54-600: James Thin Ltd was a British bookshop chain, founded by James Thin in 1848. It operated for 154 years, during which time it was run by five generations of the Thin family. Starting from a single shop in Edinburgh , it grew to a national concern with 35 branches throughout Scotland and England . In 2002, following a period of rapid expansion, it went into voluntary administration, after which most of its shops were purchased by other companies in
108-419: A deal to sell its assets to a buyer before appointing administrators to facilitate the sale. It is a legal way of selling the business on to a trade buyer or third party. A pre-pack is the process of selling the assets of a company immediately after it has entered administration. It is sometimes the case that the previous directors or management purchase the assets of the company from the administrator and set up
162-484: A debtor who has enough money left over after priority creditors and essential expenses may be able to arrange an individual voluntary arrangement. (Debtors with less serious problems may prefer a debt management plan .) The Republic of Ireland operates a similar process called examinership , but companies require permission from the High Court to enter and leave examinership. In New Zealand , voluntary administration
216-451: A floating charge created prior to 15 September 2003 retain their right to appoint an administrative receiver, but all purported rights to do so created after that date will be construed as rights to appoint an administrator, subject to certain specific, rare exceptions. A court order is issued that forbids any form of legal or insolvency action without the court's permission. An application to the court for an administration order may be made by
270-519: A further seven years working as a bookshop assistant, he started his own bookselling business . He worked in the business for over 60 years and was succeeded by four generations of his family. By the end of the 20th century, the firm had grown into a national concern, with 35 shops in Scotland and England, but it went into voluntary administration in 2002 with debts of £5 million. James Thin played an active role in several public and philanthropic bodies. He
324-430: A great raconteur. D Ainslie Thin's three children, Jackie, Hilary, and Jamie, represented the fifth and final generation of the Thin family to work in the business, with Jackie serving as managing director until the closure of the firm in 2002. Administration (law) As a legal concept, administration is a procedure under the insolvency laws of a number of common law jurisdictions, similar to bankruptcy in
378-586: A more flexible regime is available under the Companies' Creditors Arrangements Act ("CCAA"). In UK law, the administration regime is governed by the Insolvency Act 1986 , as amended by the Enterprise Act 2002 . An "administrator" can be appointed without petitioning the court by the holder of a floating charge (created since 15 September 2003), by the company or by its directors. Other creditors must petition
432-461: A new company. This process has advantages in that it enables the administrator to realise a greater amount for the assets due to business continuity and that the goodwill of the company is preserved. The employees of the company are also usually transferred to the new company, preserving jobs. Pre-packs have attracted criticism because of the appearance it gives to unconnected parties that the company has just continued without its creditors. SIP 16
486-652: A plot of land in Stow in the Scottish Borders , on which he had a family house built. The house, which was named Ashlea, was completed in 1873. In 1885, at the age of 61, Thin married Elizabeth Darling, a farmer’s daughter. She died in 1905. In later life, Thin lived at 22 Lauder Road in The Grange , Edinburgh, where he died in 1915 aged 91. He is buried in the Grange Cemetery. Thin's eldest son, James Hay Thin (1853–1943),
540-526: A £1.5 million refurbishment for the South Bridge shop. Thin's publishing arm, Mercat Press, continued to trade as an independent entity following a management buy-out. In 2007, it was taken over by Birlinn , which continues to use the Mercat imprint. James Thin (Bookseller) James Thin (23 March 1824–11 April 1915) was a Scottish bookseller and businessman. In 1848, after a five-year apprenticeship and
594-410: Is a process designed to protect limited companies from their creditors while a debt restructuring plan is carried out and presented to creditors and courts. This administration order process requires a licensed insolvency practitioner to act as the administrator appointed by the court. The administration order does not concern joint debt. Pre pack is an insolvency procedure where a company arranges
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#1732852665685648-407: Is an officer of the court and an agent of the company, and is not personally liable for any contracts they make on behalf of the company. They have the power to do anything necessary or expedient for the management of the affairs, business and property of the company. The new administration regime introduced by the Enterprise Act 2002 replaces the previous situation where administrative receivership
702-511: Is covered by the Companies Act 1993 , as amended under the Companies (Voluntary Administration) Regulations Bill in 2007. In Ukraine, a system of "sanation" ( Ukrainian : санація ) measures take place to prevent or lessen the effect of insolvency. The basic components of those measures include providing special loans and subsidies; exemptions for issuing a credit or taxation; restructuring of
756-440: Is operating efficiently, with enough freedom of competition between insolvency practitioners and whether consumers and creditors are being treated as fairly as possible. An example of a pre-pack is the sale of the assets of Cobra Beer to Coors immediately after Cobra Beer entered administration. This allowed the brand to continue and saved jobs, but also left suppliers out of pocket by an estimated £75 million. In this process,
