Tech
Troubled shopping channel Auctionworld TV has plunged into administration owing debts of around £14m.
The company suspended trading on November 19, two days after communications regulator Ofcom assessed a £450,000 fine against the station for "misleading" customers and "severely inadequate failures in customer services."
Brian Hamblin and Philip Long of PKF have been appointed administrators of the company as of November 23. In an answer to the question "will I get my money back?" on the PKF website, the administrators said:
"At this stage, it seems that the company has insufficient assets to pay the unsecured creditors but the administrators will need to ascertain what assets and liabilites the company has and, along with other information that they find out about the company, will use this as the basis for their proposals. The proposals will include what the administrators think the outcome for the unsecured creditors will be.
"If you have paid by cheque for goods which have not been delivered then you will have a claim against the company and rank as an unsecured creditor."
It is understood that around 300 jobs have been lost as a result of Auctionworld's closure.
The company suspended trading on November 19, two days after communications regulator Ofcom assessed a £450,000 fine against the station for "misleading" customers and "severely inadequate failures in customer services."
Brian Hamblin and Philip Long of PKF have been appointed administrators of the company as of November 23. In an answer to the question "will I get my money back?" on the PKF website, the administrators said:
"At this stage, it seems that the company has insufficient assets to pay the unsecured creditors but the administrators will need to ascertain what assets and liabilites the company has and, along with other information that they find out about the company, will use this as the basis for their proposals. The proposals will include what the administrators think the outcome for the unsecured creditors will be.
"If you have paid by cheque for goods which have not been delivered then you will have a claim against the company and rank as an unsecured creditor."
It is understood that around 300 jobs have been lost as a result of Auctionworld's closure.
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