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Superfi liquidation auction

Discussion in 'audio' started by Stunsworth, Mar 28, 2019.

  1. h.g.

    h.g. pfm Member

    Presumably you could have looked in the box before bidding in order to lower the risk about what you were bidding on? The item I was primarily interested in (ex-demo KEF R300) was approaching 50% of RRP (gross) the day I was considering going to look. I had some interest in one or two items of the non-hifi stuff like racking and benches but the time and cost didn't seem worthwhile. Exposure on the internet seems to have raised the prices achieved for this type of thing.
  2. gwernaffield

    gwernaffield pfm Member

    the box was sealed and the guy would not let you open it up , but it had been previously opened ,,due to the clear sellotape, and not the normal rotel stuff , so no you could not check it before you bid,
  3. h.g.

    h.g. pfm Member

    That seems very strange unless it was being described as new and unopened? Presumably if you opened the box after purchase to find a house brick instead of a CD player they would have given you your money back? Did you see any words to that effect?
  4. davidsrsb

    davidsrsb pfm Member

    That is getting into Reckless Trading territory and it takes time to sink so deep, so are the accounts honest?
  5. Fourlegs

    Fourlegs Trade: WAVE High Fidelity digital cables

    So I guess some of the stuff being auctioned hadn't been paid for to the manufacturers. Hence why it was removed from the various shops in a slick operation in case others turned up to try to remove their goods that hadn't been paid for.
  6. pocketkitchen

    pocketkitchen Registered User

    Once the administrators are called in it’s irrelevant anyway. The creditors will get so many pence in the pound of their debt. I remember when this happened to Bill Hutchinson in the 90s. They went from trading to massively indebted in a very short space of time. Just like Superfi, although pre-internet, their model was pile it high, sell it cheap and margins weren’t of primary importance. When volume is large and margin low, it’s a knife-edge. I know one or two of their staff have found other industry jobs, I just hope the rest are OK.
  7. simon g

    simon g Grumpy Old Man

    It sounds as if they may well have been knowingly trading whilst insolvent. If so, the Directors cannot hide behind the limited liability shield and would be personally responsible for the debt. If they wee trading thus I hope one or more of the creditiors goes for them.

    I was a creditor in such a situation and I went after the Directors and got payment. I really stronlgly dislike those who deliberately trade in insolvency, go bust or dissolve a company and use limited liability to avoid paying their debts only to pop straight back up and rip off some more suppliers and employees.
    davidsrsb, Philim and Snufkin like this.
  8. canonman

    canonman pfm Member

    Superfi Ltd was formed in Feb 2019....
  9. canonman

    canonman pfm Member

    Most suppliers have a 'retention of title' clause in T&C's but it's common practice for the assets to be sold quick and argue with creditors later. In the 'statement of affairs' the administrators acknowledge this but do not place a value on potential claims.
  10. canonman

    canonman pfm Member

    Most, probably....manufacturers regularly agree stoxking plans with retailers prior to Xmas trading for example as it makes sense to have stock available for sales.
    Huge stocks into retailers, pay later, or possibly not.

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