What a surprise..

Dear Sir/Madam,
Please be advised that on 16 April 2021, Nold Trading Pty Ltd (Administrator Appointed) the operator of arnoldsboatshop.com.au and noldtrading.com.au was placed into Voluntary Administration. Mr Andrew Blundell of Worrells Solvency & Forensic Accountants was appointed as the Administrator.
As a result, the company will not be taking any further orders or processing refunds.
The Administrator will issue a notice to customers and suppliers on Monday, 19 April 2021 including further information about his appointment.
Should you have any questions, please contact the Administrator's office at noldtrading@worrells.net.au.
Kind Regards,
Arnold
Arnold's Boat Shop

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Jode5 said..
What a surprise..

Dear Sir/Madam,
Please be advised that on 16 April 2021, Nold Trading Pty Ltd (Administrator Appointed) the operator of arnoldsboatshop.com.au and noldtrading.com.au was placed into Voluntary Administration. Mr Andrew Blundell of Worrells Solvency & Forensic Accountants was appointed as the Administrator.
As a result, the company will not be taking any further orders or processing refunds.
The Administrator will issue a notice to customers and suppliers on Monday, 19 April 2021 including further information about his appointment.
Should you have any questions, please contact the Administrator's office at noldtrading@worrells.net.au.
Kind Regards,
Arnold
Arnold's Boat Shop

Great now even less competition, not that I ever found anything well priced there that caused me to buy

Well that is just fantastic.
I placed an order with them on the 6th April,
I was told via email they were out of stock on the 7th, my order would arrive some time in june
angry email followed and no reply, seems like they took my money while knowing they were in trouble.
Looks like those funds are gone.

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Newmo said..
Well that is just fantastic.
I placed an order with them on the 6th April,
I was told via email they were out of stock on the 7th, my order would arrive some time in june
angry email followed and no reply, seems like they took my money while knowing they were in trouble.
Looks like those funds are gone.

Do a chargeback on your credit card ASAP. You just say you paid for goods that did not arrive. They will investigate and refund the money.

Just checked the website and they are still trading

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Newmo said..
Just checked the website and they are still trading

Once an administrator is appointed then they can trade as if it were a new company but as you bought before that you will have lost your money except if you can get a chargeback but you must do it fast and just say that you didn't receive anything. Frankly the banks operate very slowly on chargebacks and they will realise the situation and probably not allow charge back because they can't debit the account of a company which no longer exists because a new company under administration now exists.

That's definitely an Arnold's fail ! I received an email add just days ago, shonky as.
perhaps COD should make a comeback

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julesmoto said..

Newmo said..
Just checked the website and they are still trading

Once an administrator is appointed then they can trade as if it were a new company but as you bought before that you will have lost your money except if you can get a chargeback but you must do it fast and just say that you didn't receive anything. Frankly the banks operate very slowly on chargebacks and they will realise the situation and probably not allow charge back because they can't debit the account of a company which no longer exists because a new company under administration now exists.

Not really right.
The administrator can decide upon appointment that it is in the best interests of creditors to continue to trade the business.
So not a new company.
The administrator has personal liability for the debts incurred during the administration period but a charge on assets of the company .
The administrator has to call the first meeting of creditor but the meeting that matters is the second meeting where the administrator has report to creditors and make a recommendation whether it is best to wind up the company or if a party has proposed what is called a Deed of Company Arrangement whether it is best to execute the DOCA.
The vote is by number and by value and if tied there administrator has the casting vote.
The DOCA can provide many things and sometime will provide that a new company acquire the assets of the business for a sum of money or that the management be handed back to the directors.
Much depends on the secured creditors and their position especially in supporting a trade on as opposed to appointing recievers.

So the bank and Directors ( family loans) will decide

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Sydney88 said..
Do a chargeback on your credit card ASAP. You just say you paid for goods that did not arrive. They will investigate and refund the money.

Way to go. Google "chargeback" to find out how to go about it. Citibank (Visa) chargeback support number is 02 82882004.

Thanks Cisco
Very constructive post.

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Bananabender said..
So the bank and Directors ( family loans) will decide

Depends on the facts.
Banks will not appoint a receiver if they have confidence in the administrator.
Worrells enjoy that confidence
As to family loans it depends and often related parties may vote for a DOCA but not prove for dividend purposes.
Directors can avoid withholding tax penalties with a DOCA in some cases ie lodgements are up to date if not payment.
I see if I get the Report as affairs

As Worrells are the administrators and if you are a creditor, if you lodge a proof of debt then you will given access to the NOLD Pty administration page in the Worrells system.
You can even see how much is spent on fees each day on the job.

i'm just greatful we were able to share experiences beforehand regarding this supplier.

