Paul Hynes SR7 and SR4 Build Calendar Thread

[Iving]

27 minutes ago, paulhynes said:

Unfortunately PHD Ltd is indeed now closed because of insolvency due to recent adverse trading conditions, leaving the company unable to cover this month’s operating costs.

 

Because this is a limited company and it is a separate legal entity, I have to follow strict legal guidelines defined by Companies House and I am currently responsible for liaising with the insolvency practitioner appointed to close the company down and to provide all the information they require to complete their task. The Insolvency practitioner will, in due course, contact anyone with a creditor interest in the company.

 

My custom build outstanding order schedule is not part of the insolvency proceedings as it was never incorporated into the PHD Ltd company. The only effect the PHD Ltd closure will have on the custom build schedule is absorbing my time over the next few weeks while I comply withy the statutory closure data provision requirements. Once clear of my legal obligations with the Insolvency Practitioner I will continue with the custom build schedule as soon as possible.

 

My e-mail in box is rather overloaded at present so please do not expect an instant reply. I will answer the e-mail as soon as I can.

 

I am sorry to be the bearer of such sad tidings.

 

Regards

Paul

 

I for one am very, very sorry to hear this. I have the first production SR7T (ser. # 1) and it is a marvellous piece of kit. Dealing with PHD Ltd. was more than satisfactory. In so far as this has had much to do with temporary conditions, do you suppose there will be any kind of re-incarnation. Too early to say no doubt. What a deep, deep shame.

 

Just a polite fyi ... As of right now, the web site looks live with Order Forms, payment links etc.

[ASRMichael]

2 hours ago, paulhynes said:

Unfortunately PHD Ltd is indeed now closed because of insolvency due to recent adverse trading conditions, leaving the company unable to cover this month’s operating costs.

 

Because this is a limited company and it is a separate legal entity, I have to follow strict legal guidelines defined by Companies House and I am currently responsible for liaising with the insolvency practitioner appointed to close the company down and to provide all the information they require to complete their task. The Insolvency practitioner will, in due course, contact anyone with a creditor interest in the company.

 

My custom build outstanding order schedule is not part of the insolvency proceedings as it was never incorporated into the PHD Ltd company. The only effect the PHD Ltd closure will have on the custom build schedule is absorbing my time over the next few weeks while I comply withy the statutory closure data provision requirements. Once clear of my legal obligations with the Insolvency Practitioner I will continue with the custom build schedule as soon as possible.

 

My e-mail in box is rather overloaded at present so please do not expect an instant reply. I will answer the e-mail as soon as I can.

 

I am sorry to be the bearer of such sad tidings.

 

Regards

Paul

Paul thank you for the update, I’m sorry to hear this. Regarding Administrators, for good order would be good to share the administrators name & contact details. This will enable anyone who is owed money to contact the administrators direct. This is common practice in the UK. 
 

I also presume you have contacted companies house? You might want to chase them up as Paul Hynes Design Ltd is still active. 
 

Hope this post helps you & your customers
 

 

[BigAlMc]

Sad news indeed. Stephen at PHD has been great when I've dealt with him.

[auricgoldfinger]

22 minutes ago, BigAlMc said:

Sad news indeed. Stephen at PHD has been great when I've dealt with him.

 

+1

[Egill23]

I have an SR4t on the way that the shipping company for some reason have problems delivering. The first try a few weeks ago ended in them sending it back and it was shipped again on the 5th. Unfortunately now I get this in the tracking:

11/5/20219:47Delivery Agent - SWEDEN Address problem - sender contacted

 

Let's hope there are someone to answer whatever problem there may be...

[Darryl R]

14 hours ago, paulhynes said:

Unfortunately PHD Ltd is indeed now closed because of insolvency due to recent adverse trading conditions, leaving the company unable to cover this month’s operating costs.

 

Because this is a limited company and it is a separate legal entity, I have to follow strict legal guidelines defined by Companies House and I am currently responsible for liaising with the insolvency practitioner appointed to close the company down and to provide all the information they require to complete their task. The Insolvency practitioner will, in due course, contact anyone with a creditor interest in the company.

