My f***ing rant (bankruptcy)
23-Sep-2004, 01:58 PM
#1
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Join Date: Feb 2004
Location: North York
Posts: 139
My f***ing rant (bankruptcy)
Well I just tried to go to my gym for my lunch time work out and low and behold they’ve gone in to bankruptcy, but hers the worst part…wait for …I just paid up for a full year.
I was able to talk to one of they guys who’s responsible for taking care of the bankruptcy and he basically said members like my self would be the last people to be paid off and in most cases will never see a dime back.
Any one else have an experience like this, any suggestions how might have better odds of see my $600 back?
I was able to talk to one of they guys who’s responsible for taking care of the bankruptcy and he basically said members like my self would be the last people to be paid off and in most cases will never see a dime back.
Any one else have an experience like this, any suggestions how might have better odds of see my $600 back?
23-Sep-2004, 02:14 PM
#5
hahahaha... it's just funny!! same happened to my tanning membership at this place, but I only had a couple of weeks left anyways, and it didn't go bankrupt, it actually just moved someplace, but I didn't know where, and I couldn't find out either... but with a couple of weeks left, I didn't really care.
anyways, you won't see a dime bro... save the lawyer fees and once all is said and done, if there is ANYTHING left at the end, the financial institution's lawyers will contact you with a cheque in hand. don't hold your breath though, whatever money they have will be ****** thin I'm sure between all the financial institutions and the gov't who have first claim.
anyways, you won't see a dime bro... save the lawyer fees and once all is said and done, if there is ANYTHING left at the end, the financial institution's lawyers will contact you with a cheque in hand. don't hold your breath though, whatever money they have will be ****** thin I'm sure between all the financial institutions and the gov't who have first claim.
23-Sep-2004, 02:21 PM
#6
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Posts: n/a
talk to some other members that got the rectal expansion treatment and then see if ya's can get a lawyer to carry ya on a class action lawsuit..
if the company in question knew anyway in the least that this was coming but still continued to take new members knowing full well that they were going to shaft them then i also smell fraud charges
it'll take some work but once you have a few people together the job of finding others gets easier...
if the company in question knew anyway in the least that this was coming but still continued to take new members knowing full well that they were going to shaft them then i also smell fraud charges
it'll take some work but once you have a few people together the job of finding others gets easier...
23-Sep-2004, 02:58 PM
#7
well, there will be a notice of bankrupcy in the papers, usually filed by the lawyer handling the bankrupcy... then anyone who has a claim should come forward... electronblue would know more about that I think
23-Sep-2004, 07:14 PM
#9
The person you spoke to, did you get the number from the posted notice on the door?? If so, that is the Trustee in Bankruptcy, have him fax you a copy of the mailing sent (or being sent) to creditors and fill out the Proof of Claim. You can fax this back to him with a copy of your contract. If you want to take it a step further, you can attend the First Meeting of Creditors which should be announced in the mailing, there you can voice your concerns.
Good Luck, chances are you will not see a dime, but if you attend the meeting of creditors you can ask the Trustee to perform a forensic audit to determine whether they knew they were insolvent when they took your money (51% of the creditors in numbers and money have to agree with this action). If they knew they were insolvent when they signed the contract with you, you will have a case that can pierce the "corporate veil" and sue the principals personally.
I used to be a member of Life Sport, my membership expired September 20. I knew the place was going down, equipment was disappearing as early as 3 weeks ago. Where were you a member?? I was at Empress Walk in North York.
Good Luck, chances are you will not see a dime, but if you attend the meeting of creditors you can ask the Trustee to perform a forensic audit to determine whether they knew they were insolvent when they took your money (51% of the creditors in numbers and money have to agree with this action). If they knew they were insolvent when they signed the contract with you, you will have a case that can pierce the "corporate veil" and sue the principals personally.
I used to be a member of Life Sport, my membership expired September 20. I knew the place was going down, equipment was disappearing as early as 3 weeks ago. Where were you a member?? I was at Empress Walk in North York.
.. Damn man, that sucks. Some money out the window. Sorry to hear that.
24-Sep-2004, 01:29 PM
#12
Senior Member
Join Date: Aug 2002
Location: Mississauga
Posts: 13,184
Enjoy but like everyone else has said, $600 is peanuts compared to what they owe and what made them go bankrupt, the reason they want bankrupt is because they couldn't pay off their debts which i'd bet were more than $600....
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