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23/11/2004
Shopping channel Auctionworld shuts doors
Shopping channel Auctionworld was placed in the hands of the receivers today, owing millions of pounds to creditors.
In a statement the joint administrators Brian Hamblin and Philip Long of PKF, accountants and business advisors said: "All trading activities were suspended by the company on Friday 19 November on advice of the company lawyers following the outcome of the Ofcom report which fined the company £450,000.
"The joint administrators are taking urgent steps to assess the financial position of the company and review its business operations including the position of the customers and outstanding orders."
The joint administrators had decided to cease trading and are "considering all available alternatives".
The full extent of the assets and liabilities the company, which employed 300 people, have yet to be fully ascertained.
Those who paid by cheque for goods which had not been delivered should claim against the company as an unsecured creditor and are asked to send an email to Auctionworld@uk.pkf.com. Anyone who had paid by credit card should check with their card issuer as different card companies have differing rules.
Former employees of the company will be contacted by the administrators in order to begin the process of recording and assisting with their claims.
PKF are expected to post further information on the website at www.pkf.co.uk as the investigation proceeds.
On November 17, broadcast regulatory body Ofcom imposed a fine of £450,000 on Auctionworld Ltd and warned that it was considering revokation the company's licence for various breaches of the Ofcom Code.
Ofcom indicated that revoking the licence would only take place if Auctionworld failed to take certain steps that included resolving customers’ complaints "following an unprecedented number of complaints received".
But Ofcom said that Auctionworld's breaches of the Advertising Standards Code were "extremely serious".
These breaches included delays in delivery of goods and poor customer service; misleading and inaccurate guide prices for loose diamonds; and misleading guide prices for diamond jewellery.
Ofcom noted that the decision to start the process of revoking the company's broadcasting licence was the culmination of an "extensive investigation of Auctionworld" and had "not been taken lightly".
(SP/GMCG)
In a statement the joint administrators Brian Hamblin and Philip Long of PKF, accountants and business advisors said: "All trading activities were suspended by the company on Friday 19 November on advice of the company lawyers following the outcome of the Ofcom report which fined the company £450,000.
"The joint administrators are taking urgent steps to assess the financial position of the company and review its business operations including the position of the customers and outstanding orders."
The joint administrators had decided to cease trading and are "considering all available alternatives".
The full extent of the assets and liabilities the company, which employed 300 people, have yet to be fully ascertained.
Those who paid by cheque for goods which had not been delivered should claim against the company as an unsecured creditor and are asked to send an email to Auctionworld@uk.pkf.com. Anyone who had paid by credit card should check with their card issuer as different card companies have differing rules.
Former employees of the company will be contacted by the administrators in order to begin the process of recording and assisting with their claims.
PKF are expected to post further information on the website at www.pkf.co.uk as the investigation proceeds.
On November 17, broadcast regulatory body Ofcom imposed a fine of £450,000 on Auctionworld Ltd and warned that it was considering revokation the company's licence for various breaches of the Ofcom Code.
Ofcom indicated that revoking the licence would only take place if Auctionworld failed to take certain steps that included resolving customers’ complaints "following an unprecedented number of complaints received".
But Ofcom said that Auctionworld's breaches of the Advertising Standards Code were "extremely serious".
These breaches included delays in delivery of goods and poor customer service; misleading and inaccurate guide prices for loose diamonds; and misleading guide prices for diamond jewellery.
Ofcom noted that the decision to start the process of revoking the company's broadcasting licence was the culmination of an "extensive investigation of Auctionworld" and had "not been taken lightly".
(SP/GMCG)
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