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Pennies not pounds, for out-of-pocket brides
9:34am Friday 4th July 2008
SOME brides may only see a few pennies of the thousands of pounds they have already paid out for gowns at a Hampshire bridal store that suddenly closed, an insolvency expert has warned.
Nick Peat, of Peat's insolvency practitioners, has now set a meeting date for everyone who is owed money by Arvella Bridal in Lyndhurst.
The creditors' meeting will take place on July 14 at 10.30am at his Poole offices.
However he has warned that suppliers and customers who are owed money by the High Street bridal boutique are likely to only get a few pence back for every pound they are owed.
And he warned that even if brides have paid for their wedding dresses waiting to be collected in the shop, the suppliers could keep them if they have not received any payment from Arvella.
He said: "It's our job to get the best possible price for what's left of the business. We can't give any assurance to anyone. There's an almighty mess to sort out."
Mr Peat has sent out letters to more than 100 creditors and is publishing notices outlining details of the meeting, to be attended by Arvella's director Lisa Clarkson.
He sent out the final batch of letters yesterday but said that if anyone who is owed money has not heard from him by the weekend they should email him at nickpeat@peatsaccountants.co.uk.
At the creditors' meetingMr Peat will read out the business's assets and liabilities before a formal vote is taken to appoint the liquidator.
Since Arvella's closure last Tuesday, dozens of brides have contacted the Daily Echo claiming that they paid for dresses that were never ordered or that they were fobbed off with sample garments.
Suppliers have also said that in many cases they had not received payment from Arvella for dresses that were ready to be sent out.
Mrs Clarkson, 33, of Warsash, has apologised for the business's failure but blamed market conditions and suppliers for its demise.
● The creditors' meeting will take place at Peats Accountants, Discovery Court, 551-553 Wallisdown Road, Poole.
Your Say YourEcho
Yawn, says...
12:07pm Fri 4 Jul 08
Bambi, says...
12:42pm Fri 4 Jul 08
Yawn wrote:If you don't like it, don't read it.
Can we have more stories on this please?
Some of us are interested or affected by this.
The real Bambi, says...
3:20pm Fri 4 Jul 08
Bambi wrote:You're interested in a shop going out of business? Become a receiver, then. You'll read all about loads of 'em. Quite why you're so obsessed by them that you try and impose your strange fetish on others through underhand means is a mystery to us normal people, though
Yawn wrote:If you don't like it, don't read it.
Can we have more stories on this please?
Some of us are interested or affected by this.
The Watchman, The Ether says...
3:21pm Fri 4 Jul 08
Bambi wrote:Well said :P
Yawn wrote:If you don't like it, don't read it.
Can we have more stories on this please?
Some of us are interested or affected by this.
Osama Bin Laden, A Cave far far away says...
3:25pm Fri 4 Jul 08
Im starting a business ....
hulla, baloo says...
4:15pm Fri 4 Jul 08
Iain, Lordshill says...
4:24pm Fri 4 Jul 08
hulla, baloo says...
4:40pm Fri 4 Jul 08
Iain wrote:You are right, standards have totally slipped. I always thought a professional career person usually donned a suit and tie.
No Hulla, he's actually Nick Peat, the insolvency expert. Standards have slipped in the profession, I'm afraid.
He just looks like herbert come to rob the place of any stock.
If I were ever in a position to use aninsolvency expert, he would be last on the list.
interested, Totton says...
5:21pm Fri 4 Jul 08
George, says...
5:24pm Fri 4 Jul 08
Osama Bin Laden wrote:Have you only just cottoned on to that?? Seriously, I know think you're being a bit far-fetched, but you're not. It really is that simple. Form a limited company, trade a bit, take cash, do a runner. It happens. Be sure to take declared dividends, rather than just help yourself to the takings, or you're committing embezzlement
So lets get this right. Lots of people gave her money, she gave them nothing in return, she now buggers off to Barbados and nothing can happen to her.
Im starting a business ....
Why doesn't it happen more often? Because for one, in virtually all cases, the return on simply trading honestly is a lot greater. Suppose you form a company selling teapots, and take orders to the tune of £10k which you then abscond with. Wow. Ten grand. Not going far on that, really. You'd realise far more than that after a year of trading. Once your company goes down the pan, you won't be able to form another one, so it's not like you can make an ongoing living doing this (although some people have done). If it can be proven that you were willfully negligent, you can still be personally liable, and even guilty of fraud. The chances of you having an idea so brilliant that people will hand over significant amounts of cash for no return are tiny but it does happen.
Maid In Manhattan, 061-081 says...
4:35am Sat 5 Jul 08
Your sayYourEcho
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Rock and roll, says...
11:24am Fri 4 Jul 08
Look at the cankles on the bit on the right!