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Is Telnic's behavior legally allowed?

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Tim Spears
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Is Telnic's behavior legally allowed?

Post by Tim Spears on Wed 14 Oct 2015, 3:27 am

Telnic has no financial reserves anymore and it becomes obvious that the TLD .tel needs to be shut down very soon because of missing possible use. In addition the registry agreement for Telnic will expire in a few months.

But Telnic and Telnames are still selling domains to the public. Is this legally acceptable, since Telnic must know that the operation will be canceled in the very near future?
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mikeseaton
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Re: Is Telnic's behavior legally allowed?

Post by mikeseaton on Wed 14 Oct 2015, 1:22 pm

Tim Spears wrote:But Telnic and Telnames are still selling domains to the public. Is this legally acceptable, since Telnic must know that the operation will be canceled in the very near future?

Tim, some useful links re your question:

Wrongful Trading v Insolvent Trading - which is the unlawful act that you need to watch out for?

Wikipedia - Wrongful Trading

Wikipedia - Insolvent Trading

Telnic Ltd. and Telnames Ltd. are at last up-to-date with their accounts, having recently filed both 2013 and 2014 accounts. The summary figures make interesting reading (note Telnames Negative Net Worth of -£3,315,307) - here’s the links:

https://companycheck.co.uk/company/03555437/TELNIC-LIMITED/financial-accounts

https://companycheck.co.uk/company/07471889/TELNAMES-LIMITED/financial-accounts

IT LOOKS LIKE THE .TEL GAME IS NOW OVER FOR TELNIC/TELNAMES !

http://MikeSeaton.tel


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TelBlogger
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Re: Is Telnic's behavior legally allowed?

Post by TelBlogger on Wed 14 Oct 2015, 6:48 pm

RIP .tel.
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TelBlogger
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Re: Is Telnic's behavior legally allowed?

Post by TelBlogger on Wed 14 Oct 2015, 6:53 pm

All scams have their denouement.
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di7
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Re: Is Telnic's behavior legally allowed?

Post by di7 on Thu 15 Oct 2015, 2:04 pm

Such thing happens if clueless businessmen open a business and believe they are the king of economy.
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mikeseaton
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Re: Is Telnic's behavior legally allowed?

Post by mikeseaton on Thu 15 Oct 2015, 2:12 pm

mikeseaton wrote:Telnic Ltd. and Telnames Ltd. are at last up-to-date with their accounts, having recently filed both 2013 and 2014 accounts. The summary figures make interesting reading (note Telnames Negative Net Worth of -£3,315,307)

According to Wikipedia's "Technical Definitions" - see https://en.wikipedia.org/wiki/Insolvency
Accounting insolvency happens when total liabilities exceed total assets (negative net worth).

The Telnames 2014 accounts show a Negative Net Worth of -£3,315,307 !

http://MikeSeaton.tel

Ref: https://companycheck.co.uk/company/07471889/TELNAMES-LIMITED/financial-accounts


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