Striking Off

27 March 2013

If you are a creditor of Craft Magazines Limited you should have been advised that the company has applied to be struck off the Register of Companies at the UK’s Companies House. You’re a creditor if you’re owed money or goods – so if you have an unfulfilled magazine subscription, you’re an unpaid employee or you’re an unpaid designer, then you’re a creditor. 

The company has made no attempt to settle its debts, and its accounts have not been (and will not be) audited by an independent third party if it’s struck off. Creditors therefore have no way of knowing if there is any money to pay them.

You can object for any or all of the following reasons:

  1. The company has an unsatisfied CCJ, and therefore legal action still pending against it.
  2. We understand that not all creditors have been advised of the striking off nor were advised that the company has ceased trading. Certainly not all people who held magazine subscriptions have been advised but there are also creditors owed much larger sums of money who have not heard a word. 
  3. They have to have ceased trading for at least three months prior to the application to be struck off and it would appear that may be the case.  HOWEVER, they must not in the last three months have disposed of assets or rights that they held for gain prior to that time. The magazine title Simply Beautiful was held as an asset for gain during the normal course of their business. They disposed of it less than three months ago – by giving it to a creditor in lieu of payment.  My understanding of this clause therefore means that they’re not eligible.  (And of course that raises the matter of the preferential treatment of one creditor).   

To object, you can phone 0303 1234 500  (from the UK) or email enquiries@companies-house.gov.uk.  Quote Craft Magazines Limited, Company Number 08051158.

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