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INDEMNITY CLAIM FORM
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My son has paid for a Creative Writing Course and the firm has now gone into liquidation. Someone has told him to get an Indemnity Claim form from the bank, is this the correct or procedure. Thanks.
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(2-part post):
Indemnity claim forms only apply to payments made in error by the bank (or because someone takes money without authorisation via a direct debit). If the payment was made correctly (because the company was still trading at the time of the payment) there's nothing that the bank can do about it.
The only exception would be if the payment was for over £100 and made by credit card (not via a debit card). In that case the lender is obliged to refund the money.
If you pay money to a company which goes bust, without receiving the goods or services you ordered, you normally lose most or (more likely) all of your money. The liquidator will try to get as much money as possible by selling the company's assets, and then distribute them among the company's creditors. However it's not uncommon to receive only a tiny percentage of the money owed, or (more usually) nothing at all.
Indemnity claim forms only apply to payments made in error by the bank (or because someone takes money without authorisation via a direct debit). If the payment was made correctly (because the company was still trading at the time of the payment) there's nothing that the bank can do about it.
The only exception would be if the payment was for over £100 and made by credit card (not via a debit card). In that case the lender is obliged to refund the money.
If you pay money to a company which goes bust, without receiving the goods or services you ordered, you normally lose most or (more likely) all of your money. The liquidator will try to get as much money as possible by selling the company's assets, and then distribute them among the company's creditors. However it's not uncommon to receive only a tiny percentage of the money owed, or (more usually) nothing at all.
A creative writing course was probably run by someone working from home. The entire assets of the company might not total more than an elderly PC, an equally elderly printer and a stock of paper and envelopes. If that's the case there will be no money to distribute among the creditors.
If the business was run as a limited company you can find out who the liquidator is by going here:
http://www.companieshouse.gov.uk/info
Enter the company name. Leave the default options of 'alpha index' and 'current/recently dissolved names' unchanged. Click 'Search'. You should see the name of the company, highlighted within a list, with 'in liquidation' alongside it. Click on the number in the left-hand column. Then click on 'Insolvency History'. Then click on the link alongside 'Case type'.
When you know who the liquidator is your son can submit his claim for a refund but I very much doubt that there will be any funds to pay him with.
Chris
If the business was run as a limited company you can find out who the liquidator is by going here:
http://www.companieshouse.gov.uk/info
Enter the company name. Leave the default options of 'alpha index' and 'current/recently dissolved names' unchanged. Click 'Search'. You should see the name of the company, highlighted within a list, with 'in liquidation' alongside it. Click on the number in the left-hand column. Then click on 'Insolvency History'. Then click on the link alongside 'Case type'.
When you know who the liquidator is your son can submit his claim for a refund but I very much doubt that there will be any funds to pay him with.
Chris
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