RMweb Gold BR Blue Posted June 4, 2019 RMweb Gold Share Posted June 4, 2019 (edited) I posted this on the class 92 thread but I think it is of wider significance: The registered office of DJM was changed this morning: https://beta.companieshouse.gov.uk/company/08601496/filing-history The new address belongs to a company that is involved in re-structuring and liquidation. https://cg-recovery.com Edited June 7, 2019 by BR Blue Its not longer a question 1 16 1 Link to post Share on other sites More sharing options...
woodenhead Posted June 4, 2019 Share Posted June 4, 2019 I've flagged with the mods, only to draw attention to the change in status in case they can establish an official line. Link to post Share on other sites More sharing options...
RMweb Gold BR Blue Posted June 4, 2019 Author RMweb Gold Share Posted June 4, 2019 Thanks. I could not add it to earlier threads as they were locked but I do feel this is relevant. 1 Link to post Share on other sites More sharing options...
Administrators AY Mod Posted June 4, 2019 Administrators Share Posted June 4, 2019 No official line but from a personal perspective, if I had paid any money over, I would be contacting the accountants concerned for a response on the current position and to advise of any monies that have already been paid. 2 12 2 Link to post Share on other sites More sharing options...
johnd Posted June 4, 2019 Share Posted June 4, 2019 Wouldn't surprise me as he once said to me give me the money and I will produce it for you and that was for a model that he listed was going to be produced. Time will tell. 2 Link to post Share on other sites More sharing options...
RMweb Gold The Stationmaster Posted June 4, 2019 RMweb Gold Share Posted June 4, 2019 (edited) I note his website is still active so effectively it might still be possible for potential customers to submit money? It all, I suppose, now depends on what comes up on the Companies House site - https://beta.companieshouse.gov.uk/company/08601496/filing-history and what might appear on C.Greggs; list (which can be expanded to show 100 companies they are dealing with (N.B. a few of those companies are shown as 'active') - https://www.companieshousedata.co.uk/a/178546 Edited June 4, 2019 by The Stationmaster 1 Link to post Share on other sites More sharing options...
RMweb Premium njee20 Posted June 4, 2019 RMweb Premium Share Posted June 4, 2019 From a poster on the NGF: Quote I just spoke to the company and the company goes insolvent today. They are trying to get their heads around the crowdfunding however there appears to be a problem getting any tooling released by the Chinese. They do believe there may be a way to recover by claiming on card payments and they will issue paperwork indicating and quantifying the value of claims. 8 Link to post Share on other sites More sharing options...
LaGrange Posted June 4, 2019 Share Posted June 4, 2019 1 hour ago, AY Mod said: I would be contacting the accountants concerned for a response on the current position and to advise of any monies that have already been paid. The creditors will be paid first and then if there is anything left customers will be refunded. Unlikely on both accounts sadly. This is why it was made clear at the start there was risk involved and why people were willing to pay DJ models into his personal bank account is totally beyond me 2 8 Link to post Share on other sites More sharing options...
RMweb Premium amwells Posted June 4, 2019 RMweb Premium Share Posted June 4, 2019 1 minute ago, njee20 said: From a poster on the NGF: Thank you. Any idea which company is being referred to? DJ Models or the accountants? i have sent them an email (a forward of a previous request for a refund that was ignored). Link to post Share on other sites More sharing options...
RMweb Premium njee20 Posted June 4, 2019 RMweb Premium Share Posted June 4, 2019 (edited) No, someone there has asked for clarification too. I assume CG Recovery was contacted. Edit: yes, confirmed it was CG who was spoken to. Edited June 4, 2019 by njee20 1 1 Link to post Share on other sites More sharing options...
mozzer models Posted June 4, 2019 Share Posted June 4, 2019 3 minutes ago, LaGrange said: The creditors will be paid first and then if there is anything left customers will be refunded. Unlikely on both accounts sadly. This is why it was made clear at the start there was risk involved and why people were willing to pay DJ models into his personal bank account is totally beyond me I think you will fined the largest creditors will be the customers 3 Link to post Share on other sites More sharing options...
RMweb Premium Kris Posted June 4, 2019 RMweb Premium Share Posted June 4, 2019 It would appear that this is a real shame for all who are involved. Dave, retailers and funders. 13 Link to post Share on other sites More sharing options...
RMweb Premium Claude_Dreyfus Posted June 4, 2019 RMweb Premium Share Posted June 4, 2019 Sad news, and devastating for those who have invested some considerable sums in these ventures. It does, however, put some perspective in the May announcement. Perhaps this was a way to try to claim some asset ownership - even if it is just the intellectual property/CADs. Picking through the pieces will be a nightmare. 2 Link to post Share on other sites More sharing options...
RMweb Premium njee20 Posted June 4, 2019 RMweb Premium Share Posted June 4, 2019 (edited) 4 minutes ago, mozzer models said: I think you will fined the largest creditors will be the customers Largest maybe, but not the most important or first to get paid. Customers are all unsecured creditors, which are the last to get paid, and will potentially get a proportion of what they are owed once all the assets have been realised. I can't imagine there are many assets, a bit of stock, maybe some tools if they can be released, but that seems comparatively unlikely, so I'd certainly get onto your banks/card providers ASAP. Edited June 4, 2019 by njee20 6 Link to post Share on other sites More sharing options...
