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I only have a layman's knowledge of the above so apologies in advance......... When Jessops went into administration what happened to the liquidated stock ? I have read the stock is returned to the distributors and if so what next ?
Rumour has it that "Hilco" i.e. the firm taking over HMV might have an interest and sell cameras etc in the rescued branches of HMV.
The other outcome I wondered about was "Public Auctions" that you see advertised in the press from time to time and the disposal of stock across the country or maybe the likes of "Wex" buy up stock I just don't know.
In any case I wish former employees of Jessops well and hope they find employment elsewhere.
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Broadly speaking....Adminsitration is the pre-cursor to liquidation. It's the Adminsitrators job to stock take the assets and the try and find someone either to take over the running of the company or failing that get the price for any assets (stock) they may have. If they can't do either, they will put the company into liquidation and sell off the assest to pay the creditors.
Whether stock that `Jessops' holds depends on the terms of each contract. Some goods will be on sale or return so don't actauuly belong to Jessops, in which case they will go back.
I too wish anyone made redundant well
If a company goes into receivership, and a supplier that hasn't been paid for goods he has a right to put in a claim for retention of title. Until payment is received in full for an order, the title of the goods are not legally owned by the purchaser.
In laymans terms, "Oy you haven't paid for them there mine !"
The only time there be a public auction, would be if the goods had been paid for, or were not in the original supply form, then it's the receivers job to realise as much cash for the business.
The hard bit as a supplier, is agreeing with the receiver as to what, is or isn't yours - and it's a horrible job (I've had to do it half a dozen times).
Thanks folks, in any case looks like we will just have to wait and see what happens. Are there any time scales involved if they cannot find a buyer before assets are sold off.
It is illegal to trade whilst insolvent. I believe administration can last up to one year, but all will depend on how patient the creditors (e.g. banks, landlords, hmrc etc.) Are prepared to wait
You may recall that a load of Jacobs' stock was sold by public auction a few months ago. People on here got quite excited about it but quickly discovered that the prices being achieved most certainly were not "bargains".
I'm not sure that a well-run auction ever does give bargains. The auction house takes a percentage of the hammer-price so a camera auction is likely to be well publicised. Auctioneers work quickly so that the punters won't have time to think and they know that most people will want to hold on to what they have. I've seen photographic gear fetch prices that are higher than new because many people forget about the buyer's premium and VAT.
Same as Comet when it went bust
I went down to check out the "bargains" and discovered the laptop I bought 6 months ago was nearly £50 more
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