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If a business is sold as a 'going concern' the new owner must honour existing gift cards and vouchers.
Up.5 billion is spent on gift cards each year but.
Gift card changes could inflate retailers' costs. .But the review, published yesterday, said there was no need for a ban on expiry dates or rules to give people more protection when retailers go bust.What happens if the business is sold?Emily Spaven, of This is Money, said: When a gift card expires, a company finds itself in a perfect situation it effectively receives remuneration for a service or a good, which it does not even have to provide.The benefit of the contract is specific to the purchaser in question.Is there anything similar in the UK?While this cannot be guaranteed, the old saying goes: 'If you don't ask, you don't get.'.In this situation we recommend you contact the trader to confirm the status of your gift card or voucher. .You may need to register as an 'unsecured creditor' (someone who is owed money).Unfortunately, there is nothing panera coupon code 2015 to stop such a term being included within a contract.You will need to decide if it is worth taking up the offer.
While it acknowledged the concerns about expiry dates, the review said existing fair-trading laws provide enough protection, and changing the rules could inflate retailers' costs.
Adam Pavey, Partner at PLS Solicitors, advised: The contract is initially between the person who purchases the gift card and the company itself.
This process will determine if you get a full or partial refund, or no refund at all.Further information is available from the.What happens if the retailer goes out of business?Published: 10:39 GMT, 21 September 2012 Updated: 13:47 GMT, 21 September 2012 31, view comments, i have a problem with the expiry dates on gift cards.This is certainly an annoying situation for a consumer to find himself or herself in and a problem many people will have experienced.It could be that, for public relations purposes, it decides to honour the contract.You can also contact the organisation dealing with the sale/closure of the company. .