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!
