Crown Currency concerns

[aaronandterri]

I remember you asking http://www.disboards.com/showthread.php?t=2552316
Scarey reading the warnings I gave now.

We had some unexpected cash and was putting it towards holiday next year, was going to convert 3000£ but after reading your comments wayne decided to put it in the savings acc instead, literaly was hoovering over the button to do it, im so glad you posted that all the other week made us think twice otherwise we would be worse off now too, cant thank you enough xxx

 

[Donald D Duck]

This is on the BBC news website now

http://www.bbc.co.uk/news/business-11466272

 

[irishthemeparkfan]

This is awful news. I ordered money from them earlier in the year and thankfully got my dollars and travellers cheques in July based on the reviews on here. Always wondered how they did there special rates and as people have stated it was too good to be true.

 

[septimuswigley]

At least there is a glimour of hope for those invovled while they are in administration - it could have been a straight liquidation.

Administration will explore options to keep the companies trading and this offers the most hope for all those with money at risk.

I'm a little confused as to what our rights are then as a consumer - We were about to recieve $3000 however based on media reports we are not going to get this for our hols. Used them before with no worries therefore used them again. as we paid by transfer we don't have ususal credit card insurance etc... if someone could explain it to us all in plain english, it would be appreciated!
I do understand that administrators will try and keep it open by finding a buyer to buy the buisness but if no takers (which i don't think there would be) then what happens to our cash and rights?

 

[cornish pixie]

So sorry to everyone involved have been listening to Atlantic FM and they are talking about them going into administration as of today
Waiting for the local news to come on to see if there is any other reports.
Cornish pixie

 

[Elise79]

Basically if they can't get the company trading fully again then there will be a payout once all assets have been realised ie turned in to cash.

Unfortunatley there is an order as to which creditors get paid out and HMRC are always top of the list.

I feel having looked at the companys last filed accounts that the customers will see much if anything back

It is a limited company and all the profit has been drawn out by the owners - one company had negative balance sheet and the others balance sheet worth is based mainly on intangible assets which probably have no real value.

ETA I am not an insolvency practitioner - only an accountant so I only have to know the rough process as it is a very specialised area.
Sorry folks

 

[buffer]

Im gutted, ordered £700 worth of dollars back in July for delivery last Friday, obviously I didnt get it My holiday is just less than 4 weeks away and I have no chance of saving up the money - it took us over a year to get it

 

[cornish pixie]

Well has just made headline news on westcountry Some people had turned up this morning to see if there were anybody at the building, there was but they weren't speaking with anyone they had hired security and basically all was shown were the unfortunate customers that had turned up to try and get there money 1 poor man was off to Australia and was waiting for £2000.One man was told to turn up and collect his money only to meet with others who were in the same boat, They don't know yet if anyone will get anything back and Westcountry are advising anyone who is affected to go on to there website were they will be directed to a contact where I believe they the administrators will contact each person directly on a personal basis regarding amounts, currency etc. and what happens next.
Again I am so sorry to everyone involved .
Cornish Pixie

 

[Disneynutinlondon]

I feel soooooo sorry for everyone who has lost their money. Having used Crown this summer I can only imagine what you must be feeling right now, but I do know how I would be feeling having paid all out hard earned cash to a company that we had no chance of getting anything from before our holiday

 

[paulh]

Unfortunatley there is an order as to which creditors get paid out and HMRC are always top of the list.



It is a limited company and all the profit has been drawn out by the owners - one company had negative balance sheet and the others balance sheet worth is based mainly on intangible assets which probably have no real value.


:

death and taxes are the only things that are always there


As i work in construction always amazes me how many hide behind limited status fold on Friday start up on Monday

As for CCE always thought currency trading was gambling so stayed well clear,

Paul

 

[saratogagirl]

I am really sad for everyone who has been affected...

I can't dwell on this anymore and I'm sick at looking at MSE, I have decided its time to let the adminstrators do their stuff and sit back and see what happens. I foresee much selling on e-bay for the next week xx

 

[buzz for boys]

I am really sad for everyone who has been affected...

