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Friday Project officially liquidated

31.03.08 Tom Tivnan

The Friday Project (TFP) formally went into liquidation today following a meeting of creditors. Control of the company now moves from directors Scott Pack and Clare Christian to Stephen Franklin of insolvency firm Panos Eliades, Franklin and Co. Panos Eliades, co-director of the firm, said: "We are proceeding with the sale of the company to HarperCollins, and I expect that to conclude in the next couple of days."

Posting on her Girl Friday blog today (31st March), Christian said she was having meetings about "how we release the news that everyone already knows". She added: "It's farcical I know but at least it might actually mean I can make an announcement early this week and we can get moving at last. I would apologise again if you weren't all thoroughly sick to death of hearing it."

The post generated a number of responses, some wishing TFP luck, others expressing anger. One post by Jessica, who claims to be a freelancer owed money, complained about the lack of communication from TFP: "Creditors and authors seem to be expected to read the TFP blogs for news, rather than being told directly."

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By JULIAN RIVERS

How lucky am I ? My investment cheque , was returned, it arrived on time but they were substantially oversubscribed .

31 Mar 08 16:19

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By Jessica

Was TFP a poorly run company or did it suffer this fate as a consequence of being owed funds from other poorly run companies (or maybe a bit of both)? Ultimately is is never those at the top who suffer from the collapse of a business. The directors etc. will go on to bigger and better things (despite being proven business failures) while those lower in the pecking order will be consigned to the scrap heap without a second thought.. Seen it time and time again and will continue to see it... It must be great risking other people's money.

31 Mar 08 19:57

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By Clive Keeble

If the comment from Panos Eliades is taken at face value then it would appear that HarperCollins are purchasing The Friday Project in its entirety, rather than (as was previously mooted) the rights to selected titles. Since this is likely to affect any possible funds for creditors, above and beyond those for the usual government agencies, then it would be nice to see some clarification.

01 Apr 08 07:13

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By Ron

Julian - I'm sure the same bunch will be very glad of your money when they do The Saturday Project. Well done for your piece about libraries - you are entitled to a lot of the credit yourself for that.

01 Apr 08 10:49

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By BestofWeb

I hear that bidding for the company's list reached double figures.

04 Apr 08 15:29

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By John

Saucer of milk for Jessica! I think it's pretty obvious that these "proven business failures" didn't actually want their business to fail, though the bitterness blinkering you at the minute seems to have blinded you to that fact. Risking other people's money? Would those be the people who invested in the company hoping to turn a profit without having to do anything?

08 Apr 08 22:59

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