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Warranties if a company goes bust?

  • 21-08-2009 3:33pm
    #1
    selfbuildache
    Registered Users Posts: 248 ✭✭


    Just wondering about this one for the timber frame company we're thinking of going with - they're only in business a couple of years so we're a bit nervous. If they were to go bust are any of their guarantees worth anything?? while the build is going on all payments would be made through solicitors but what about after, if anything goes wrong??


Comments

  • #2
    ThePiedPiper
    Registered Users, Registered Users 2 Posts: 2,643 ✭✭✭ThePiedPiper


    their guarantees are worth very little.. a mate of mine lost a fair chunk of money with a company that was to build a timber frame house for him.. they took his deposit, made a hole in his site that was supposed to somehow be foundations, and have now gone under.. There seems to be no way back... The paying of a deposit before any work being done seems to have been at the heart of the problem.. just be very careful..


  • #3
    ninjaBob
    Registered Users, Registered Users 2 Posts: 256 ✭✭ninjaBob


    selfbuildache wrote: »
    Just wondering about this one for the timber frame company we're thinking of going with - they're only in business a couple of years so we're a bit nervous. If they were to go bust are any of their guarantees worth anything?? while the build is going on all payments would be made through solicitors but what about after, if anything goes wrong??

    You could try and get a personal guarantee, so that the MD / Engineer would take personal responsibility if anything happens to the company. I had a few similar contracts drawn up by my Solicitor (Not for timber frame). Granted the guys were very confident they would not go bust and had no problem giving personal guarantee, although we did put in a stipulation that it would not financially put him under any personal strain if the company was to go bust and the system didn't work.

    So if anything goes wrong within 2 years he will personally be responsible to try and fix the issues. Touch wood that I'll never have to go down that route, but it made the purchase a little easier.


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