I can't dwell on this anymore and I'm sick at looking at MSE, I have decided its time to let the adminstrators do their stuff and sit back and see what happens. xx

I second this
Im starting to lose the sick feeling and think what will be will be !! I cant change it so will just have to go with the flow and you know when we arrive in disney im sure all of this will be a distant memory !!

Thoughts are with everyone and I sincerely hope everyone affected finds a solution !!

 

[sandshal]

I second this
Im starting to lose the sick feeling and think what will be will be !! I cant change it so will just have to go with the flow and you know when we arrive in disney im sure all of this will be a distant memory !!

Thoughts are with everyone and I sincerely hope everyone affected finds a solution !!

That's the spirit ........... I know it must be extremely hard but don't let it spoil your holiday ...... you guys so deserve it

 

[howlongtillsummer?]

Just wanted to say so sorry to everyone involved.

 

[LisaStockman]

We ordered 2x £1000 worth of dollars from Crown back in August. One lot was due to be delivered Weds 6th Oct and the other Fri 8th Oct. After hearing all the rumours thought we had lost £2000.
After a shopping trip on Saturday we returned home to find a Royal Mail Special Delivery card left saying 2 letters were waiting for us at the sorting office.
After sweating it out all day yesterday My hubby was waiting for the Post Office to open this morning and there was our dollars from Crown. What a massive relief!!!!
Also a two colleagues that I work with received their orders on Saturday too.
What a coincidence that we all live in Cornwall.
Perhaps they decided to send 'the locals' their currency so they wouldn't get harrassed outside their offices this morning. Cowards!!!
Sorry I know this doesn't help my fellow DVC members out there but I thought it might interest you.
My heart goes out to you all and I hope you manage to find a solution and get your money back.

Good luck everyone

 

[wayneg]

Hi Lisa, I have read a few stories like yours today, looks like they have sent out to the locals where possible. Very pleased for you.

 

[Booknut]

Am really so gutted for everyone who has lost money and will pray you get it back soon.

 

[NicolaUK]

So sorry for anyone caught up in this

 

[UKDEB]

I can't dwell on this anymore and I'm sick at looking at MSE, I have decided its time to let the adminstrators do their stuff and sit back and see what happens. I foresee much selling on e-bay for the next week xx

I second this
Im starting to lose the sick feeling and think what will be will be !! I cant change it so will just have to go with the flow and you know when we arrive in disney im sure all of this will be a distant memory !!

We had £1500 stolen from a villa in the first few days of our holiday in January, 2008 (and my brother, a similar amount). We couldn't afford to lose that money any more than anyone else and I'd be lying if I said it didn't affect our holiday at all, but we were determined not to let it ruin it altogether. We got a little bit back from our respective insurance companies and had to write off the rest to experience. Life is a series of little knocks and you brush yourself off and move on. In the scheme of things, it was far from the worst thing that could have happened. I hope those affected by this will be able to do the same once they get over the initial shock - it certainly sounds as though that's what the two of you are doing.

BIG for everyone caught up in this.

 

[septimuswigley]

yes, we're now thinking the same - will still have an amazing time on holiday - especially as this is our DD first experience (not that she'll remember - thats why they invented cameras!!) It's not the end of the world although it does leave us a bit strapped for cash (and it's so close to Christmas too!!! )

My DH seems to think that if there is not enough cash in pot when all the dust settles, we can then file for a civil claim against the company for a service which we have paid for and is not completed. A breech of contract. I'm not convinced personally as if there is 18 million in debt for example, where is that money going to come from to pay us all back?

the administrators have posted a Q&A on their website - http://www.mcr.uk.com/assets/_files/documents/oct_10/FQA.pdf
it basically say's that any creditors (i.e. customers still waiting for their cash) will recieve some form of post in 8 weeks.

if anyone out there is a legal eagle and could give all advice - it would be appreciated!!