Paul Hynes SR7 and SR4 Build Calendar Thread

[RedundantSoul]

What an interesting thread and so good to see all the concern for the honourable Paul Hynes who chose to close his company Paul Hynes Design Ltd. Not so much sympathy for the 5 staff who turned up as normal for work on Tuesday 5th May only for an email to arrive from Paul Hynes to inform them that he was in contact with Insolvency Practitioner to liquidate the company.  Business was to close immediately and no one allowed back on the premises but Paul Hynes as Sole Director/Owner.  Despite staff requesting a face to face meeting with Paul Hynes to discuss options, he had made his decision and refused to come into the premises and face staff. Isn’t that a great way to reward the loyalty and hard work of staff that had produced and shipped over 200 orders in the last year.  All shipments arrived safely with customers,  and if  any ‘lost’ by the chosen carrier were immediately replaced by PHD Ltd.

 

The financial position of Paul Hynes Design Ltd was untenable  due to the honourable Director withdrawing working capital on a monthly basis, despite being on the business payroll as Technical Adviser. This accrual of Director’s Loan finally left the business without the cashflow to cover overheads, something the honourable Paul Hynes was well aware of throughout the lifetime of PHD Ltd.  Despite not knowing if the May payroll costs could be met, the staff were willing to work on and complete the 12 outstanding customer orders, but this offer was withdrawn once it became clear that Paul Hynes did not have the decency to come into the premises and talk to them in person.  

 

Company assets will cover all creditors if Paul Hynes is honest with liquidator but whether this will happen is debatable.  Of course the honourable Paul Hynes will continue to trade, offering bespoke units to customers ahead of all the custom build orders. Anything to keep his personal funds flowing and more fool the ones who part with their hard earned cash for a slim chance of actually receiving their order.

[RedundantSoul]

What a kind offer and how on earth could staff decline it! Could it have something to do with the ‘nominal fee’ Paul Hynes asked for; or the continuing remuneration for sporadic technical  support; or the Bounce Back Loan of £25,000 which would need to be repaid from June 2021; or could it possibly be because the staff would inherit the outstanding Directors Loan of over £20,000???