The law needs to be amended to provide more protection for people who buy vouchers from retailers who then go to the administration, according to the legislature.
McClaren Lab, Michael McCann, said that many buyers these days are “big and dry” when business doubles and should be “higher” for creditors.
You want to change current bankruptcy laws to give consumers more rights.
HMV administrators reversed their initial decision not to redeem anger vouchers in the past month.
The processing of gift cards and gift cards this year has raised the political agenda after a series of mistakes by large retailers.
While HMV and Blockbuster customers can fully redeem their coupons, administrators at Jessops camera chain say that in their case, after deciding to shut down all branch equipment, it’s highly unlikely.
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Unlike many lenders and mortgage lenders, coupon holders are classified as unsecured creditors in the event of commercial bankruptcy.
It is up to managers to decide the remuneration to be received after evaluating the financial situation of a company.
When the law was introduced in the House of Commons, McCann said consumers are careless when retailers are subject to bankruptcy law and that existing bankruptcy laws date from a time when the card was being marketed. 4 billion pounds of gifts were much smaller.
If the HMV can sink, one of the other big names that encourage us to share our money may also be a future promise to keep the purchases we want to make, he said.
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Bankruptcy law does not appear to offer protection, and my goal is to strengthen consumer rights in this area so that consumers do not remain dry or at the mercy of managers whether they choose to fulfill their obligations or not.
Many retailers said McCann continued to sell coupons when they knew that “writing on the wall” was their future.
Consumers, on the other hand, bought the coupons, generally as a gift to family or friends, in “good faith”.
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If the assets of a bankrupt company have been divided, bondholders should be treated better, as are former employees who want a refund of wages or salary rather than vacation.
“Something has to be done now,” he added. This change in law has created an additional class of privileged creditors who will be able to enter into an agreement to distribute the remaining assets.
Members’ proposals have the support of all parties, but only after government approval of the law, and officials say this is not the case.
“We have great sympathy for gift cardholders who cannot redeem them because a company joins the government,” said a spokesman for the business department.
However, there are currently no plans to convert bankruptcy law into gift certificates. An amendment to bankruptcy law would mean that this affects the position of all other creditors. In general, former employees are preferable to bankruptcy.
