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Old 17 February 2015, 03:06   #24

Join Date: Dec 2014
Location: Montreal
Posts: 129
Originally Posted by ptyerman View Post
Just noticed this while browsing around.

Originally Posted by Ben Hermanns
A statement from Ben Hermanns (via AmigaWorld):

In Belgium anybody can file a bankruptcy claim even for 150 EUR or so. It
is a common pressure tactic used by parties who do not wish go to the usual
court process because most companies will pay rather than go through the
motions of fighting off a bankruptcy claim.

It is an abuse of procedure but in our case, matters came this far because
the company which handles our administrative seat did not hand over the
writ of summons in time for us to know about the claim.

We could easily have fended it off but now we need to overturn the judgment.

This was of course not the intention of the claimant (quite the contrary)
but there you have it.
There is still no information about who filed the claim and apart from a few select statements like this one which could indeed just be smoke and mirrors, everything seems to be steeped in secrecy at the moment.
My, there is quite a lot of useful information in this statement.

First of all, he is simplifying Belgian law: not everybody can file bankruptcy claims, most likely the law allows *debtors* of a company to file a bankruptcy claim in the company's name. When someone who that company owes money to decides that "enough is enough" then they can file a bankruptcy claim to force the company to honour their debts.

Second, if he is correct that this is what happened in this particular case, that means that one of the people/company Hyperion owes money to decided that it was about time to remind them that they had to pay. Since bank-like debt is issued with very precise terms and payment dates it is likely that this is rather that a company Hyperion does business with and buys stuff from was pissed off to not see the checks coming their way for stuff they had sold them.
Being late on one's payment is generally a good indicator of the quality of management as well as a predictor of future success (it's a negative correlation of course).

Third, he is also explicit in affirming that "the company which handles [their] administrative seat" is gloriously incompetent! There is no way in hell that a bankruptcy claim will not be handled with the utmost priority by a competent accounting/administrating partner. The fact that this mistake happened says us a lot about the quality of Hyperion's close partners: they suck rabid rabbits.

All in all, this tells us:
  • Hyperion are late in their payments. Late enough that their partners file bankruptcy claims: this is extremely unhealthy.
  • Their accounting/administrating partner is incompetent. Which tells us in turn about Hyperion's ability to select quality partners: inexistent.

I say don't count on them too much to save the Amiga.
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