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Old January 19 2013, 01:04 AM   #37
macloudt
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Re: HMV to go into administration

Relayer1 wrote: View Post
macloudt wrote: View Post
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.
Ah, I see. Thanks for this info.
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