boac Posted June 29, 2004 Share Posted June 29, 2004 I heard at the end of last week that PSL has gone into receivership. Was wondering if anyone else had heard about this. I don't want to get into trouble with any libel issues so let me stress that this is just something I have heard and do not know for absolutely certain, but it was from what I consider to be two seperate reliable sources. Just wanted to warn anyone out there who may be owed money by PSL that they might want to get on the case... Link to comment Share on other sites More sharing options...
Guest lightnix Posted June 29, 2004 Share Posted June 29, 2004 I heard that it was "just" administration, rather than full-blown receivership. Even so, it's bad news for anyone who's owed money by them. The difference between receivership and administration is that a receiver strips and sells all the assets of the business to pay off debts and once that process has been completed then the business faces extinction unless a major investor can be found. Administration is a protective move where accountants move into the business, freeze the payment of any debts and allow the business to keep working day-to-day. While the business is going about its daily activities the administrators are looking at how it can cut costs and possibly attract new investment. Once they have secured the situation and they and they are happy that extra funds have been found , either by investment or greater running costs, then the debts can be paid off. Secured debts to banks, Inland Revenue and Customs must be paid in full while unsecured creditors, like hire companies, crew, etc. may have to settle for a deal like 10 pence in the pound. Link to comment Share on other sites More sharing options...
boac Posted June 29, 2004 Author Share Posted June 29, 2004 Given your explanation of the difference it may well be administration. Apparently they have withdrawn all fuel cards and company phones. At the risk of delving further into rumour I have also heard talk of who may be thinking of buying them up but I won't go into that as its really all hearsay. I've never worked for them myself but people tell me they were never the promptest at paying up. I don't envy their freelancers at the moment. Link to comment Share on other sites More sharing options...
SparkySteve Posted June 30, 2004 Share Posted June 30, 2004 Even so, it's bad news for anyone who's owed money by them. just about everyone who's ever worked for them then! ;) well thats my experience of them anyway Link to comment Share on other sites More sharing options...
Guest lightnix Posted June 30, 2004 Share Posted June 30, 2004 Even so, it's bad news for anyone who's owed money by them.just about everyone who's ever worked for them then! ;) well thats my experience of them anywaypeople tell me they were never the promptest at paying up.They do seem to have a particularly appalling reputation for late payment (among other things), which is why I never ever went after them for work.I don't envy their freelancers at the moment.Me neither, but then again I don't pity them either. It may sound heartless, but nobody forced them to work for the company and, given the above-mentioned reputation, it's more than likely that they knew the risks involved. Hopefully this will serve as a(nother) warning to freelancers to exercise better credit control. Link to comment Share on other sites More sharing options...
slim_mcslim Posted July 9, 2004 Share Posted July 9, 2004 PSL are in official Administration as of 30th June 2004, well according to the letter I received from the administrators Grant Thornton this morning, and it doesn't look like good news for any of the freelancers owed money. It also doesn't exactly look like good news for PSL's clients, because the administrators want cash up front off them before PSL do any more work (rubs hands and chuckles) Now not that I would go round deliberately stealing other peoples clients, however, if PSL aren't doing the jobs.... Paul... (erm.. wheres the spellcheck button gone?) Link to comment Share on other sites More sharing options...
Big Dave Posted July 9, 2004 Share Posted July 9, 2004 Bit of a catch 22 surely for PSL. They can't do any work without the clients paying in advance and surely no freelancer in their right mind will do any work for PSL at the moment without being paid in advance. And the chances of that happening are?????? Link to comment Share on other sites More sharing options...
Guest lightnix Posted July 9, 2004 Share Posted July 9, 2004 I got one of those letters, odd because I didn't think I was on their books (*shivers*).doesn't exactly look like good news for PSL's clients, because the administrators want cash up front off them before PSL do any more workI should imagine all suppliers and freelancers will be asking the same of PSL until things are sorted out. A friend of mine said yesterday that he's given up all hope of getting the £330 they owed him, not least because there was no purchase order issued :** laughs out loud **: He said in future he'll be expecting POs from everybody, on pain of not showing up for the gig. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.