 

My custom build outstanding order schedule is not part of the insolvency proceedings as it was never incorporated into the PHD Ltd company. The only effect the PHD Ltd closure will have on the custom build schedule is absorbing my time over the next few weeks while I comply withy the statutory closure data provision requirements. Once clear of my legal obligations with the Insolvency Practitioner I will continue with the custom build schedule as soon as possible.

 

My e-mail in box is rather overloaded at present so please do not expect an instant reply. I will answer the e-mail as soon as I can.

 

I am sorry to be the bearer of such sad tidings.

 

Regards

Paul

 

There is of course the issue of those whose money you have taken even very recently whilst knowing the state of affairs of your company.  I'm anticipating you'll be honorable, step out from behind the legal facade, and refund those good-faith payments.

[paulhynes]

Hello Brian,

 

Under the circumstances I will no longer have access to the new unit in Lochboisdale so I am returning the Custom Build stock and equipment back to my home address. I will have to remove an old large thermal store that is no longer used from the laundry room which will create space to store much of the custom build stock and equipment that was crowding me out in the storeroom. I should then have enough room to work on chassis safely and carefully.

 

Hello Iving,

 

I am pleased you like the SR7T.

 

At this point in time I have only two priorities. Firstly, there is much work to complete preparing the documentary information requested by the Insolvency Practitioners. Secondly, I have to get the Custom Build schedule back on track and all orders completed. I currently have no plans to make the standard SR4, SR5 and SR7 product range I licensed to PHD Ltd available again but may reconsider this once I have completed the custom builds.

 

I will attempt to get the website taken down as soon as I come up for air. It will demand some care as the last time the first employee of PHD Ltd removed the website it took all the e-mail addresses with it and caused chaos for a while. As I am not a website designer I will have to proceed with caution.

 

Hello ASRMichael,

 

Thank you for your suggestions.

 

I have been notified by the Insolvency Practitioner that they will handle everything to do with the liquidation and I have to follow their instructions. I will contact the Insolvency Practitioner and clear this before posting their contact details as I do not want to pre-empt their process. I also will give them the AS forum thread link and they can post the contact details if they prefer to do it this way.

 

Hello Alan,

 

Very sad news and I wish it were different. Stephen has been first class since joining the company.

 

Egill23,

 

I will see if I can find details of the delivery issue when I am next in the office to access the computers.

 

 

Hello Daryl,

 

I am sorry you have been caught up with the closure of PHD Ltd.

 

The sudden insolvency position only became apparent on 28^th April. Prior to that date the company was able to pay bills and wages from cash flow as usual. The office manageress and I both spent much time looking for financial options to support the business until 4^th May when a financial analysis highlighted the insolvent position. Alongside the search for funding I sought professional advice on how to deal with the situation and when it became clear that it would not be possible to find support funding I approached the Insolvency Practitioner for advice and was advised that, as the company was insolvent, the law states it must be liquidated. I am afraid this is not a façade and I do not make the laws in the UK but I must abide by them. The company laws in the USA may have different regulations but PHD Ltd is in the UK so the local laws apply.

 

Once I was aware of the position of the company I closed the doors and instructed staff not to accept any more customer orders or add any more expenditure, in accordance with the insolvency regulations. I immediately followed his instructions and closed the company. I have checked the company bank account and your order payments to PHD Ltd were made before the liquidity situation became apparent. This means that you are now a creditor of the company within the liquidation proceedings.

 

Unfortunately PHD Ltd is not allowed by law to give individual liquidation creditors priority so cannot issue a refund. Your details will be given to the liquidator and funds left after liquidation will be shared with the creditors. I am afraid this is entirely out of my hands.

 

Regards

Paul

[LTG2010]

Audiophiles are probably the most gullible creatures on this planet, People getting burnt once, then twice and others encouraging more of the same.

