Out of Business? Your Rights

When a retailer or service provider goes out of business, you may be worried about whether you’ll lose out if you’ve paid for goods or services you haven’t yet received, or you want a refund for faulty products. Let’s run through your legal rights. Administration or Liquidation? If the business is in administration then it’s still ‘in business’, even if it isn’t actively trading. There’ll be an attempt to rescue it, for example by selling it to a new owner. While this happens, your legal rights are still technically valid. This means it’s still worth asking for a refund or return as it’s possible (if unlikely) that you’ll get what you ask for. If the company has gone into liquidation, it’s definitely not coming back. You’ll need to find the appointed administrator and write to formally register your claim. In most cases you’ll only get a small proportion of what you’re owed (or nothing at all) as some creditors take priority, for example HMRC chasing uncollected taxes. However, it’s still worth lodging the claim just in case. Card Cover - Another option is to make a claim through your card provider. If you paid some or all of the cost on a credit card and the total cost was at least £100, you have a legal right to get any relevant refunds from your card provider under Section 75 of the Consumer Credit Act. If you paid using a debit card, you can often make a similar claim under a voluntary industry scheme called chargeback. Holiday Cover - Many tour operators are part of the government’s ATOL (Air Travel Organisers Licence) scheme, run by the Civil Aviation Authority. If you book through an ATOL member and they go out of business, you should get a refund. If you are already abroad when the business fails, the scheme should settle any outstanding hotel bills and cover your flight home. Note that ATOL is designed for package holidays that include a flight. If you only booked accommodation, you’ll need to check if you booked through a member of ABTA (formerly the Association of British Travel Agents). If so, and the company fails, you should get similar benefits to the ATOL scheme. Utility Cover - Another industry with protection is gas and electricity. As many customers have experienced in recent months, when a utility supplier stops trading, regulator Ofgem guarantees supplies are uninterrupted. It will source another supplier to take on the customers, though this will be at a ‘deemed’ rate that will often be more than your tariff with the old supplier. Ofgem advises customers not to initiate a switch until they are set up with the new supplier, at which point they can switch elsewhere with no exit fees. Customers who were in credit and owed money by the old supplier will get it back from the new supplier, though this may take some time. Customers who were in debit to the old supplier will normally need to pay back the money to the new supplier.

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