Bad boy furniture bankrupt | GTAMotorcycle.com

Bad boy furniture bankrupt

GreyGhost

GreyGhost

Well-known member
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Just in case anyone bought anything there recently and don't have delivery yet. Any sales before Friday are dead, they are keeping the money and not giving you product. Call your credit card asap.


www.ksvadvisory.com

Bad Boy Furniture Warehouse Limited

www.ksvadvisory.com

Edit:
No big surprises in the filings. Five Mercedes vehicles are financed. Keep pretending to be successful on the way to the toilet. Screw the suckers trying to have a bed to sleep on.
 
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Oh wow.

My parents bought their first couch there when we first came to Canada in the 90's.

I'm sure Mel is not to happy about this in his grave.
 
Torren said:
Wow, they just built a huge new warehouse in Pickering.

Glad my cheque for that project has already cleared.
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I wonder if thats on their books or some other family business that they get to keep?
 
oioioi said:
I wonder if thats on their books or some other family business that they get to keep?
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Yup. I suspect they moved all capital out to the warehouse owned by "SBB Industrial (Seaton) Limited Partnership". You lose the stores but have a giant warehouse you can rent out. Not a bad retirement gig. The 300 employees may have a different opinion.
 
jc100 said:
They were crap when they were solvent. Will anyone notice the difference?
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Just the people that put down deposits and now have nothing. Hopefully they used credit cards and can use that protection to recover their money from the scammers.

Like with lawyers, I feel any deposits should be accounted for as money in trust. That cleans up much of this mess as a corporation taking from the trust fund without delivering sets the employees up for criminal charges.

EDIT:
It doesn't look like media has picked this up yet.

@Mad Mike you seem pretty on top of banking issues, how does a credit chargeback work against an insolvent corporation? Can the credit card company get money from a stone, does it get added to unsecured creditors or does credit card company take the loss as cost of doing business?

People are asking about the warranties they purchased. Like with deposits, it looks like the scammers took the money and ran. They owe millions to a third-party warranty company. If you bought one, there is a good chance the warranty corp doesn't have a record of it and it is garbage.
 
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Again?!?
 
Side note.
We bought appliances from Sears before the went belly up. With extended warranty.
The day they announced they were going under in Canada I spent 12 hours on hold. Wanted my money back for extended warranty. No luck

Several months later. I got a cheque in the mail for the refund of extended warranty.
 
oioioi said:
Side note.
We bought appliances from Sears before the went belly up. With extended warranty.
The day they announced they were going under in Canada I spent 12 hours on hold. Wanted my money back for extended warranty. No luck

Several months later. I got a cheque in the mail for the refund of extended warranty.
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We had furniture on order from Eatons when they were on the ropes but had our cheque. They didn’t cash it until the furniture was delivered.

The worst was a yacht manufacturer in Oakville my decades ago. People had new boats on order with a deposit and using their old boat as a trade in. They called the prospective new owners and had them sign over their trade ins and then went belly up in a week or two. Buyers lost boats and deposits.
 
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GreyGhost said:
... how does a credit chargeback work against an insolvent corporation? Can the credit card company get money from a stone, does it get added to unsecured creditors or does credit card company take the loss as cost of doing business?
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The issuing bank is on the hook to settle the cardholder's dispute, and then they work with the merchant's bank to settle the chargeback. Reference: Chargeback: Get Your Money Back When a Company Goes Bankrupt (Update: Travel-Agencies).
 
GreyGhost said:
Just the people that put down deposits and now have nothing. Hopefully they used credit cards and can use that protection to recover their money from the scammers.

Like with lawyers, I feel any deposits should be accounted for as money in trust. That cleans up much of this mess as a corporation taking from the trust fund without delivering sets the employees up for criminal charges.

EDIT:
It doesn't look like media has picked this up yet.

@Mad Mike you seem pretty on top of banking issues, how does a credit chargeback work against an insolvent corporation? Can the credit card company get money from a stone, does it get added to unsecured creditors or does credit card company take the loss as cost of doing business?