Cant say I'm sorry to hear them go, I know that probably sounds mean.

The site is still up, but nothing can be added to the cart.

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julesmoto said..

Newmo said..
Just checked the website and they are still trading

Once an administrator is appointed then they can trade as if it were a new company but as you bought before that you will have lost your money except if you can get a chargeback but you must do it fast and just say that you didn't receive anything. Frankly the banks operate very slowly on chargebacks and they will realise the situation and probably not allow charge back because they can't debit the account of a company which no longer exists because a new company under administration now exists.

If you're within the chargeback period it's not really relevant whether Arnold's has the money to refund you or not. If they don't then the acquiring bank has to pay you. It's part of the reason credit cards are such expensive credit. Some pretty infamous cases where the acquiring bank has had to cough up. www.smh.com.au/business/chargeback-to-the-rescue-20090429-gdthyy.html

I'll just pop of there behind a barrier while the bank bashing begins shall I?

Gerald

Looks like game over, they won't be processing orders or refunds.

Dear Sir or Madam, RE: Nold Trading Pty Ltd (Administrator Appointed) We understand that you are a customer of the Company. Please find attached an initial advice to creditors of the above Company and have purchased items from www.noldtrading.com.au or arnoldsboatshop.com.au. The Administrator has reviewed the company stock position and its ability to continue to fulfill outstanding orders. At this time, the Company is unable to provide the ordered items to you or to provide you with a refund for any payments that have been made prior to the Administrators appointment. At present, the Administrator is exploring whether a purchaser for the business can be found and may provide a further update to you if a successful sale process can be achieved which may mean that some of the outstanding orders can be finalised. Customers who made payments using a credit card may be entitled to make a claim with your financial institution to reverse your credit card charge. This is a matter that you will need to contact your financial institution directly to discuss.

A lovely feast for the administrators:
Hourly Rate Ex GST

Partner Registered Liquidator and/or Registered Trustee, either
appointed and/or has conduct of the file, bringing their
specialist skills to the administration. $600.00/Hr

Consultant Consultants can be professionals or non-professionals with
varying level of business experience depending on the nature
of the consulting work being provided. $600.00/Hr

Well, some of us have significant boating habits to fund!
Sorry!

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lydia said..
Well, some of us have significant boating habits to fund!
Sorry!

So interestingly I ring Mr Boats at Menai this week to get a throttle cable and the phone is answered by Arnolds. It would appear therefore that they are one and the same

That's a shame about Arnolds as competition is good. Their prices were very good (maybe to good). They did have a lot of issues in the earlier days with delivery delays and items not in stock which seemed to have been ironed out.

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julesmoto said..

Great now even less competition, not that I ever found anything well priced there that caused me to buy

Need to look at alternative and newer brands which aren't known locally - www.ebaystores.com.au/bomboramarine

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Stratussailor said..
That's a shame about Arnolds as competition is good. Their prices were very good (maybe to good). They did have a lot of issues in the earlier days with delivery delays and items not in stock which seemed to have been ironed out.

You obviously have not read this thread, "Arnolds Boat Shop Fail", is well named. Bad service for the last 18 months. Luckily my wife cancelled her order after multiple extensions of items "in stock" and we obtained a full refund. Feel sorry for the people out there who lost their money.

www.seabreeze.com.au/forums/Sailing/General/Arnold-s-Boat-Shop-Fail?page=2

Administration is a messy affair. Even after receiving money back it can be problematic keeping it, I've lost count of the amount of times I have received a letter from an administrator asking me to return moneys received from a company that after the fact has gone into administration.

There is this thing called preferential payment, where the administrator goes through any outgoings or payments a company has made recently, then they deem this payments to be improper as you may have been paid out but the other creditors have not. Hence they write to all the recipients asking for that money to be returned so it can be divvied up to the other creditors.
I've always fought it successfully, but it costs money in legals to do so. Thankfully it is usually medium to big chunks of money they are seeking to recover, so you don't normally get harassed for small refunds at least. Last one i got was for $10K, which was a credit received for non delivered goods, ie: the same situation as Arnolds failing to fulfil orders.

Sad to see, feel for all the people out of pocket.

I was thinking of getting 588FF as my next sailing number.