[Darryl R]

35 minutes ago, LTG2010 said:

Audiophiles are probably the most gullible creatures on this planet, People getting burnt once, then twice and others encouraging more of the same.

 

A very smug, obnoxious statement from the peanut gallery.

 

I suppose I'm relatively fortunate in that I only stand to lose $1500 for a single-rail SR7T, having opted against a 2-rail model at just the right time (a week before the insolvency "suddently became apparent").  But others no doubt stand to lose substantially more.

 

I'm slightly amazed anyone wants to thank Paul for that last post, as if he were not in any way responsible for the mismanagement here (gimme a break).  I guess those with substantially more invested want to tiptoe around him.

[auricgoldfinger]

2 minutes ago, Darryl R said:

 

A very smug, obnoxious statement from the peanut gallery.

 

I suppose I'm relatively fortunate in that I only stand to lose $1500 for a single-rail SR7T, having opted against a 2-rail model at just the right time (a week before the invsolvency "suddently became apparent").  But others no doubt stand to lose substantially more.

 

I'm slightly amazed anyone wants to thank Paul for that last post, as if he were not in any way responsible for the mismanagement here (gimme a break).  I guess those with substantially investment want to tiptoe around him.

 

The "thanks" for the post in question was for answering everyone's questions and keeping interested parties informed.

 

Please stop making uninformed accusations toward me and others and maintain a civil tone.  Or, take your posts to another thread. 

 

@The Computer Audiophile

[Darryl R]

30 minutes ago, auricgoldfinger said:

 

The "thanks" for the post in question was for answering everyone's questions and keeping interested parties informed.

 

Please stop making uninformed accusations toward me and others and maintain a civil tone.  Or, take your posts to another thread. 

 

@The Computer Audiophile

 

Brian, LTG2010 is right (though a tad uncivil, wouldn't you say?).  Hynes does have a history of mismanagement.  I hope you get your unit.

[BigAlMc]

I understand the different viewpoints here but at the end of the day we are talking about a startup business, in a remote part of the Scottish islands, going under after two lengthy lockdowns.

I don't know the details but the very best business plans could have been kiboshed in these circumstances.

 

It's tough out there. 

 

I reiterate that this is a sad event. PHD were providing high quality products on a reliable basis. The audiophile community are poorer for the lack of this option.

 

Cheers,

Alan

[Darryl R]

18 minutes ago, BigAlMc said:

I understand the different viewpoints here but at the end of the day we are talking about a startup business, in a remote part of the Scottish islands, going under after two lengthy lockdowns.

I don't know the details but the very best business plans could have been kiboshed in these circumstances.

 

It's tough out there. 

 

I reiterate that this is a sad event. PHD were providing high quality products on a reliable basis. The audiophile community are poorer for the lack of this option.

 

Cheers,

Alan

 

Hey Alan.  Sure, already time to move on.  I suppose many of us would like to find a responsible maker of quality power supplies for audio applications even under normal economic conditions.  The search continues ...

[ASRMichael]

1 hour ago, Darryl R said:

 

A very smug, obnoxious statement from the peanut gallery.

 

I suppose I'm relatively fortunate in that I only stand to lose $1500 for a single-rail SR7T, having opted against a 2-rail model at just the right time (a week before the insolvency "suddently became apparent").  But others no doubt stand to lose substantially more.

 

I'm slightly amazed anyone wants to thank Paul for that last post, as if he were not in any way responsible for the mismanagement here (gimme a break).  I guess those with substantially more invested want to tiptoe around him.

If paid by credit card contact your credit card company. You should get your money back. 

[ASRMichael]

1 hour ago, Darryl R said:

 

A very smug, obnoxious statement from the peanut gallery.

 

I suppose I'm relatively fortunate in that I only stand to lose $1500 for a single-rail SR7T, having opted against a 2-rail model at just the right time (a week before the insolvency "suddently became apparent").  But others no doubt stand to lose substantially more.

 

I'm slightly amazed anyone wants to thank Paul for that last post, as if he were not in any way responsible for the mismanagement here (gimme a break).  I guess those with substantially more invested want to tiptoe around him.

