Myford lathe values.

[Mark P.Participant @markp]

[Mark P.Participant @markp]

I am owed a sum of money from a small company, I am thinking of taking goods in lieu of payment. What wouldt be the value of a myford not sure which model it is all I need is a ballpark figure.
Mark P.

[John RuddParticipant @johnrudd16576]

Posted by Mark P. on 21/10/2015 13:20:14:
What wouldt be the value of a myford not sure which model it is all I need is a ballpark figure.
Mark P.

Depends on condition too…..Any tooling etc?

I've seen ML7 s on the bay for £200 quid…..then there are others around £1000…….

[David Clark 13Participant @davidclark13]

Perhaps you could post a photo?

[Mark P.Participant @markp]

David I would post a photo but he doesn’t know that I will be comandeering it. I shall take all the tooling he has for it. Don’t know if I shall sell it or keep it for myself!
Mark P.

[paul 1950Participant @paul1950]

if you just take it and he finds out its you it could be worth about two years

[AjohnwParticipant @ajohnw51620]

There is more than one value – if in poor condition often less than what people pay for them.

Asking for a value borders on the how long is a piece of string question – it varies.

John

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[Peter HallParticipant @peterhall61789]

Heads up, chaps! Anyone on here owe Mark P any money?

Pete

[KWILParticipant @kwil]

Small claims court might be the most effective way of establishing a lien on the debtor's goods (ie Lathe) for the non payment of the debt, you cannot just walk in and take it.

[Mark P.Participant @markp]

Kwil as an exemployee I know how he works, if I take court action he will most likely close that company and I will get nothing. I will tell him that I will take goods if he can not come up with the money he owes myself and an other.
Mark P.

[David Clark 13Participant @davidclark13]

Is it a limited company?

[Mark P.Participant @markp]

Yes David it is a limited company. I have been asking him for 5 months for my money which is my wages from March to June when I left.
Mark P.

[Steven VineParticipant @stevenvine79904]

If a company is trading and is not paying you then I have been told you can go for a Winding Up Petition. If they refuse to pay you then you can proceed to wind up their business. One website describes it as a nuclear guided missile. If it is, then it might be expensive to carry out.

https://www.gov.uk/wind-up-a-company-that-owes-you-money/overview

Steve

Edited By Steven Vine on 21/10/2015 19:13:46

[Mark P.Participant @markp]

Looked at that Steve but was cost prohibitive! Shame I had to leave because it was the best job I’ve ever had.
Mark P.

[Steven VineParticipant @stevenvine79904]

There's nothing else for it … you have to go round there and break his legs

It's a misery when you are not paid your dues.

Steve

[Ady1Participant @ady1]

Once you get good at "the system" you can chuck these things at companies like BP and Coca-Cola

Just don't expect to be invited to the advocates xmas dinner or ever considered for high court jobs for the boys

edit:

e&oe

All posts appearing in this work are fictitious. Any resemblance to real posts, living or dead, is purely coincidental.

Edited By Ady1 on 22/10/2015 00:59:28

[David Clark 13Participant @davidclark13]

If it is wages can you get the DHSS or job centre to intervene?

[Trevor Drabble 1Participant @trevordrabble1]

There was an old piece of legislation called the Trucks Act , which stated you had to be paid within a set time after your working period . Not sure if its still in existence , or if , like many others , its been repealed .

[John Stevenson 1Participant @johnstevenson1]

All this advise is well and good if you have the time and money to spare and it still doesn't guarantee you getting paid.

Steven Vine has the best idea.

Failing that find out what car he's driving, borrow one, swap the plates and belt thru as many red light and speed cameras as possible.

Plod has far more time and resources than we have,

[Gordon WParticipant @gordonw]

I think the truck act was about getting paid in money, not coupons for the company store, so I guess taking his lathe breaks the truck act? I've been in the same position a couple of times, fact is if there is no money you are wasting your time. Standing around with a couple of big mates might help, but don't break the law, it's you will suffer.

[Mark P.Participant @markp]

Will be making a visit with my list of tooling I will accept in lieu of payment, and a large van!
Mark P.

[Phil WhitleyParticipant @philwhitley94135]

Hi Mark P, if this is a limited company in the UK and the debt is more than £750 a winding up order costs nothing if he pays up on the THREAT of one being issued, and as the money is owed to you and another, you can be your own debt collectors. Usually the threat to issue a winding up order produces instant payment. Download and fill in the 6.27 form, and send it to the registered office of the limited company, saying that if you are not paid in full within seven days (provided you have submitted written requests for payment previously, if you have not, send a final demand for the full amount to his registered office, saying you intend to apply for a winding up order in 14 days if payment is not received, and send the winding up order form 6.27 14 days later) There is only one problem, and that is , is he trading profitably, if he has no money, and you do incur a fee for actually going to court to wind his co up, chances are you will not get it back but, you probably won't need to go that far. If for instance his equipment, or even his house are charged as security against his business, he will not want to be wound up and face losing his home! There are people in this world who will go to great lengths not to pay their bills if they don't have to. Trading as a limited company is not a good idea if you want to do this, as it is quite easy to collect. The sole trader who is not limited, has no money, and nothing with his name on it as owner, can get away with not paying bills, and is the typical blood from a stone case commonly known as a "Professional Debtor" (I was a registered debt collector for 10 years)

Phil

https://www.gov.uk/government/publications/debtors-bankruptcy-petition-insolvency-form-627

[Mark P.Participant @markp]

Unfortunatly Phil he has several companies registered all interconnected in a vague fashion and trading, so in his words “I will just close that company down”! I would like to name the company but I feel that I should not.
Mark P.

[David Clark 13Participant @davidclark13]

Get the book freedom is more than a seven letter word by Veronica Chapman. You could do him personally for wronging you. You could easily get say, £100,000 as you can decide what compensation he has to pay out of his personal pocket. Nothing to do with his legal companies but for the stress he has caused you. Cost you less than £10 on Amazon. Money well spent for lots of financial problems.

Edited By David Clark 1 on 22/10/2015 21:17:02

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