People are asking about the warranties they purchased. Like with deposits, it looks like the scammers took the money and ran. They owe millions to a third-party warranty company. If you bought one, there is a good chance the warranty corp doesn't have a record of it and it is garbage.
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The solvency of the company isn’t really a factor.

Chargeback is not a right, but most credit card companies stand behind their customers. Some situations are easy, some not so easy.

The rules are not hard and fast, Generally speaking:

  • the chargeback window usually closes 30 days after the statement on which the charge appears, so time is of the essence. If you try a chargeback after that, it’s going to be a special exception… banks rarely do exceptions. So, if you have a deposit on your current or next statement, you have a good chance if you do it now.
  • Agreements, providing they are legal, may prevent chargebacks in some circumstances.
Extended warranties are typically an insurance product sold by a retailer. After purchasing the policy, the insurer will send confirmation. If you have that, you’re good. If you don’t get a confirmation package within 30 days of the statement it was billed on, request a chargeback.

The internet will give you a mish-mash of rules and advice. The rules vary by card, issuer, country and sometimes industry. If you are impacted, Call your card company (the number is on the back of your card, they will tell you in a few minutes whether a chargeback is possible.
 
GreyGhost said:
Yup. I suspect they moved all capital out to the warehouse owned by "SBB Industrial (Seaton) Limited Partnership". You lose the stores but have a giant warehouse you can rent out. Not a bad retirement gig. The 300 employees may have a different opinion.
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That was the name of the owner on the drawings.

Who's going to get their furniture? Noooooooobody!
 
Mad Mike said:
Be careful with internet searches on this, rules vary by country, card type, bank and industry.

Call your card company to be certain.
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@Mad Mike , you're absolutely right with that advice. The probability a successful chargeback being processed in the favour of the cardholder depends on all those factors you mentioned -- card, issuer bank rules, card brand rules, country and sometimes merchant vertical. @GreyGhost 's question was however "how does a credit chargeback work ..."? In the end, if all these hurtles gets cleared, the resolution is the same whether the dispute is for fraud or insolvency, the card issuing bank compensates the cardholder. They hold that liability.
 
Mad Mike said:
  • the chargeback window usually closes 30 days after the statement on which the charge appears, so time is of the essence. If you try a chargeback after that, it’s going to be a special exception… banks rarely do exceptions. So, if you have a deposit on your current or next statement, you have a good chance if you do it now.
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The first and only chargeback I've ever done was on a $600 car part that I had purchased in an April, and if I remember right didn't get to install it until around August. Opened it up and company sent me a part with a busted off drill bit stuck inside of it, rendering it just about useless. Company I ordered from had zero absolutely zero customer assistance. must've called 25 times at all different hours, un answered emails, social media posts requesting a resolution, etc. Called the bank and they said max they could refund at the time would've been $300 since I waited too long. I pushed it a bit and went up a rung or two on their ladder and ended up with about $400 back for being a long time/not a problem customer. Pretty sure TD ate that one as a loss as was too long for them to go after the company.
Got my buddy at a machine shop to make it work for me in the end.
 
robmack said:
…’how does a credit chargeback work ..."?
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1. Cardholder asks their card issuer (bank) to “charge back” something on their credit card.

2. Bank qualifies chargeback, if it meets the time and other conditions, the bank attempts to reversed the charge. Paperwork flies, the bank claws back the funds and holds them until the dispute is resolved.

Chargeback requests for Buyer remorse, unreturned products, late or no delivery inside 45 days are usually declined.

3. Merchant can challenge the chargeback. Sales with contracts (insurance, utility bills etc) collection agreements, non delivery inside 60 days, goods not returned, and final sale agreements are generally ruled in merchants favour, merchant gets money back, bank charges interest to cardholder for dispute period and maybe a fee. As a merchant, I had 4 chargeback over 11 years - I won them all.

Merchants see clawbacks if they don’t challenge, cannot prove delivery, or cannot prove they had buyers permission to bill their card.

4. Once the dispute is settled (30-90 days) the funds are formed over to the merchant or cardholder.
 
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