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A Potential Earthquake in the Videogame Industry: UNITY Install Fees
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<blockquote data-quote="Ryujin" data-source="post: 9134006" data-attributes="member: 27897"><p>I've only seen that sort of thing work on a small scale. The president of a company where I was formerly employed was also CEO, and managed to make himself the First Secured Creditor by filing that he was "loaning" his own limited company several million dollars, of his private funds. He later used company funds to purchase several production facilities in (what was at the time) Czechoslovakia. Money could be funnelled into the country, however, it could not be retrieved. The company was upside-down and kept buying product/parts on credit terms, renegotiating credit terms, borrowing more money... Everyone was blindsided when the receivers walked in and closed everything down. I worked for the receivers for 3 days, performing inventory. The only monies fully paid out were to the president/CEO, as the First Secured Creditor. Most of the employees got nothing. The unsecured creditors got nothing. The first couple of banks got partial payment and the last couple got nothing. After the bankruptcy was complete he reopened the same business, incorporated under a different name, in the same building. Even ended up with most of the product, that he hadn't paid for.</p><p></p><p>(I got lucky. I was his service manager and quality control manager. He wanted to hire me back so he paid me what I was owed, in cash, and I gave him hand written receipts. I also filed with the Employment Standards Branch for vacation pay, termination pay, and missing wages the day after we shut down, not being stupid. He lost the hand written receipts. The pitbull at ESB went after him, personally, because of how he mixed personal and corporate funds. I got paid by him. The gov't gave me 2 weeks termination in lieu of notice, 2 weeks vacation pay that was owing, and 2 weeks severance on top of the 2.5 weeks pay that was owing at shutdown. The couple of people I advised to go to ESB also got similar.)</p></blockquote><p></p>
[QUOTE="Ryujin, post: 9134006, member: 27897"] I've only seen that sort of thing work on a small scale. The president of a company where I was formerly employed was also CEO, and managed to make himself the First Secured Creditor by filing that he was "loaning" his own limited company several million dollars, of his private funds. He later used company funds to purchase several production facilities in (what was at the time) Czechoslovakia. Money could be funnelled into the country, however, it could not be retrieved. The company was upside-down and kept buying product/parts on credit terms, renegotiating credit terms, borrowing more money... Everyone was blindsided when the receivers walked in and closed everything down. I worked for the receivers for 3 days, performing inventory. The only monies fully paid out were to the president/CEO, as the First Secured Creditor. Most of the employees got nothing. The unsecured creditors got nothing. The first couple of banks got partial payment and the last couple got nothing. After the bankruptcy was complete he reopened the same business, incorporated under a different name, in the same building. Even ended up with most of the product, that he hadn't paid for. (I got lucky. I was his service manager and quality control manager. He wanted to hire me back so he paid me what I was owed, in cash, and I gave him hand written receipts. I also filed with the Employment Standards Branch for vacation pay, termination pay, and missing wages the day after we shut down, not being stupid. He lost the hand written receipts. The pitbull at ESB went after him, personally, because of how he mixed personal and corporate funds. I got paid by him. The gov't gave me 2 weeks termination in lieu of notice, 2 weeks vacation pay that was owing, and 2 weeks severance on top of the 2.5 weeks pay that was owing at shutdown. The couple of people I advised to go to ESB also got similar.) [/QUOTE]
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