removing parts.

There is a third category, which is different again - money owed to your DH for work already done. If your DH is owed money, then he will be what is called an "unsecured creditor" and will have to appply to be paid out 9eventually). this can take years and depends on what money the receivers raise form selling the assets. It could be as little as 10p for every £1 owed to your DH and take a long time to recover.

GG