Re: HMV to go into administration
What bites, though, is that while stores are still open, gift vouchers/cards will not be honoured. I'm surprised that's legal.
As I understand it, it is because you are not a customer (if you were, you would be covered by all sorts of consumer protecting legislation), you are the holder of a promissory note and therefore a creditor.
In insolvencies, the assets are sold off and the proceeds distributed between the creditors. Some categories of creditors get priority. Holders of gift cards come way down the pecking order, so often get nothing back.
Soon oh soon the light, Pass within and soothe this endless night, And wait here for you, Our reason to be here...