Author: Stationery Office (Great Britain)
Publisher:
ISBN: 9780102989922
Category :
Languages : en
Pages : 157
Book Description
Consumers often make "prepayments" to businesses, paying for goods and services in advance of receiving them. In the UK, online retail sales and the gift card and voucher market are booming, and consumers frequently pay in advance for products - from flights and theatre tickets to gym memberships and bathroom suites. If the business that has taken the prepayment becomes insolvent, consumers may be left with neither the item they paid for, nor any real prospect of a refund. Insolvency law does not give consumers any special protection. Along with trade suppliers, landlords and many others, consumers are unsecured creditors who will not receive anything until secured creditors (typically banks and investment funds) and preferential creditors (such as employees) have been paid. This does not mean that consumers always lose out. There are many ways in which consumers may be protected - through arrangements put in place by individual businesses, as a result of refunds available through credit and debit card issuers, or because of the commercial decisions taken by administrators. However, these arrangements are often voluntary rather than underpinned by legal rights. Where consumers do suffer losses, they range from relatively modest amounts - perhaps a low value gift voucher - through to hundreds or even thousands of pounds, for example for furniture, home improvements or cars
Consumer Prepayments on Retailer Insolvency
Author: Stationery Office (Great Britain)
Publisher:
ISBN: 9780102989922
Category :
Languages : en
Pages : 157
Book Description
Consumers often make "prepayments" to businesses, paying for goods and services in advance of receiving them. In the UK, online retail sales and the gift card and voucher market are booming, and consumers frequently pay in advance for products - from flights and theatre tickets to gym memberships and bathroom suites. If the business that has taken the prepayment becomes insolvent, consumers may be left with neither the item they paid for, nor any real prospect of a refund. Insolvency law does not give consumers any special protection. Along with trade suppliers, landlords and many others, consumers are unsecured creditors who will not receive anything until secured creditors (typically banks and investment funds) and preferential creditors (such as employees) have been paid. This does not mean that consumers always lose out. There are many ways in which consumers may be protected - through arrangements put in place by individual businesses, as a result of refunds available through credit and debit card issuers, or because of the commercial decisions taken by administrators. However, these arrangements are often voluntary rather than underpinned by legal rights. Where consumers do suffer losses, they range from relatively modest amounts - perhaps a low value gift voucher - through to hundreds or even thousands of pounds, for example for furniture, home improvements or cars
Publisher:
ISBN: 9780102989922
Category :
Languages : en
Pages : 157
Book Description
Consumers often make "prepayments" to businesses, paying for goods and services in advance of receiving them. In the UK, online retail sales and the gift card and voucher market are booming, and consumers frequently pay in advance for products - from flights and theatre tickets to gym memberships and bathroom suites. If the business that has taken the prepayment becomes insolvent, consumers may be left with neither the item they paid for, nor any real prospect of a refund. Insolvency law does not give consumers any special protection. Along with trade suppliers, landlords and many others, consumers are unsecured creditors who will not receive anything until secured creditors (typically banks and investment funds) and preferential creditors (such as employees) have been paid. This does not mean that consumers always lose out. There are many ways in which consumers may be protected - through arrangements put in place by individual businesses, as a result of refunds available through credit and debit card issuers, or because of the commercial decisions taken by administrators. However, these arrangements are often voluntary rather than underpinned by legal rights. Where consumers do suffer losses, they range from relatively modest amounts - perhaps a low value gift voucher - through to hundreds or even thousands of pounds, for example for furniture, home improvements or cars
Consumer Prepayments on Retailer Insolvency
Author: Great Britain. Law Commission
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 149
Book Description
"This Law Commission project, which was commissioned by the Department for Business, Innovation and Skills (BIS), considered whether greater protection is needed for consumers who lose deposits or gift vouchers when retailers or other service providers become insolvent"--Publisher website.