I also find it insulting in one vein to talk about business been bankrupt and then be talking about custom builds & SRT. Sounds like Paul will just start again under different name & continue with business as normal. Whilst I people who have lost money sit scratching their heads thinking WTF!! Not good practice at all. 
 

I lost money to the crook Adrian from TLS, so you have my sympathies 

[Darryl R]

29 minutes ago, ASRMichael said:

If paid by credit card contact your credit card company. You should get your money back. 

 

No such luck with the bank transfer -- probably the only time I wish I'd paid the extra fees and accepted the lousy exchange rate with PayPal.

[Darryl R]

7 minutes ago, ASRMichael said:

I also find it insulting in one vein to talk about business been bankrupt and then be talking about custom builds & SRT. Sounds like Paul will just start again under different name & continue with business as normal. Whilst I people who have lost money sit scratching their heads thinking WTF!! Not good practice at all. 
 

I lost money to the crook Adrian from TLS, so you have my sympathies 

 

Be careful, the creator of this thread might call you uncivil and tag the site owner.

[BigAlMc]

10 minutes ago, ASRMichael said:

I also find it insulting in one vein to talk about business been bankrupt and then be talking about custom builds & SRT. Sounds like Paul will just start again under different name & continue with business as normal. Whilst I people who have lost money sit scratching their heads thinking WTF!! Not good practice at all. 
 

I lost money to the crook Adrian from TLS, so you have my sympathies 

 

I'm not gonna be an apologist for anyone but my understanding is that Paul as he approached retirement age (and admittedly dealt with issues regarding delays on his custom builds) licensed his designs to a workers cooperative on the remote Scottish island where he lives. (ie PHD)

 

Now I have no idea what Paul's stake/liability is and that's a valid topic on its own.

 

But unless I've missed anything PHD was producing great products at an acceptable rate and customers were happy. I certainly was with mine.

 

So as far as I'm concerned, PHDs demise is a bad thing for the audiophile community.

 

Cheers,

Alan

 

[ASRMichael]

24 minutes ago, BigAlMc said:

 

I'm not gonna be an apologist for anyone but my understanding is that Paul as he approached retirement age (and admittedly dealt with issues regarding delays on his custom builds) licensed his designs to a workers cooperative on the remote Scottish island where he lives. (ie PHD)

 

Now I have no idea what Paul's stake/liability is and that's a valid topic on its own.

 

But unless I've missed anything PHD was producing great products at an acceptable rate and customers were happy. I certainly was with mine.

 

So as far as I'm concerned, PHDs demise is a bad thing for the audiophile community.

 

Cheers,

Alan

 

Paul is the sole Director of PHD ltd. I checked his accounts & history yesterday. He is fully responsible for the company. Operational & financial. No one else. 

[LTG2010]

1 hour ago, Darryl R said:

Brian, LTG2010 is right (though a tad uncivil, wouldn't you say?). 

Yes I'm right and the only person here being uncivil is you, as well as a the other terms you used.

A person sets up a business selling a product, takes a large amount of deposits and fails to provide the product to his customers.

He then sets up a Ltd company where he is the sole director providing a similar product, takes more deposits and has to close down. Being a Ltd company he is not personally liable to his customers or suppliers. As others have stated the website is still active and taking orders. Until a liquidator is appointed  the director has access to all funds, should he whish to return the deposits.

[Apmusson]

9 minutes ago, LTG2010 said:

Yes I'm right and the only person here being uncivil is you, as well as a the other terms you used.

A person sets up a business selling a product, takes a large amount of deposits and fails to provide the product to his customers.

He then sets up a Ltd company where he is the sole director providing a similar product, takes more deposits and decides to close down. Being a Ltd company he is not personally liable to his customers or suppliers. As others have stated the website is still active and taking orders. Until a liquidator is appointed  the director has access to all funds.

People have lost money and tempers / frustrations are rightly running high.

 

We need to be kind to each other - we don't know who has been affected by this closure.

