Special proxi

Jb1989

Hi can I pick someone's brains, regarding signing a special proxi form from employer,
Lowdown,
Off work temporary
Owed few weeks wages
Worked few years redundancy,
Company has gone into liquidation
Boss wants to me sign form
He says if I and other creditors sign this, and he gets 51% of votes, he gets to keep his tools and machinery to kelp kick start the business should he be shown grace by revenue


I know the social fund will pay up redundancy, but not wages,


If I sign do I run a risk of looseing out of redundancy, etc,???

Thanks for any info (this business stuff is confusing and boreing to me)

newacc2015

AFAIK if it goods into liquidation. All the assets will be sold to pay the outstanding liabilities. I think you might be able to list your self as liability and get a few cents on the Euro you are owned. He knows this and is probably trying to get to waive your right to listing yourself as a creditor.

Whats stopping him getting these tools, selling them and never setting up a new Business? You will still be out of work and not get outstanding wages ie holiday pay. I think cut all contact, list yourself as creditor and get what your owed
http://www.askaboutmoney.com/threads/owed-wages-holiday-pay-and-liquidation.114705/

Jb1989

newacc2015 wrote: »

AFAIK if it goods into liquidation. All the assets will be sold to pay the outstanding liabilities. I think you might be able to list your self as liability and get a few cents on the Euro you are owned

Whats stopping him getting these tools, selling them and never setting up a new Business. You will still be out of work and not get outstanding wages ie holiday pay

Thanks for reply,
You right with the few cents in the euro, he had his original business, then turned it 'ltd'
I don't know what tools etc the liquidator can seize depending if they were signed into ltd company, there's also bigger security involved too that he doesn't want to loose,

I'm not bothered about the future work there, I just want to make sure the signing of form doesn't sign away my rights in other areas,
Probly what I'm asking is what exactly is a special proxi for.
Thanks for your input,

Mr. Incognito

He is looking for his creditors to sign a credit agreement where they accept a knock down on what they are owed. A creditors meeting is required to be held setting out the proposals. This appears not to have happened.

Do not sign this. Trade tools cannot be seized by the sheriff.

This lad is a chancer.

Jb1989

Mr. Incognito wrote: »

He is looking for his creditors to sign a credit agreement where they accept a knock down on what they are owed. A creditors meeting is required to be held setting out the proposals. This appears not to have happened.

Do not sign this. Trade tools cannot be seized by the sheriff.

This lad is a chancer.

Great concrete info there,
That's all in a nutshell that one person explained to me,
You have verified it.
Yea the proxi gives him the authority to speak in behalf of creditors, (to suit who he wants it to suit),
There is a liquidation meeting in next week or so, so he wants has many signatures as possible, for that.

Chancer... Well spotted, there is a lot of changeing going on this last while, so fit for anything.

One last re-question,
howdoes this,,, 51% vote in his favour,
Help him then.?

newacc2015

Mr. Incognito wrote: »

He is looking for his creditors to sign a credit agreement where they accept a knock down on what they are owed. A creditors meeting is required to be held setting out the proposals. This appears not to have happened.

Do not sign this. Trade tools cannot be seized by the sheriff.

This lad is a chancer.

They will seize tools. They did with the liquidation of McCabes. There is tools in liquidation auctions all the time. I say they will make a difference between tools of individual and the tools of a reasonably large firm.

Personally I would stop taking to him. He clearly knew the business was going under about 6 months and should have let you go. The fact a construction company is going under in 2015, when everyone else is building( I know a firm in the industry). I say he is using this as a way to restructure and set up a new company

Jb1989

newacc2015 wrote: »

They will seize tools. They did with the liquidation of McCabes. There is tools in liquidation auctions all the time. I say they will make a difference between tools of individual and the tools of a reasonably large firm.

Personally I would stop taking to him. He clearly knew the business was going under about 6 months and should have let you go. The fact a construction company is going under in 2015, when everyone else is building( I know a firm in the industry). I say he is using this as a way to restructure and set up a new company

But will the 51 % vote leave that he can hold his tools,
That's what he says,
But that's the probly the small end of a proxi,
The big end of a proxi seems to mean he can talk on behalf of us,
And possibly say we don't want any money,

***So 51 % vote to keep plant is the bit I still can't follow,***

Yea I think the talk will have to quit,
I'm just too soft,

Your right in, he did know things going very bad for 6 months or more.
We all knew.