subscribers via Standing order

Discussion in 'Insolvency' started by The Ad Man, Feb 7, 2018.

  1. The Ad Man

    The Ad Man UKBF Newcomer Free Member

    5 0
    Dear Business Forum,

    If a limited company goes into liquidation but has multiple subscribers each month paying their yearly subs via Standing order, is there a way for the company that buys the business to keep / be transferred the standing orders?
    Or is the new company only able to contact the customers directly (after the sale) to complete a new form to pay company X, due to change?

    A quarter of all subscribers are set up in this fashion?
     
    Posted: Feb 7, 2018 By: The Ad Man Member since: Nov 16, 2017
    #1
  2. Spongebob

    Spongebob UKBF Ace Free Member

    2,102 1,067
    The new company would have a new bank account, so the old standing orders would be useless. New standing orders would have to be arranged with customers.

    A standing order differs from a direct debit in that it is set up and managed by the payer, and cannot be changed by the payee.
     
    Posted: Feb 8, 2018 By: Spongebob Member since: Dec 9, 2008
    #2
  3. jim_gold

    jim_gold UKBF Regular Full Member

    425 82
    Spongebob is correct.
    New standing orders would need to be set up on a per-customer basis.
    Out of interest, is this a real, current situation and if so, are the assets and customer base of this company for sale?
     
    Posted: Feb 11, 2018 By: jim_gold Member since: Dec 5, 2007
    #3
  4. Lisa Thomas

    Lisa Thomas UKBF Enthusiast Free Member

    1,909 241
    What are the subscribers paying for?
     
    Posted: Feb 12, 2018 By: Lisa Thomas Member since: Apr 20, 2015
    #4