Pumpkin Patch

[Beagle]

I couldn't agree more mate but to be honest I struggle to see this subsidiary company with no assets thing being the employer, as standing up to thorough legal scrutiny. You can't employ people in a shell company with no assets and no way of meeting its current liabilities, (accrued holiday and sick pay), that would be a breech of the companies act in terms of trading a company while insolvent so whoever the directors are of that subsidiary company, they would be personally liable in my opinion for trading while insolvent so I think if one of them is Luke Bunt or he is responsible for instigating this contrived scheme of arrangement to defeat preferential creditors so he'd better be dusting off his professional indemnity insurance policies and talking to his lawyers.

Sb9 - Gift voucher thing, can't say I am surprised and its entirely self serving of the receivers for sure. Honouring gift vouchers is one of the fundamental building blocks to try and retain goodwill. I have warned people on here and on NBR twice to spend gift vouchers ungently before this happened so I did my bit to warn people.

I will tell my wife to wait for the 70% off everything receivers sale...the way management and receivers are conducting themselves they don't deserve our business until such time as they're ready to massacre the prices.

[stoploss]

I couldn't agree more mate but to be honest I struggle to see this subsidiary company with no assets thing being the employer, as standing up to thorough legal scrutiny. You can't employ people in a shell company with no assets and no way of meeting its current liabilities, (accrued holiday and sick pay), that would be a breech of the companies act in terms of trading a company while insolvent so whoever the directors are of that subsidiary company, they would be personally liable in my opinion for trading while insolvent so I think if one of them is Luke Bunt or he is responsible for instigating this contrived scheme of arrangement to defeat preferential creditors so he'd better be dusting off his professional indemnity insurance policies and talking to his lawyers.

Sb9 - Gift voucher thing, can't say I am surprised and its entirely self serving of the receivers for sure. Honouring gift vouchers is one of the fundamental building blocks to try and retain goodwill. I have warned people on here and on NBR twice to spend gift vouchers ungently before this happened so I did my bit to warn people.

I will tell my wife to wait for the 70% off everything receivers sale...the way management and receivers are conducting themselves they don't deserve our business until such time as they're ready to massacre the prices.

Roger I think your wife may be better off looking for clothes at H&M & Zara - might be more expensive but at least they will fit

[Beagle]

http://www.msn.com/en-nz/money/news/...cid=spartandhp

Good to see that the union's lawyers appear to have called PPL's receivers out on this contrived shell company corporate employment structure and staff are in line for redundancy pay within the usual statutory limits.

[Rep]

Pumpkin Patch workers get shafted ?

http://www.radionz.co.nz/national/pr...-workers-union

I think I have said this previously but whilst some holiday pay gets priority it's not a bank for employees.

Personally I think gift vouchers are a mug's game - you have all the credit risk and lots of retailers rely on a portion never being redeemed.

In some respects, Consumer NZ did a disservice to the public by pressuring retailers to get rid of expiry dates on vouchers - it removes the call to action to use them and hence a naive public think they are as good as money, which they aren't and as an unsecured creditor way down the back of the queue in the event it all goes to custard.

We've had Pumpkin Patch vouchers for the boy but we've essentially used them as soon as we could as we have never thought they were investment grade.

Moral of the story: if you get a voucher, redeem it as soon as possible. Must do the same with my Amex rewards sometime as well.

[winner69]

http://www.nzherald.co.nz/business/n...ectid=11737770

Paying large divies instead of reducing debt didn't work

Interesting how much interests related to Prendergast got paid for shopfittings

[winner69]

I sometimes wondered if patch ever found out what was happening in the world.

Wonder if they knew this
http://linkis.com/www.roymorgan.com/fi/SZuvF

Industry related data is interesting - carpet/flooring stuff is intriguing .....and not that bright for CAV

[Beagle]

Receivers cull Australian stores https://www.nbr.co.nz/article/pumpki...eople-b-196354

[winner69]

o it was well and truly rooted after all

http://www.stuff.co.nz/business/indu...no-buyer-found

[Balance]

o it was well and truly rooted after all

http://www.stuff.co.nz/business/indu...no-buyer-found

Real shame.

Again, management and directors were overtly ambitious - took on the world by expanding into UK and US and lost.

Would have been a very nice and profitable Australasian brand with a great brand and name for quality, style and kiddies' clothings.

[Rep]

There's potentially a market for the Brand but not with the baggage of the leases, staff and other legacies.