Bankrutpcy...what happens to the horses?

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Charla

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I've just been told by a friend that a place we know of (can't say where) may be facing bankruptcy because they are in such serious debt. It is a riding school that have over 100 horses.

I'm just wondering what would happen to the horses if this place was to go bankrupt? I'm guessing they'd be taken to pay off some debt but how would they be sold? Market? Advertised?
 
No idea but what an awful situation to be in, can they not sell some of them and reduce the size of the school to try and repay whilst keeping the business going?.

I am only guessing but they would be sold on to repay the debt as they are seen as assets, they may only get minimal amounts for each of them though perhaps way under market value?.

sad :(
 
I'd presume they would be sold by any means possible. Obviously advertising to private sellers is more likely to get a better price but then if they didn't sell they could possibibily be sent to an auction.
 
There would normally be taken receivers (can think of the proper word) and sold at auction along with any other stock e.g. saddles bridle and all related stuff to recover the debts at the end of the day they are an assett and the money has to be re-couped
 
I buy quite a lot of horses that have been 'seized' in lieu of debts/bankruptcy.

Usually they are put up for public auction although I have contacts who inform me what they have and I purchase those that interest me before they are auctioned.

Sad case about the riding stable, I imagine the horses will be either auctioned or sold privately if realistic offers are made. The bank or whoever is collecting the debt won't care which, they will just view them as assets and will recoup whatever monies they can from the sale.
 
It is very sad for the horses, however the owner isn't the nicest of people. He said, 'I'd rather have every horse shot then let the bank take them to sell.'

The horses don't even get a great life with him, never have done! He has some really talented horses that are never touched as he simply does not have the time or staff to handle all the horses. So about 70/80 live in a field which does not accomodate that amount of horses. Many are underweight, none are rugged even if they need to be and some have even died from worms in the past!!! :(
 
Charla said:
It is very sad for the horses, however the owner isn't the nicest of people. He said, 'I'd rather have every horse shot then let the bank take them to sell.'

The horses don't even get a great life with him, never have done! He has some really talented horses that are never touched as he simply does not have the time or staff to handle all the horses. So about 70/80 live in a field which does not accomodate that amount of horses. Many are underweight, none are rugged even if they need to be and some have even died from worms in the past!!! :(
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This sounds like more of a neglect issue than a bankruptcy one to me. If this is true have you or anyone else reported this farm? Sounds like somone may need to step in before the bank does
 
I would be contacting the welfare people rather than the 'owner' have them shot...that's no way to talk about the horses how dreadful.

If there are so many he really ought to be forced to sell on or give away to decent homes.
Dying from worms?....that's terrible, so those living out aren't touched at all? not fed nothing?.
Are they given hay? have water available at all times.... that's drinkable?.

If you have answered no to any of those questions I would seriously seek advice from a very good welfare charity especially as they are possibly not wormed either :(
 
Merlywerly said:
I would be contacting the welfare people rather than the 'owner' have them shot...that's no way to talk about the horses how dreadful.

If there are so many he really ought to be forced to sell on or give away to decent homes.
Dying from worms?....that's terrible, so those living out aren't touched at all? not fed nothing?.
Are they given hay? have water available at all times.... that's drinkable?.

If you have answered no to any of those questions I would seriously seek advice from a very good welfare charity especially as they are possibly not wormed either :(
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Those living out are pretty much untouched yes. I believe he does put reels of hay out in the winter months and they have access to drinkable water. I used to do volunteer work for the guy many years ago but left as he was a very difficult, mean man who really scared me. Now I don't know much or have anything to do with him, only hear through a friend of a friend who works there now and I do drive past now and again and see the sorry soles in the field. He has a bad reputation and many people seem scared of him.
 
Remember Amersham? If you have concerns about the welfare of these horses then PLEASE report it to WHW. They are the innocents in this, bankruptcy looming or not. I'm begging you to not turn away if those horses are in need Charla.
 
Usually what happens is the owner has a choice, providing the recovery service is agreeable, to either try to sell the horses privately or send them through a public auction. If they choose to sell them privately then the normal route is having the horses independently evaluated and they must sell the horse for a figure within these parameters. If they choose auction then market forces are accepted as reasonable values.
 
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