810-409: The 1950s. In 1917, he was reported missing in action, but was in fact taken prisoner and spent the rest of the war in a German POW camp. His son, James ("Jimmy") Thin (1923–1997), joined the firm in 1949, and along with his cousin, D Ainslie Thin (1933–2023), oversaw much of the business's expansion during the following decades. He was a noted mountaineer and a skilled linguist and was described as
864-528: The Old Session House in Bristo. This work lasted until 1861, after which he became a teacher at the society's young men's classes. In 1855, he was elected an elder of the church. He held that office for 61 years, for 53 of which he served as Session Clerk . He was succeeded in that role by his son, James Hay Thin. Thin played an active role in several public and philanthropic bodies. He was at various times
918-591: The United States . It functions as a rescue mechanism for insolvent entities and allows them to carry on running their business. The process – in the United Kingdom colloquially called being "under administration" – is an alternative to liquidation or may be a precursor to it. Administration is commenced by an administration order . A company in administrative receivership is operated by an administrator (as interim chief executive with custodial responsibility for
972-404: The assets of a Mr Rickard, a bookseller who was in financial difficulties. Thin was 24 at the time. Trade was slow at first, but improved over the next few years. Most of its sales were in the academic market, thanks in part to the shop's location close to Edinburgh University . In 1853, Thin took a lease on two rooms above a neighbouring shop, at 54 South Bridge. The only access to these rooms
1026-465: The assets of a Mr. Rickard, a bookseller who was in financial difficulties. Rickard's shop was at 14 Infirmary Street, where he had recently moved from 55 South Bridge. Thin started trading at the Infirmary Street premises on 3 April, trading under his own name (the business only became James Thin Ltd in the 1970s). Trade was slow at first, but improved over the next few years, thanks in part to
1080-433: The book trade. The company was founded in 1848 by James Thin (1824–1915). For most its existence the firm traded under Thin's own name, only becoming James Thin Ltd. in the 1970s. Thin had previously worked for 12 years for James McIntosh, a bookseller at 5 North College Street, having joined the firm as an apprentice at the age of eleven. On 3 April 1848, Thin opened his own shop, at 14 Infirmary Street, having taken over
1134-453: The business included: When Jimmy Thin joined the firm in 1949, the business occupied sprawling premises on several floors of the South Bridge / Infirmary Street block. Over the next few years, these separate units were consolidated into a single shop, using 55 South Bridge as its main address. This was to remain the flagship shop and head office for the rest of the firm's existence. During
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#17328526656851188-510: The business's debts and capital; change of organizational and production structure of the debtor; full or partial nationalization; others. Following the dissolution of the Soviet Union and reforming the existing socialist law , in 1999 there was established a law "About restoring the debtor's solvency or declaring him bankrupt". The official who administers "sanation" is known as an "arbitral director" ( Ukrainian : aрбітрaжний керуючий ) and
1242-573: The company and control of the company is given entirely to the administrator. Directors of the company are prohibited from acting in their capacity as directors for the duration of the administration, while administrators are personally liable for any debts incurred by the company in the course of the administration. The Bankruptcy and Insolvency Act provides mechanisms for consumer and general proposals in order to give time for an insolvent person to be able to reorganize his affairs. For insolvent companies (or affiliated groups) owing more than $ 5 million,
1296-448: The company directors. In involuntary administrative receivership, the administrator is appointed by a judicial court. The legal terms for these processes vary from country to country, and the processes may overlap. In Australia, an external administrator, also called an insolvency practitioner , is an independent person that is formally appointed to control an insolvent company's affairs. External administrators can be appointed either by
1350-588: The company started selling books on line, making it what at the time was described as "the biggest on-line bookseller in the world". It was also the first bookseller to use the Whitaker TeleOrdering system James Thin Ltd.'s annual turnover remained at about £35 million throughout the 1990s, but then declined rapidly. For the year to 31 January 2001, the firm reported a pre-tax loss of £116,000 on sales of £26.8 million. In January 2002, it went into voluntary administration , with debts of £5 million. Jackie Thin,
1404-408: The company's assets and obligations) on behalf of its creditors . The administrator may recapitalize the business, sell the business to new owners, or demerge it into elements that can be sold and close the remainder. Most countries distinguish between voluntary (board-decided) and involuntary (court-decided) receivership. In voluntary administrative receivership, the administrator is appointed by
1458-427: The company's assets or carry out other tasks. Voluntary administration is when the directors of an insolvent company appoint an external administrator to investigate whether winding up the corporation can be prevented or delayed and to make recommendations to the directors and their creditors as to whether the company should enter into a deed of company arrangement, be wound up (i.e. liquidated ), or be returned to
