Administrators appointed - Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars

XYFalcon · 10-23-2001, 18:08

So are there any Accountants out there?

The company I work for has just had administrators appointed which is never a good thing, and I was just wondering how often a company pulls out of it on the other side rather than being wound up?

HSE2 · 10-23-2001, 18:20

That doesn't sound too good. I hope everything works out ok for you

FM · 10-23-2001, 18:36

That does sound a tad nasty.. Hope all turns out well.. :eek:

Falchoon · 10-23-2001, 19:20

I think Air NZ had administraters called in a couple of weeks ago, share trading was suspended but it seems to be trading out of the sh*t.
Lovells Springs is another one that springs (get it:D, sorry:o). There was a segment on Current affair about this last night. The owners went away for an extended holiday and the guy they left in charge ran the business into the ground, about $8mil in debt.:fmad: The owners sold everything they owned and put all the money back into the business. They had to give some people redunancies but they got every cent they were entitled to. The owners in their mid 60s are moving into a Granny Flat.:( But their business is still going.
If I were you, just to be on the safe side, I would be looking around for something else.

EA S · 10-23-2001, 19:23

Quote:

Originally posted by XYFalcon
So are there any Accountants out there?

The company I work for has just had administrators appointed which is never a good thing, and I was just wondering how often a company pulls out of it on the other side rather than being wound up?

Everything depends on the individual company's state and prospects, but it's not a death sentence. Some companies will come out of administration stronger.

If the administrator thinks there's a reasonable chance of trading out of it, he'll give it a go, but he'll wind it up otherwise. It might take a while for him to work out what to do, so you might be in a state of uncertainty unitl a decision is made.

If you're in a position that's critical to the company continuing, the administrator should keep you as he needs your knowledge and skills. If not, there's an obvious risk that he might trim the staff if savings can be made that will enable the company to survive.

Hope it works out for you.

puts99 · 10-23-2001, 20:33

Hope it all works out well :(

strife · 10-24-2001, 02:38

There was a sement on ACA last night on the lovells (of the springs nature)

Apprantly they got ripped for about 8m and sold all the assets and put it back into the company instead of taking the easy road.

Great story and hope it applies here

XR8chic · 10-24-2001, 02:52

A few years ago, the company I was working for had the same thing happen. They tried to deny the whole thing - and kept all the staff in the dark.!!!

The fact that there where people in suits hanging around all the time, and they started doing an audit of EVERY SINGLE peice of equipment made most people suss.

They had over 140 staff at that time. I went in to the first round of retrenchments (I got more that I was entitled too - so I was happy). When I spoke to one of the guys about 3 months later - they had about 60 staff, but they where all OK.

I ended up getting a better job 4 days later!!! Better conditions, better pay (15k more) and closer to home (1.5km away)...