liquidation

[jonnieb1962]

hi everyone,just been knocked again for £3,800 due to a company going into liquidation,this is the third time in four years this has happened does anyone know if there is any kind of insurance you can take out to cover yourself from this happening,

[Bathfix Bob]

Hi Jonnie,
Sorry to hear about that, I feel for you. Are these builders that are going belly up?

[jonnieb1962]

yes bob,well established companies,the last one had been going for 15 years so their not fly by nights just bad luck,they were all ltd companies as well so judging by the first one i'll get about a penny in the pound,

[andy allen]

awful when this kind of thing happens, ive had it a few times and it dose hit you for six.

im not aware of any insurence that can protect you from these kind of thinks, i try and find out as much about the company before i start working for them, if something sounds not quite right, i knock it back, however this day and age, even well astablished companys can go belly up with out warning..

[jonnieb1962]

cheers andy,problem is you can't pick and choose your work as much as you could 3 or 4 years ago,never mind as long as newcastle beat chelsea today that will cheer me up,

[kilty55]

sorry to hear this,you could try and change your payment terms taking regular payments of the job with work signed off so your not accumulating larger amounts of money

[Ajax123]

There are companies who will insure debt of this sort but you have to jump through so many credit ratings hoops that it is not worth it. A lot of big companies used to insure their debt but since this recession started a lot don't bother cos it is now too expensive.