1512-564: The company's assets will be managed to ensure better returns for its creditors than an immediate winding up. When a creditor petitions the court seeking a court liquidation (a court-mandated winding up) of an insolvent company, the court appoints a " provisional liquidator " to temporarily preserve the company's assets while the winding-up application is pending. Administrators are required to be registered liquidators since they have broad powers to deal with company property. The appointment of an administrator "freezes" any legal proceedings against
1566-404: The company's directors, a secured creditor , or by a court, and include: provisional liquidators , liquidators , voluntary administrators, deed administrators , controllers , and receivers . A receivership is when an external administrator known as a "receiver" is appointed by a secured creditor to sell off a company's assets in order to repay the secured debt , or by the court to protect
1620-471: The company, the directors, a creditor or any combination of them. The Enterprise Act 2002 amended the Insolvency Act 1986 to provide an out-of-court process to appoint an administrator to the holder of a floating charge or the company or its directors. This is considerably cheaper and simpler than the previous system, which involved an application to court. In the United Kingdom, an administration order
1674-421: The control of the directors. After an administrator is appointed, there are two meetings of creditors, held within tight time-frames, with the second being the most important as it will decide whether to enter into a deed of company arrangement (DOCA), end the administration or wind the company up. The DOCA is a binding agreement between a business and its creditors overseen by a deed administrator relating to how
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1728-575: The court can be produced at the courts discretion. Administration is analogous to going into " Chapter 11 " in the United States, although there are certain key differences, mainly stemming from the fact that English law does not include the debtor in possession concept. During the reorganisation period, as a result, the administrator usually runs the business rather than the directors, and any additional liquidity requirements effectively have to be met by funds provided by existing creditors rather than by any super-senior ' DIP financing '. The administrator
1782-465: The court to appoint an administrator. The administrator must act in the interests of all the creditors and attempt to rescue the company as a going concern . If this proves impossible the administrator must work to maximise the recovery of the creditors as a whole. Only then may the administrator attempt to realise property in favour of one or more secured creditors. A firm is usually in administration for no more than 12 months, after which an extension from
1836-558: The end of the century, it had 35 branches, with 650 staff and a stock of 85,000 titles. The South Bridge shop remained its flagship store and head office. In 2002, the company went into voluntary administration , having debts of £5 million. According to The Times , a significant factor in the firm's collapse was its rapid expansion into England in the mid-1990s. In 1841, Thin joined the Bristo United Presbyterian Church (later Bristo United Free church) to which he
1890-462: The family for five generations, ending with the founder's great-great-granddaughter, Jackie Thin, who served as managing director until the closure of the firm in 2002. During the second half of the 20th century, the firm grew into a national concern. It opened new shops and acquired existing ones throughout the UK, and also expanded into publishing. About half of its business came from educational markets. By
1944-455: The head office and in 28 of the branches. It then announced that it expected to sell the entire business, having received ten approaches from prospective buyers. In March 2002, Ottakar's purchased eight of the company's general bookstores for £1.64 million, with no redundancies expected. These shops had a combined annual turnover of £10.1 million. Ottakar's was itself taken over by Waterstones in 2006. In April 2002, Blackwell UK announced
1998-409: The latter category including the novels of crime writer Gillian Galbraith . James Thin Ltd was a pioneer in technology and automation. In the mid 1960s, it implemented a computerised stock control system which it claimed was the first of its kind for a UK bookshop. In the 1980s, Ainslie Thin developed a version of the system in dBASE III to run on personal computers within 26 of the shops. In 1998,
2052-422: The managing director, blamed the collapse on increased competition, falling turnover and the cost of closing loss-making shops. According to press comments, the rapid expansion into England and in particular the acquisition of Volume One were major factors in the chain's failure. PricewaterhouseCoopers was appointed as administrator to run the chain and realise its assets. It immediately made 60 staff redundant at
2106-529: The many publishers who were based in Edinburgh at the time. He thus became acquainted with some of the leading names in the Scottish publishing industry, including A & C Black , W. R. Chambers , and Thomas Nelson . He finished his apprenticeship in 1841, after which he worked as an employee of James McIntosh for a further seven years. In 1848, at the age of 24, Thin went into business for himself. He purchased
2160-848: The master of the Merchant Company of Edinburgh , a trustee and later chairman of the Edinburgh Savings Bank , president of the Trade Protection Society, director of the Edinburgh City Mission , and director of the Edinburgh Destitute Society. James Thin was also a noted hymnologist . He served on the selection committee of the Presbyterian Hymnal and later of the Church Hymnary. His writings on
2214-477: The purchase of Thin's twelve academic bookshops for "in excess of" £2 million, with all of the 102 staff retaining their jobs. The purchase included branches at St Andrews University , the University of Edinburgh, Heriot-Watt University , and Napier University as well as the South Bridge shop and stores at six other sites. Between them, these branches had an annual turnover of £7 million. Blackwell's also announced
