Telescope Planet ceases trading

[evitaerc]

How can that guy sleep at night?!!?

Oh, come on, you don't begrudge the man 2 cars, 2 vans and 2 rented farm houses. Do you? I wonder if he's related to Noah??

[MikeWilson]

That debt, was it to supplier creditors or bank/tax?

If you're not getting anything back it sounds like a substantial amount is for the latter. If it's the former, well, there is a chance he can't do it next year if it can be shown he was trading whilst insolvent. That will have him banned from operating an England/Wale co again...

I haven't read the report and IANAL.

[evitaerc]

That debt, was it to supplier creditors or bank/tax?

If you're not getting anything back it sounds like a substantial amount is for the latter. If it's the former, well, there is a chance he can't do it next year if it can be shown he was trading whilst insolvent. That will have him banned from operating an England/Wale co again...

The report shows:

18 trade debts totalling £180,000

3 loans totalling £70,000

7 credit cards totalling £34,000

3 overdrafts totalling £30,000

and £7,000 owed to the crown

There are also 13 outstanding customer orders totalling £3,143 which seems odd to me - mine alone was for £450 and as we all know astronomy bits are not cheap!!

[MikeWilson]

I'm sorry to hear that...

But the silver lining could be the liquidation of that stock? Maybe you can still get your item? Albeit you may have to pay for it again :/

[MikeWilson]

That means you may be entitled to around £24 back, assuming of course that the stock is liquidated at Market value. If sold at half value (likely) that will mean you'll yen a tenner or so.

[ampleamp]

forgot about this, for once Ebay and Paypal actually sorted me out; my sympathies to those that weren't so fortunate.

[Astro_Baby]

And the auditor puts the cause of failure down to the owner taking too much money out of the business.

The owner says its was internet fraud with card companies charging him an additional 10% for chargebacks.

Chargebacks are NOT fraud. Chargebacks are where a customer gets so wound up he askes the card to get the money back. Card comapnies do this but if your chargebacks rise above a certain levek they (quite naturally) starting hitting the merchant with ectra costs - I suspect the reson he was getting so many chargebacks was that the service was so poor as attested to by the vast numbers of threads regarding poor service.

The people who have lost out have my sympathies for sure. Miy first scope came from TP.

[WayBig]

I'm sorry to hear that...

But the silver lining could be the liquidation of that stock? :/

Is there a sale planned of the remaining stock?

[evitaerc]

What stock he had has already been sold off - that was where the £17,500 came from. But it wouldn't have made much of a dent in that mountain of debt.

[great_bear]

What stock he had has already been sold off - that was where the £17,500 came from.

No, that's a valuation of the stock, which - as the report notes - a quantity of which was subject to "Retention of Title", i.e. the stock isn't technically his until he's paid his bills. Since he can't do that, the portion of stock which is subject to "Retention of Title" is returned to the suppliers.

Note ( indicates that - as a result of this - the trade debt would (naturally) reduce by the equivalent amount.

[evitaerc]

No, I think it's all done and dusted "This figure represents the amount realised by agents in the sale of stock held at the date of the Bankruptcy Order, (12th May). A quantity of stock was subject to Retention of Title and was returned." The Official Reciever definitely states that "there is no apparent prospect of a distribution of funds", unless of course something else comes to light. He's slightly enigmatic on the subject of goods subject to Retention of Title. In note one, (quoted above), he states that they have already been returned, but in note two he allows that some money may be recovered from them. But whatever the case it doesn't effect the final outcome - we debtors won't be paid.

[great_bear]

No, I think it's all done and dusted . He's slightly enigmatic on the subject of goods subject to Retention of Title.

Oh yes... I must have read the note of "Sale of stock" half-a-dozen times but it didn't properly sink in

So what happens to that cash then?

- just soaked up in insolvency "expenses" (i.e. goes to the authorities) ?

[kev 102 42]

i went to the acution two weeks ago........kev

[Steve C]

I just feel sorry for all those who have outstanding orders with TP.

I personally only used them once, the service was atrocious so they never saw a penny of my money since.

[great_bear]

i went to the acution two weeks ago........kev

You can't just end your comment there!

- What was it like?

- Was there much stuff?

- Did it go really cheaply?

- What did you buy?

[cootuk]

How do dropshipping businesses go so heavily off the rails?

I can understand having some stock, but a lot of quantites must be direct from the dropshipper.

The first priorities should be to pay your suppliers and HMRC as these are the people who can shut you down easiest.

Unless it's the kind of business that supports a lifestyle of luxury living beyond the Company means.

[kev 102 42]

You can't just end your comment there!

- What was it like? Great fun

- Was there much stuff? 700 items

- Did it go really cheaply? very,a 16 inch light bridge wen for 180 phsco billy bought a heq5 pro £5 pounds

- What did you buy?

i bought 3 £700£ goto mounts £35£ each,boxs of eps craford focuses for a £5 pound note, loads of other things wat ive not looked at yet cos ive not been well...........kev

[Hypernova]

I feel so gutted for missing this, I really wish I went

[Takahashi]

Likewise... I didn't realise there would've been one. Was it announced anywhere other than local press?

[evitaerc]

So what happens to that cash then?

- just soaked up in insolvency "expenses" (i.e. goes to the authorities) ?

I suppose that has already happened if any payments have been made, and any subsequent payments will probalby go to offset some of those "Crown" debts and in what ever pecking order exists. Somebody posted that info earlier in this thread.

[evitaerc]

i bought 3 £700£ goto mounts £35£ each,boxs of eps craford focuses for a £5 pound note, loads of other things wat ive not looked at yet cos ive not been well...........kev

I'm gutted to think that I may actually have subsidised your purchases. One of the things I paid for and never got was a Crayford Focusser!! Why do these agents sell these things so cheaply???

[MikeWilson]

i bought 3 £700£ goto mounts £35£ each,boxs of eps craford focuses for a £5 pound note, loads of other things wat ive not looked at yet cos ive not been well...........kev

Wow, someone did well!

[MikeWilson]

I'm gutted to think that I may actually have subsidised your purchases. One of the things I paid for and never got was a Crayford Focusser!! Why do these agents sell these things so cheaply???

The liquidator/administrator is charged partly with selling off the remaining assets so that there is capital to pay the creditors.

It is easy for them to simply sell the whole "job lot" to a dealer who then arranges the auction for their own profit.

The main administrators don't have the knowledge, skills or incentive to sell at or near market value so they pass it all on for an instant cheque from the dealers.

Best,

Mike

[Beulah]

£180 for a Meade 16" Lightbridge.....*sobs*

Which lucky [removed word] bought that, then?

[kev 102 42]

£180 for a Meade 16" Lightbridge.....*sobs*

Which lucky [removed word] bought that, then?

The guy after me i bid 170 for it ,i didnt really want it 1 i dont know how i would have got it home 2 plus i didnt rally want it cos i dont use the scopes iv got all the other stuff i bought was auction fever ,im going to give most of it away to the people who have PMd me and ask how im doing from time to time.............kev:headbang: