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  # 1466782 9-Jan-2016 22:13
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logo:
tdgeek:
amiga500: Yes, that is what I was trying to say!    They would not want every shelf to look as bare as their hard drives area, where all the portable hard drives have been sold and only a few of the large desktop expansion drives are left.


Fair enough.

No doubt some suppliers were supplying on COD. If DSE has poor cashflow, COD kills it even further. I'd suggest that the banks are helping now out with underwriting creditors
which in many ways allows creditors to feel more comfortable, now that the recievers are in, that line in the Balance Sheet sand has been drawn, and a creditor can
probably have a bank guarantee of payment, outside of the receivership date last week. I.e. not be added to the list of unsecured creditors. While this goes on, costs are being slashed and strategies being made to strengthen sale as a going concern.


The receivers are first to be paid (top of the priority list). This includes any expenses that the receiver incurs in keeping the business running. Any new credit provided by creditors fall under this so they are first in line to be paid along with the receiver. Credit provided prior to the company going into receivership is not included.

This of course assumes that there will be enough at the end of the day to cover the receivers costs. 










Maybe, maybe not. Definitely not right now to fund creditor cashflow. Because while they may sell some assets, the real asset is the sale as a going concern, and nailing that deal is weeks and weeks away, if not longer. 

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  # 1467564 11-Jan-2016 13:39
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Mike
Retired IT Manager. 
The views stated in my posts are my personal views and not that of any other organisation.

 

There is no planet B

 

 


 
 
 
 


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  # 1467566 11-Jan-2016 13:41
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Also the emails about the non-sales have started again.




Richard rich.ms

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  # 1467576 11-Jan-2016 13:46
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richms: Also the emails about the non-sales have started again.


Are they actually deliving orders? I know a lot of people have applied for charge backs for things purchased that they never got after ordering online. I had to really push them to deliver my product, after waiting weeks and eventually had to have it deliver to me from a store. Are they in a position to do refunds on goods they haven't provided?

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  # 1467608 11-Jan-2016 14:07
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mattwnz:
richms: Also the emails about the non-sales have started again.


Are they actually deliving orders? I know a lot of people have applied for charge backs for things purchased that they never got after ordering online. I had to really push them to deliver my product, after waiting weeks and eventually had to have it deliver to me from a store. Are they in a position to do refunds on goods they haven't provided?


If you purchased prior to the receivership, and it hasn't been delivered yet, you are now an unsecured creditor, and that money is forfeit.

If you purchased after the receivership, your contract of sale is with the receivers and they are personally liable for the debts of the new entity in receivership, meaning that they are obligated to deliver your order under standard contract law.

(Edit: unless the receivers go into receivership).

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  # 1467609 11-Jan-2016 14:11
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Kyanar:
mattwnz:
richms: Also the emails about the non-sales have started again.


Are they actually deliving orders? I know a lot of people have applied for charge backs for things purchased that they never got after ordering online. I had to really push them to deliver my product, after waiting weeks and eventually had to have it deliver to me from a store. Are they in a position to do refunds on goods they haven't provided?


If you purchased prior to the receivership, and it hasn't been delivered yet, you are now an unsecured creditor, and that money is forfeit.

If you purchased after the receivership, your contract of sale is with the receivers and they are personally liable for the debts of the new entity in receivership, meaning that they are obligated to deliver your order under standard contract law.

(Edit: unless the receivers go into receivership).


thanks, I now know to never buy off their website.  

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  # 1467794 11-Jan-2016 17:04
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Now Consumer NZ have issued a warning about their one day on line sale...

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11572108

 
 
 
 


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  # 1467804 11-Jan-2016 17:17
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amiga500: Now Consumer NZ have issued a warning about their one day on line sale...

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11572108
They say ""You'd have to have an assurance from Dick Smith that the products you bought you were actually going to get.""

Well, the assurance is from the receivers, as post receivership transactions make the recievers liable. Its a transaction with the recievers not with DSE effectively.
Now, you'd be hard pressed to see a professional company in the finance sector, who has gained authority to act as a receiver, selling goods, and taking the funds and not sending the goods. 

Reports and scaremongering by Consumer NZ don't help the situation at all. To me, your getting good deal, and with inconvenient CGA coverage (having to perhaps deal with the manufacturer), but I don't see this as a financial risk to online purchasers.  

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  # 1467832 11-Jan-2016 18:05
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amiga500: Now Consumer NZ have issued a warning about their one day on line sale...

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11572108



Honestly Consumer NZ are a waste of space. Their advice and commentary is so often ill-informed and sometimes actually misleading.

For the record, the entity now trading as Dick Smith is not the same DSE as was there prior to Christmas. Furthermore, all transactions are now guaranteed by the receivers and Ferrier Hodgson are pretty serious. Orders now will be fulfilled by the receivers, just like the stock they are buying now is guaranteed by the receivers - so suppliers will get paid.

gzt

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  # 1467836 11-Jan-2016 18:12
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I dont understand fully responsibilities of receivers. What is the legal situation with warranty on house brand sold by receivers in this period?

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  # 1467847 11-Jan-2016 18:41
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gzt: I dont understand fully responsibilities of receivers. What is the legal situation with warranty on house brand sold by receivers in this period?


Interesting point. Even though its DSE branded, it still has a manufacturer, so if all goes pear shaped, a CGA issue would be with them.  Now, if the manufacturer doesn't have an office in NZ? 

If there was a warranty issue during receivership, I guess that's a recievers responsibility.

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  # 1467849 11-Jan-2016 18:46
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gzt: I dont understand fully responsibilities of receivers. What is the legal situation with warranty on house brand sold by receivers in this period?


They are there for the funds owed to the entities that got them in, in this case, the two banks. Once the banks are satisfied financially, the recievers will exit. Then, if DSE is still trading, it would go into Administration, and these bods will administer the business, seeking the best returns to repay the unpaid creditors. Could be trading out of trouble (unlikely) could be trade, and sell as a going concern, some or all of the business, and liquidate anything they can thats not needed. Do whatever they can to maximise funds for the creditors.

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  # 1467850 11-Jan-2016 18:47
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tdgeek:
gzt: I dont understand fully responsibilities of receivers. What is the legal situation with warranty on house brand sold by receivers in this period?


Interesting point. Even though its DSE branded, it still has a manufacturer, so if all goes pear shaped, a CGA issue would be with them.  Now, if the manufacturer doesn't have an office in NZ? 

If there was a warranty issue during receivership, I guess that's a recievers responsibility.


As there is no requirement for retailers to tell consumers if something is parallel imported or not (as far as I am aware), people may not have manufacturer CGA protection if a manufacturer in NZ claims that the goods weren't supplied by them, but an overseas based manufacturer. I presume a lot of the goods come from Australia directly, and the manufacturers in Oz possibly don't have to provide any CGA protection for NZ consumers. If you buy off a retailer on trademe who is based in Oz, but are in 'in trade' trader, there is likely no CGA protection either, even though you don't necessarily know you are buying from an overseas  based trader unless you look at their profile.

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  # 1467853 11-Jan-2016 18:52
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Kyanar:
mattwnz:
richms: Also the emails about the non-sales have started again.


Are they actually deliving orders? I know a lot of people have applied for charge backs for things purchased that they never got after ordering online. I had to really push them to deliver my product, after waiting weeks and eventually had to have it deliver to me from a store. Are they in a position to do refunds on goods they haven't provided?


If you purchased prior to the receivership, and it hasn't been delivered yet, you are now an unsecured creditor, and that money is forfeit.

If you purchased after the receivership, your contract of sale is with the receivers and they are personally liable for the debts of the new entity in receivership, meaning that they are obligated to deliver your order under standard contract law.

(Edit: unless the receivers go into receivership).


That is interesting to know, as I don't think many people are aware of that. I know they have a  number of people who ordered stuff prior to christmas, that never received their goods, based on all the posts on their facebook page, although they have now removed those posts. I was in that situation too until I really put the pressure on them to supply them, as I could see something like this happening, albeit not this quickly. Luckily I guess most people would have purchased using a credit card on their online store. But I wonder if you get your bank to issue a chargeback, whether the receivers can try to claim that money back from you, as you have essentially breached the contract? Although not supplying the goods is also a breach of the contract.

gzt

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  # 1467854 11-Jan-2016 18:52
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Well no, CGA is on the retailer as I understand it. Points above say the receiver is now the retailer but I'm not sure it is that simple.

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