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 149
Book Description
"This Law Commission project, which was commissioned by the Department for Business, Innovation and Skills (BIS), considered whether greater protection is needed for consumers who lose deposits or gift vouchers when retailers or other service providers become insolvent"--Publisher website.
Consumer Prepayments on Retailer Insolvency
Author: Great Britain. Law Commission
Publisher:
ISBN: 9781474136143
Category :
Languages : en
Pages : 149
Book Description
Publisher:
ISBN: 9781474136143
Category :
Languages : en
Pages : 149
Book Description
Consumer Prepayments on Retailer Insolvency
Author: Great Britain: Law Commission
Publisher:
ISBN: 9781474136136
Category :
Languages : en
Pages : 157
Book Description
Print and web pdfs are available at https://www.gov.uk/government/publications Web ISBN=9781474136143
Publisher:
ISBN: 9781474136136
Category :
Languages : en
Pages : 157
Book Description
Print and web pdfs are available at https://www.gov.uk/government/publications Web ISBN=9781474136143
Consumer Protection on Prepayment and Retailer Insolvency
Author: Consumer Council (Hong Kong, China)
Publisher:
ISBN:
Category : Charge-backs
Languages : en
Pages : 76
Book Description
Publisher:
ISBN:
Category : Charge-backs
Languages : en
Pages : 76
Book Description
Business Insolvency and Lost Consumer Prepayments
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 110
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 110
Book Description
The Protection of Consumer Prepayments
Author: Great Britain. Office of Fair Trading
Publisher:
ISBN:
Category : Consumer protection
Languages : en
Pages : 48
Book Description
Publisher:
ISBN:
Category : Consumer protection
Languages : en
Pages : 48
Book Description
Prepayment Consumer Creditors
Author: Christopher Symes
Publisher:
ISBN:
Category :
Languages : en
Pages : 22
Book Description
In 2016, following the collapse of Dick Smith Electronics there was a call for directors to be held personally liable to account in retailer insolvency with regard to certain behaviour, particularly in relation to pre-payment consumer creditors such as gift card holders. Although this call should not be and was not heeded, it does raise questions about the justifications for further protection of this class of creditors in an insolvency, which we consider in this article.
Publisher:
ISBN:
Category :
Languages : en
Pages : 22
Book Description
In 2016, following the collapse of Dick Smith Electronics there was a call for directors to be held personally liable to account in retailer insolvency with regard to certain behaviour, particularly in relation to pre-payment consumer creditors such as gift card holders. Although this call should not be and was not heeded, it does raise questions about the justifications for further protection of this class of creditors in an insolvency, which we consider in this article.
Corporate Insolvency Law
Author: Vanessa Finch
Publisher: Cambridge University Press
ISBN: 1107039916
Category : Business & Economics
Languages : en
Pages : 839
Book Description
A new and substantially revised edition which looks critically at the broad effect and conceptual underpinnings of corporate insolvency law.
Publisher: Cambridge University Press
ISBN: 1107039916
Category : Business & Economics
Languages : en
Pages : 839
Book Description
A new and substantially revised edition which looks critically at the broad effect and conceptual underpinnings of corporate insolvency law.
Creditor Treatment in Corporate Insolvency Law
Author: Kayode Akintola
Publisher: Edward Elgar Publishing
ISBN: 1788971396
Category : Law
Languages : en
Pages : 211
Book Description
The significant role of credit in obtaining corporate capital means that credit and the treatment of creditors’ interests raises distinctive issues in the event of company insolvency. In this book, Kayode Akintola addresses these issues, providing an exceptional in-depth analysis of the principles, policy and practice of creditor treatment in corporate insolvency law.
Publisher: Edward Elgar Publishing
ISBN: 1788971396
Category : Law
Languages : en
Pages : 211
Book Description
The significant role of credit in obtaining corporate capital means that credit and the treatment of creditors’ interests raises distinctive issues in the event of company insolvency. In this book, Kayode Akintola addresses these issues, providing an exceptional in-depth analysis of the principles, policy and practice of creditor treatment in corporate insolvency law.