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Author Topic: new page  (Read 1235 times)

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Offline snowstorm

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new page
« on: July 29, 2013, 07:45:30 PM »
if you supply wood to new page you could be left holding the bag.....an empty one. seems there are demanding that money payed out by them in the first few months of there bankruptcy be returned. I know for a fact there are not only demanding money back from the trucking co that haul there product but also wood suppliers . oh and you will have 2 weeks to pay it. and yes its legal

Offline craigc

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Re: new page
« Reply #1 on: July 29, 2013, 08:44:41 PM »
Yes that is legal.  We had a cabinet company go belly up and we had to give the check back we had received before the bank stepped in.  The little guy does not stand a chance.
Rottne SMV, Timbco with Logmax 9000, JD 540B Grapple.

Offline thenorthman

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Re: new page
« Reply #2 on: July 29, 2013, 09:59:40 PM »
legal and moral are two different things.

What happens when you don't pay them back?  Do they call mommy and daddy and say you took there toys?  Or better yet what happens when the check is already cashed and spent?

I'm thinking if I was in your shoes I would ignore em or fight tooth and nail... greedy @#$@#$2#%@#%@#$%@##^%#$^#$%&s
well that didn't work

Offline justallan1

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Re: new page
« Reply #3 on: July 29, 2013, 11:13:36 PM »
It sure seems to me if there checks cashed without a problem for a service you provided them then that's on them, but that just my way of thinking. I think they would have to take me to court though.

Allan

Offline Ianab

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Re: new page
« Reply #4 on: July 29, 2013, 11:49:39 PM »
There would be more to the story...

A check that's not cashed before the bankruptcy could be cancelled. It's not an actual payment, just an instruction for their bank to give you the money, and actually worth about as much as in IOU.

Now if the mill issued payments for material received BEFORE the bankruptcy then that was probably illegal for them to do that, hence wanting the money back. This is to prevent some preferred suppliers being paid, and others being stiffed, when the proper procedure is to issue partial payments to all unsecured creditors at an even percentage.

If the materials were ordered and delivered AFTER the bankruptcy, then the order and payment should have been approved by the receiver that is overseeing the accounts. But those transaction are not involved in the bankruptcy proceedings, otherwise NO ONE in the right mind would supply a company that's trading in receivership or liquidation. Yet it's common practice for this to happen as companies may be refinanced or sold and continue trading, even if the original creditors only get a partial payout, or even none.

So there is more going on here than it seems. It may involve payments that were technically illegal and made in error, or cheques cancelled before they cleared? Those are 2 scenarios I could see happening anyway.

Ian
Weekend warrior, Peterson JP test pilot, Dolmar 7900 and Stihl MS310 saws and  the usual collection of power tools :)

Offline snowstorm

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Re: new page
« Reply #5 on: July 30, 2013, 06:00:42 AM »
legal and moral are two different things.

What happens when you don't pay them back?  Do they call mommy and daddy and say you took there toys?  Or better yet what happens when the check is already cashed and spent?

I'm thinking if I was in your shoes I would ignore em or fight tooth and nail... greedy @#$@#$2#%@#%@#$%@##^%#$^#$%&s
they are not coming after me. trucking co the wife works for. and its not small change a bit less than a mil. also know of a logging contractor that they want well over 30k from.

Offline snowstorm

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Re: new page
« Reply #6 on: July 30, 2013, 06:10:31 AM »
There would be more to the story...

A check that's not cashed before the bankruptcy could be cancelled. It's not an actual payment, just an instruction for their bank to give you the money, and actually worth about as much as in IOU.

Now if the mill issued payments for material received BEFORE the bankruptcy then that was probably illegal for them to do that, hence wanting the money back. This is to prevent some preferred suppliers being paid, and others being stiffed, when the proper procedure is to issue partial payments to all unsecured creditors at an even percentage.

If the materials were ordered and delivered AFTER the bankruptcy, then the order and payment should have been approved by the receiver that is overseeing the accounts. But those transaction are not involved in the bankruptcy proceedings, otherwise NO ONE in the right mind would supply a company that's trading in receivership or liquidation. Yet it's common practice for this to happen as companies may be refinanced or sold and continue trading, even if the original creditors only get a partial payout, or even none.

So there is more going on here than it seems. It may involve payments that were technically illegal and made in error, or cheques cancelled before they cleared? Those are 2 scenarios I could see happening anyway.

Ian
np filed 2 yrs ago june and by sept the court was in charge. all payments in question were from june to sept. some were deemed critical suppliers and were assured they wood be paid. if you hauled there product or sold them wood you were a critical supplier. it wasnt that the checks were made in error. its that they know the bankruptcy laws very well.

Offline Dom

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Re: new page
« Reply #7 on: July 30, 2013, 10:40:59 AM »
That's crazy.
The bankruptcies that I saw here, once its paid, its paid.
Shareholders are entitled to some payment, but if it was deemed unreasonable, they could be asked to repay.
To get paid, it goes down a list, government on top, banks second, employees and suppliers last.

Offline Kemper

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Re: new page
« Reply #8 on: July 30, 2013, 05:51:24 PM »
Never had a problem before or after with being paid. In fact, have received three raises since then. They are really needing wood down here.


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