Not to put a damper on your selling processes, but just to say a few years ago I was selling some items through a well-established shop in central London, and all was going well until, one day, monies due to me for my sold goods came in a cheque which duly bounced. I queried this with the shop, no apology and they issued another cheque.
A few months later I learnt by chance, the shop had gone bust, having traded for many years. No warning or statement, and no communication to me as a supplier.
I ended up losing an item that was selling through them, and I just became an unsecured creditor along with many others.
Didn’t lose much, but it made me worry that much more expensive items that I had sold previously through the shop, might have never been returned back to me after the shop went under.
So, Rule 1 : Be cautious about selling through shops, even established ones. They can go bust at any time, and you may even lose your stock.
Rule 2: Be aware that Banks and similar tend to be the “secured creditors” and will always get first call on any monies due. The residual amounts are there for the “unsecured creditors” to fight over, and often that money pot is tiny, if anything left at all.
Finally, if you order anything from a store or manufacturer, and pay for it up front, and particularly if it is bespoke ie custom made, then ensure they mark it clearly "Property of xyz , " ie your property.
Only that way, will you have any chance of getting your goods that you have already paid for if it goes bust. Of course if you pay by credit card, and over £100, you may also be covered, but some do pay by cheque or cash, and that is very risky.
Sorry, if this all sounds negative, and Eileen has also raised the issue in her note too.
Ron