 

 

[LTG2010]

6 minutes ago, Apmusson said:

We need to be kind to each other - we don't know who has been affected by this closure.

 

Fair enough my apologies.

[Darryl R]

1 hour ago, LTG2010 said:

Yes I'm right and the only person here being uncivil is you, as well as a the other terms you used.

A person sets up a business selling a product, takes a large amount of deposits and fails to provide the product to his customers.

He then sets up a Ltd company where he is the sole director providing a similar product, takes more deposits and has to close down. Being a Ltd company he is not personally liable to his customers or suppliers. As others have stated the website is still active and taking orders. Until a liquidator is appointed  the director has access to all funds, should he whish to return the deposits.

 

My parenthetical remark was only sarcasm.  Btw, we seem to have an abundance of small business expertise here, but I will say I've received several private messages with differing points of view.  My references were to integrity, not legalisms.  In the end, integrity is what makes or breaks a man.

 

Indeed tempers did flair, but it's already time to move on.

[R1200CL]

15 hours ago, paulhynes said:

I currently have no plans to make the standard SR4, SR5 and SR7 product range I licensed to PHD Ltd available again but may reconsider this once I have completed the custom builds.

I guess you can, if reasonable enough, purchase everything back from the Insolvency Practitioner. 
 

Also I assume, you could still license the product range out to someone willing to produce them ?

Is that an option you would consider?

[garrardguy60]

Did a little online research of the UK Insolvency sites. [EDIT: MY INFO BELOW IS ON PHD LTD.]

 

Here's what I turned up. Please keep in mind that obviously there's a lag between info that's posted and what the actual current status is. Note that these are PUBLIC records. I didn't have to pay for them and I'm not breaking any laws. (I'm not posting links but I can if it's allowed and people want them.)

 

Here's the summary. Source info at bottom:

• PHD LTD, full name Paul Hynes Design Ltd. is an active company with no recorded insolvency filing (i.e., no current filing as of today that I could find. doesn't mean there is or isn't one. this is just current public recorded status by UK Companies House, a govt agency).
• The most interesting info found was that the company filed a balance sheet on 29 February 2020, which showed current assets of £13,421 and liabilities of £31,111. So this is possible indication that things have not been rosy for a while. 
• Interestingly, that filing also has a line marked "Prepayments and accrued income," which is listed as £995. ($1,400 American) 
• The only shareholders in the company are (were?) Paul Hynes and Jasmine Rose Hynes. The most current filing says Paul has 100 ordinary shares and that Jasmine has 50 shares prior to 1 March 2019 but after that date had 0 shares.

 

HERE's a bit of the TL;DR info:
 

The full and correct registered name of PHD Ltd is:

Name & Registered Office:
PAUL HYNES DESIGN LTD
TIGH GEAL
DALIBURGH
ISLE OF SOUTH UIST
UNITED KINGDOM
HS8 5SS
Company No. SC622187

 

The company's filings to date are as follows:

23 March 2021	Confirmation statement made on 15 March 2021 with no updates	[Me: This is a pro forma doc, which is just "We confirm that we're up to date on all required filings. No financial info here
22 Feb 2021	Micro company accounts made up to 29 February 2020	This filing contains a balance sheet and is where I got the figures noted in the summary above
18 Mar 2020	Confirmation statement made on 15 March 2020 with no updates	Another pro forma "our filings are up to date"
15 Mar 2019	Confirmation statement made on 15 March 2019 with updates	This is where the two shareholders info comes from
15 Mar 2019	Change of details for Mr Paul Hynes as a person with significant control on 1 March 2019	Filing states that Paul controls, directly or indirectly, 75% of shares and can appoint or remove directors
01 Mar 2019	Cessation of Jasmine Rose Hynes as a person with significant control on 1 March 2019	Filing that states that Jasmine Rose is no longer a person with significant control
22 Feb 2019	Incorporation   (I lost the 2nd column here,but this is self explanatory. These are the Paul Hynes Design Ltd incorporation papers, filed 22 Feb 2019

 

 

 

END