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2268-532: The second half of the 20th century, the business underwent rapid expansion. It opened new shops and bought existing shops throughout Scotland and England. By 1990, it had grown to a chain of 34 stores, stretching from Inverness to Portsmouth , with an annual turnover of £34 million. In 1994, it purchased the Volume One chain in England for £4 million. The firm also had interests in publishing. Between 1900 and 1962, it
2322-484: The shop's location close to Edinburgh University . In 1853, Thin took a lease on two rooms above a shop at 54 South Bridge. The only access to these premises was by an external staircase from the street. Although these rooms were in the same block as the Infirmary Street shop, the only communication between them was by a speaking tube. Two years later the firm further expanded into an adjacent shop at 55 South Bridge (the premises previously occupied by Mr. Rickard). An opening
2376-621: The subject are quoted extensively in John Julian's A Dictionary of Hymnology . He amassed a vast collection of hymn books and hymnic literature, numbering some 2,500 volumes. The Scotsman described the collection as "perhaps the finest and most complete to be found in the British Islands." After Thin's death, the collection was donated to the library at New College . In 1849, Thin married Catherine Traquair, with whom he had seven sons. Catherine died in 1869, aged 47. In 1870, he purchased
2430-400: Was 2/6d (12½ pence) per week, out of which he had to provide his pens and pencils. His working hours were 9 am to 9 pm, Monday to Saturday. Although he was entitled to a break of one hour at midday, his employer arranged for his lunch to be brought to the shop so that James could remain at his post throughout the day. One of his duties as an apprentice was to collect orders from the offices of
2484-423: Was an active member of his church, serving as a teacher in religious instruction and as a church officer. He was a noted hymnologist and amassed a collection of some 2,500 hymn books and works of hymnic literature. James Thin was born in Edinburgh, the son of George Thin and Helen Ainslie. At the age of 11, he became apprenticed to James McIntosh, a bookseller at 5 North College Street, Edinburgh . His initial wage
2538-421: Was available as an alternative to administration, which has traditionally been a more rescue-oriented insolvency regime. This regime allowed the holder of a floating charge to appoint an administrative receiver to realise assets in his favour, and also to block an administration order sought by a borrower. This was felt to be too favourable to the floating charge holder at the expense of other creditors. Holders of
2592-406: Was built into the back wall of this shop to give access to the Infirmary Street premises. Trade continued to improve and Thin was soon advertising the business as "the largest retail bookselling establishment in Edinburgh". James Thin worked in the business for the rest of his life. In 1880, he was joined by his eldest son, James Hay Thin, who became a senior partner. Overall, the firm remained in
2646-430: Was by a staircase from the street. Although the rooms were in the same corner block as the Infirmary Street premises, there was no communication between them apart from a speaking tube. Two years later Thin took over an adjacent shop at 55 South Bridge, at which point he gave up the rooms at 54. An opening was built into the back wall of 55 to give access to the Infirmary Street premises. Trade continued to improve and Thin
2700-501: Was introduced in January 2009 to assist Insolvency Practitioners in pre-pack cases. It was designed to make the process more transparent for creditors, and to ensure that fair value was obtained for the assets. In November 2009, the Office of Fair Trading announced a study into corporate insolvencies, with particular focus on pre-pack administrations, to report on whether the insolvency market
2754-458: Was involved in the family business for most of his working life. Like his father, he was a long-standing elder and Session Clerk of Bristo Church. He was also a director of publishers Oliver and Boyd and Gurney & Jackson. He died in Dollar in 1943 at the age of 90. James Thin's grandson, J. Ainslie Thin (James Hay Thin's eldest son), worked in the business from shortly before World War 1 until
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#17328526656852808-658: Was joint owner (with James Grant, Booksellers) of Oliver and Boyd , a large Edinburgh-based publisher of school books, theological books and literary works. Thin's share of that business was sold in 1962 to pay death duties. In 1970, Jimmy and Ainslie Thin established the Mercat Press imprint, specialising in books with a Scottish interest. It later took over the titles of Aberdeen University Press when that company became insolvent. By 2007, Mercat Press had over 200 titles in its list, these being predominantly works on architecture and heritage as well as guides books and general fiction,
2862-419: Was soon advertising the business as "the largest retail bookselling establishment in Edinburgh". In 1854, he issued his first catalogue of second-hand books. In 1864, the shop was extended into 15 Infirmary Street, a former tavern. James Thin worked in the business for most of the rest of his life. He was the first of five generations of the Thin family to run the firm. Other prominent family members involved in
2916-544: Was to devote considerable time and energy for the rest of his life. Having finished his apprenticeship that year, he started teaching religious instruction in evening classes at the church's mission in Cowan's Close. He continued in that role for eleven years, during which time attendance at the classes rose from 30 to 140. He then took charge of the senior female class at the Christian Instruction Society, which met at
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