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Superfi liquidation auction

there was a lot that went over board , the auctioneer said at the end it went nuts,, i bought lot 95 ,, Rotel Cd player , opened it up and no remote ,, but that is the chance you take,, to save money , if you going to keep it like i am , ,
new remote was £22.41p paid to B&W delivered today,, even though it will not get used that much ,,
Presumably you could have looked in the box before bidding in order to lower the risk about what you were bidding on? The item I was primarily interested in (ex-demo KEF R300) was approaching 50% of RRP (gross) the day I was considering going to look. I had some interest in one or two items of the non-hifi stuff like racking and benches but the time and cost didn't seem worthwhile. Exposure on the internet seems to have raised the prices achieved for this type of thing.
 
the box was sealed and the guy would not let you open it up , but it had been previously opened ,,due to the clear sellotape, and not the normal rotel stuff , so no you could not check it before you bid,
 
the box was sealed and the guy would not let you open it up , but it had been previously opened ,,due to the clear sellotape, and not the normal rotel stuff , so no you could not check it before you bid,
That seems very strange unless it was being described as new and unopened? Presumably if you opened the box after purchase to find a house brick instead of a CD player they would have given you your money back? Did you see any words to that effect?
 
Non secured creditors, £1.2M, circa £2M total
......13 pages of trade creditors, then mega bucks owed to HMRC (150K VAT etc), wages and so on.

A completely different picture to their last published accounts............
That is getting into Reckless Trading territory and it takes time to sink so deep, so are the accounts honest?
 
Non secured creditors, £1.2M, circa £2M total

Some credit controllers might be having a chat with HR......

Sounds United (Denon etc) £325K
Yamaha £78K
Monitor Audio £52K
Audio Technika £44K
Bose £41K
Senheisser £28K

13 pages of trade creditors, then mega bucks owed to HMRC (150K VAT etc), wages and so on.

A completely different picture to their last published accounts............

So I guess some of the stuff being auctioned hadn't been paid for to the manufacturers. Hence why it was removed from the various shops in a slick operation in case others turned up to try to remove their goods that hadn't been paid for.
 
So I guess some of the stuff being auctioned hadn't been paid for to the manufacturers. Hence why it was removed from the various shops in a slick operation in case others turned up to try to remove their goods that hadn't been paid for.
Once the administrators are called in it’s irrelevant anyway. The creditors will get so many pence in the pound of their debt. I remember when this happened to Bill Hutchinson in the 90s. They went from trading to massively indebted in a very short space of time. Just like Superfi, although pre-internet, their model was pile it high, sell it cheap and margins weren’t of primary importance. When volume is large and margin low, it’s a knife-edge. I know one or two of their staff have found other industry jobs, I just hope the rest are OK.
 
It sounds as if they may well have been knowingly trading whilst insolvent. If so, the Directors cannot hide behind the limited liability shield and would be personally responsible for the debt. If they wee trading thus I hope one or more of the creditiors goes for them.

I was a creditor in such a situation and I went after the Directors and got payment. I really stronlgly dislike those who deliberately trade in insolvency, go bust or dissolve a company and use limited liability to avoid paying their debts only to pop straight back up and rip off some more suppliers and employees.
 
It sounds as if they may well have been knowingly trading whilst insolvent. If so, the Directors cannot hide behind the limited liability shield and would be personally responsible for the debt. If they wee trading thus I hope one or more of the creditiors goes for them.

I was a creditor in such a situation and I went after the Directors and got payment. I really stronlgly dislike those who deliberately trade in insolvency, go bust or dissolve a company and use limited liability to avoid paying their debts only to pop straight back up and rip off some more suppliers and employees.
Superfi Ltd was formed in Feb 2019....
 
So I guess some of the stuff being auctioned hadn't been paid for to the manufacturers. Hence why it was removed from the various shops in a slick operation in case others turned up to try to remove their goods that hadn't been paid for.

Most suppliers have a 'retention of title' clause in T&C's but it's common practice for the assets to be sold quick and argue with creditors later. In the 'statement of affairs' the administrators acknowledge this but do not place a value on potential claims.
 
So I guess some of the stuff being auctioned hadn't been paid for to the manufacturers. Hence why it was removed from the various shops in a slick operation in case others turned up to try to remove their goods that hadn't been paid for.
Most, probably....manufacturers regularly agree stoxking plans with retailers prior to Xmas trading for example as it makes sense to have stock available for sales.
Huge stocks into retailers, pay later, or possibly not.
 


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