When Barclays froze my account because they saw me buying Bitcoin, I treated the conversation as if they were about to go bankrupt.
I offered to bail them out and started wind up procedure against them. They quickly opened up my account again.
Unfortunately, my wife is less confrontational, so played the normal game, thus it took a lot longer and was more hassle.
Can you please elaborate? You offered to bail them out and started wind up procedure?!
Yeah I’ve not heard of a wind up procedure either
So I offered to lend them money if they were going bankrupt.
They refused and so in the UK creditors are legally allowed to issue a "wind up" order forcing the company into bankruptcy if they fail to pay the creditor within a reasonable time.
This is the UK government information on it:
Are you legally considered a creditor though? That's the crux of the matter. From a monetary perspective 100%, but from a legal perspective, aren't you just considered a client?
Potentially for Barclays, yes, but for the Pension company no.
That's not really the point tho, having a wind up ordered issued is enough to start a bank run / pension run on a company.
Simply having this in place could be disastrous for a company, they will normally do anything to avoid it if at all possible.
This is so funny! Hats off to you.
It's very common in business.
There was a famous case where somebody placed a winding up order on to the BBC. Nobody noticed. It nearly went through ending the 100 year life of the institution 😂
I totally agree with your methods and I understand the logic behind them. I was just wondering wether the company could just brush it off
The company would simply pay the outstanding amount to the creditor to make it go away automatically.
If it's a significant amount, it's a very common way to recover funds.
See, that's what you get for having significant amounts. I've never had that problem myself 😂
We're all getting significant amounts come the halving 😂
If a company owes you £750 or more you can start the wind up procedure. I know a few who have used this. It gets messy when the company in question actually opts for bankruptcy. That’s when you’re likely to lose your money or only recoup a fraction.
Well, if they'd rather go bankrupt than giving you your money you were very unlikely to get in the first place, no?
Not always - some stay afloat and this approach is a legal kick up the arse to get them to pay up. And once you’ve tied your creditor status within a legal framework you’re prioritised if they do go bankrupt. Somewhat unrelated but I once officially became a creditor when an online company folded just after I ordered an item from them - was very interesting to be involved in the wind up process.
Mike the lawfare warrior.
Barclays, get outta Mike’s way!
