As Made.com seeks administrators, what are your rights when a retailer collapses?
. It remains hopeful for a buyer, but has admitted that there are no guarantees. Made has struggled in the past year due to households cutting back on spending in response to the rising cost of living. And it's not been the only casualty. According to the Centre for Retail Research, so far this year 19 retailers have gone under, leaving just under 30,000 people out of work. When a business is in trouble, and you are unsure if your order will be fulfilled, the golden rule is to pull out of the transaction and claim back the money as soon as possible. With online orders, you have the right to cancel from the moment you make the purchase and the retailer must refund you in 30 days at the latest. If you wait until the company has gone into liquidation or administration to try to cancel the order and claim a refund, you will be at the mercy of events (see below). Another golden rule, when you hear a retailer is struggling, is to redeem any vouchers and store credit as soon as you can. Should it go bust, this exchange may not be possible. Made.com: what's the latest? Tuesday, 1 November: Made.com suspends shares.Tuesday, 1 November: The company confirms plans to appoint PWC as administrators.This gives the business 10 days of breathing space to find new backers or sell all/part of the business.Tuesday, 1 November: Made.com stops taking new orders.Here's my guide to your rights if you are worried about a business going into administration or liquidation. The difference between liquidation and administration Administration is not the same as going into liquidation. Liquidation is where a business is formally closed and its assets are 'liquidated' (sold off). This happens when it can't be saved, or alternatively, if the owne){kind=link}
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