LaGrange Posted June 4, 2019 Share Posted June 4, 2019 2 minutes ago, mozzer models said: I think you will fined the largest creditors will be the customers Doesn't matter, the customers are owed a product which they invested in knowing there was a possibility that it would not see the market. Investments can go up as well as down. This has now happened, it would appear that DJ has thrown the towel in after yet another holiday so whoever is owed the most will be paid first. Link to post Share on other sites More sharing options...
RMweb Premium Claude_Dreyfus Posted June 4, 2019 RMweb Premium Share Posted June 4, 2019 2 minutes ago, mozzer models said: I think you will fined the largest creditors will be the customers Without doubt, but they won't be front of the queue. I believe first in line is HMRC, no doubt there will be tax liabilities. Banks (if any loans were taken by the company) will be next. 6 Link to post Share on other sites More sharing options...
'CHARD Posted June 4, 2019 Share Posted June 4, 2019 6 minutes ago, mozzer models said: I think you will fined the largest creditors will be the customers Individually and separately, however, and low down the pecking order, if not at the bottom. 5 Link to post Share on other sites More sharing options...
RMweb Premium Claude_Dreyfus Posted June 4, 2019 RMweb Premium Share Posted June 4, 2019 Just now, LaGrange said: Doesn't matter, the customers are owed a product which they invested in knowing there was a possibility that it would not see the market. Investments can go up as well as down. This has now happened, it would appear that DJ has thrown the towel in after yet another holiday so whoever is owed the most will be paid first. I suspect if my hypothesis about trying to secure asset ownership, then any trip to China (I seem to recall that's where he went) had probably the same purpose...or at the least a final attempt to provide clarity on the matter. I very much doubt it was anything close to being a holiday. 1 4 Link to post Share on other sites More sharing options...
RMweb Premium Legend Posted June 4, 2019 RMweb Premium Share Posted June 4, 2019 HMRC are always preferential creditors , so get paid first . Depends what Dave has shelled out but customers might get some refunds, assuming the worst has happened. This is not good but the writing was on the wall even before his infamous statement However, spare a thought for Dave . While people may have lost money on this , he seems to have disappeared . I hope he is OK. 11 1 Link to post Share on other sites More sharing options...
woodenhead Posted June 4, 2019 Share Posted June 4, 2019 (edited) Creditors ranked as follows Secured creditors with a fixed charge Preferential creditors Secured creditors with a floating charge Unsecured creditors Shareholders Unsecured creditors These include trade creditors, suppliers, customers, contractors, some staff claims, plus HM Revenue and Customs. Prior to 2002, HMRC was ranked as a preferential creditor, but the introduction of the Enterprise Act reduced their status to that of unsecured creditor for all forms of tax. https://www.begbies-traynorgroup.com/articles/insolvency/who-gets-paid-first-when-a-company-goes-into-liquidation Change in status regarding HMRC preferential treatment Edited June 4, 2019 by woodenhead 1 1 9 Link to post Share on other sites More sharing options...
Administrators AY Mod Posted June 4, 2019 Administrators Share Posted June 4, 2019 12 minutes ago, LaGrange said: The creditors will be paid first and then if there is anything left customers will be refunded. Unlikely on both accounts sadly. This is why it was made clear at the start there was risk involved and why people were willing to pay DJ models into his personal bank account is totally beyond me My recommendation to notify the practitioners that sums of goods may be owed is purely because they may not hold a complete and accurate list of any creditors. Proof of payment would be advisable. In an insolvency it is unlikely that a consumer would get anything but at least the correct figures and hence calculations should be made in case there is anything left to be apportioned. It's correct that the HMRC are at the head of the queue, but just behind the insolvency practitioner's costs. 1 1 Link to post Share on other sites More sharing options...
woodenhead Posted June 4, 2019 Share Posted June 4, 2019 @AY Mod should the other DJM threads now be locked and all discussion be on this thread so there isn't repetition and confusion for those who now need to make claims? 9 Link to post Share on other sites More sharing options...
RMweb Gold The Stationmaster Posted June 4, 2019 RMweb Gold Share Posted June 4, 2019 So now the nonsensical IP announcement might actually make some sense (although I'm not at all sure to who). Whether or not the IPs are assets could be an interesting point of debate, plus also wj ho they are registered to. The other interesting point is exactly how any potential Chinese factory creditors enter into the equation but could there be a situation where if they have not been paid for work performed that work becomes their properety in lieu of payment and they can then sell it to the highest bidder? (Which might raise also the IP situation?) 2 3 Link to post Share on other sites More sharing options...
RMweb Gold scottystitch Posted June 4, 2019 RMweb Gold Share Posted June 4, 2019 19 minutes ago, amwells said: Thank you. Any idea which company is being referred to? DJ Models or the accountants? i have sent them an email (a forward of a previous request for a refund that was ignored). It was CG being referred to. 1 Link to post Share on other sites More sharing options...
DavidH Posted June 4, 2019 Share Posted June 4, 2019 16 minutes ago, AY Mod said: It's correct that the HMRC are at the head of the queue, but just behind the insolvency practitioner's costs. 16 minutes ago, woodenhead said: Unsecured creditors These include trade creditors, suppliers, customers, contractors, some staff claims, plus HM Revenue and Customs. Prior to 2002, HMRC was ranked as a preferential creditor, but the introduction of the Enterprise Act reduced their status to that of unsecured creditor for all forms of tax. These contradict each other. 1 Link to post Share on other sites More sharing options...
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