Bankruptcy Notices in the Papers

[OPTIMIST12]

I saw today that there is a (fairly big!!) notice / advertisement in the Classified (Public Notices) section of the small ad pages in the (national) Daily Mail regarding the liquidation of "Farepak Food and Gifts Ltd". It states that "no further public advertisement of invitation to prove debts will be given" and states that all debts and claims should be sent to a given address. Is this the same as happens to individual BR people (except on a bigger scale????).

[MelanieGiles]

Pretty much so - but because of the profile of that particular case, the liquidators have chosen a national rather than a local newspaper.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[ray_a]

The advertisements for bankruptcy are on in the back pages of local newspapers marked "Official notices"

Only sad people like me read them!!!!!!

[coco]

And me

However when i saw my name in the paper a whole sense of shame had hit me and was so worried about going into work the next day, but no one ever said anything so i took it they dont read that section or they were being polite

view my blog http://coco.blogs.iva.co.uk

[jane.l]

It has been 2 months now and we have not been in the paper [:0]

[lily]

Is the reason they do this so that the public are notified so if farepack (for instance) owes money the creditors (general public in this case) can make a claim on the estate?

I think you are very brave cocoa, you took it all on the chin and did what you had to do, I never heard you complain, You did what you had to do You kept your spirit and dignity and I for one admire you. I dont think anyone has the right to judge you.

lily

[lenalena]

Hi

The farepak saga is a sad one, in my trade we saw a large number of our clients loose fairly large sums of money. One had 6 kids and no money for Christmas. They knowingly took monies they knew they could not repay. (Cash payment taken day before!)Think there is a huge differnce with most people trying for an IVA or having to make the tough decision to go BR.
Lily is right no one has the right to Judge life is hard enough without the added guilt!

KR, Lenalena

http://www.debthelpexpert.org

[OPTIMIST12]

I still dont understand what really happened to Farepak. The general idea seems straightforward - the company buys stuff in bulk at a trade price and sells on to people who have already saved money to buy the same items at a higher price. What went wrong? Was it just bad business decisions or was there something more sinister going on?

Whatever - I hope that the owners(?) of Farepak are required to repay the maximum possible from their personal assets to the customers. Have they ever explained what led to the downfall of the company??