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BR Blue

DJM, the end.

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Posted (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 by BR Blue
Its not longer a question
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I've flagged with the mods, only to draw attention to the change in status in case they can establish an official line.

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Thanks. I could not add it to earlier threads as they were locked but I do feel this is relevant.

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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.

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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.

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Posted (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 by The Stationmaster
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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.

 

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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

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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). 

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Posted (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 by njee20
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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

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It would appear that this is a real shame for all who are involved. Dave, retailers and funders. 

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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.

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Posted (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 by njee20
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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. 

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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. 

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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. :(

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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.

 

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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.

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Posted (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 by woodenhead
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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.

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@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?

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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?)

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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.

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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.

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