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Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

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  • Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

    As has already been said , I cannot see us getting a penny. The whole thing is a jobs for the boys, snouts in the trough whitewash. I am so angry still, I dare not post what I really would like to say grrrr.

    Comment


    • Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

      Has anyone spoken to the police?, I'm guessing it will be a civil matter but it sure feels like downright theft.
      #staysafestayhome

      Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

      Received a Court Claim? Read >>>>> First Steps

      Comment


      • Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

        That's a good point. I wonder has anyone a link to the Police via friends or family for initial advice?

        Comment


        • Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

          Attached Files

          Comment


          • Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

            From administrators.

            We have now received from the High Court confirmation that the
            director’s application was dismissed and costs were awarded in the
            Administrator’s favour.

            Meanwhile, we are making good progress with the segregation of clients’
            funds and are cross-referencing what we are establishing each client’s
            ‘pot’ or funds that should have been held by Bournes as at 18.09.14.
            This figure shall be your claim. Having already ring-fenced the pooled
            funds that were in the company’s main bank account (belonging to
            clients), that money will be distributed to creditors equally.
            Therefore each creditor will receive a proportion of funds they paid in
            up to 18.09.14.

            The process of establishing claims is not yet complete. A formal notice
            will be issued to all creditors who have not yet provided us with
            evidence of their claims in order to give them time to do so. There
            will be cut off date for receipt of all final claim information. That
            notice should set out that distributions out of the pooled funds will be
            made within 2 months of the final date set for receiving all evidence of
            claims.

            Please be advised that when we are seeking to agreed claims for
            distribution purposes, we may require more information than that
            supplied by you or that is currently available to us in the company’s
            books and records. Obviously, we will speed up the distribution
            process by asking for bank details and proof of ID as well as addresses.

            Please note also that a notice of intended distribution and notice to
            creditors to submit claims will not be sent out until we have completed
            our analysis of creditors/clients’ claim amounts. This will be
            completed in liquidation. This will mean that Bournes Ltd will be moved
            from Administration and into Liquidation; and the Liquidator will
            complete the claims agreement and distributions processes.

            The costs of distribution will be deducted from the pooled funds, in
            accordance with FCA regulations, before the distributions are made to
            creditors with claims that pre-date 18.09.14. I advise that there is
            likely to be a considerable loss to our firm in relation to remuneration
            and expenses; this arises out of us being prohibited from deducting fees
            and expenses under current legislation. I state this because some
            clients incorrectly believed that the Administrator was to in line for
            full recovery on fees and expenses. I will not answer any incorrect
            assertions made by any creditors on this point any further.

            For all creditors who paid in money after 18.09.14 a separate line of
            correspondence will be entered into by the Liquidator in order to
            correctly identify claimants and to return their funds to them asap.

            Please do not telephone our offices for further updates, as these will
            not be given over the telephone because we cannot identify the caller.

            Some of you may be aware that I have previously asked creditors to
            provide in writing their claims and evidence in support of their
            claims. For those who have not done so, it would be helpful if you
            would do so as soon as possible. One of the main issues for you will be
            to supply copy bank statements showing your standing orders being paid
            to Bournes.

            ·I will require photo ID (certified copies, not originals please), in
            addition to proof of address e.g. utility bills, council tax bill.

            ·Copies of your contract with Bournes

            ·The last statement Bournes sent you, which contained a summary of what
            you had paid and what had been paid out.

            ·A statement from your personal creditors (people who you owe money to)
            showing what payments they received up to 18.09.14.

            Please put your queries in writing or by email and these will be
            answered expediently.

            Comment


            • Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

              Good, things moving on then.... very slow isn't it...


              Some of you may be aware that I have previously asked creditors to
              provide in writing their claims and evidence in support of their
              claims. For those who have not done so, it would be helpful if you
              would do so as soon as possible. One of the main issues for you will be
              to supply copy bank statements showing your standing orders being paid
              to Bournes.

              ·I will require photo ID (certified copies, not originals please), in
              addition to proof of address e.g. utility bills, council tax bill.

              ·Copies of your contract with Bournes

              ·The last statement Bournes sent you, which contained a summary of what
              you had paid and what had been paid out.

              ·A statement from your personal creditors (people who you owe money to)
              showing what payments they received up to 18.09.14.

              Please put your queries in writing or by email and these will be
              answered expediently.
              #staysafestayhome

              Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

              Received a Court Claim? Read >>>>> First Steps

              Comment


              • Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

                Originally posted by Amethyst View Post
                Good, things moving on then.... very slow isn't it...
                VERY.

                Sounds as if there may be a few holes in the details/accounts that've have as well, given the info they request.

                Comment


                • Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

                  3rd 'progress' report.
                  Attached Files

                  Comment


                  • Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

                    £107K so far as fees to the administrator.

                    Comment


                    • Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

                      Yes, look at the hourly rates!!
                      Any opinions I give are my own. Any advice I give is without liability. If you are unsure, please seek qualified legal advice.

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                      Comment


                      • Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

                        I've been reading through this thread and it makes very sombre reading. I think Compass is likely to be in a worse position.

                        It seems the only ones who gain are the Administrators but it begs the question, how do they earn anything if the company has no assets.

                        It's time the directors of these companies were made to forfeit their own wealth - apparently the CEO of Compass is the husband of a Conservative MP, Amanda Solloway - I bet they have huge assets.

                        I believe she is the member for Leicester. Perhaps clients in her constituency could insist she asks Cameron a question at PMQs - "Why aren't the assets of DMP fraudsters seized in order to pay the clients they have robbed?"

                        Comment


                        • Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

                          Originally posted by Amethyst View Post
                          oh ffs ''SENIOR CITIZENS ADVICE LIMITED (dissolved)'' just smells of scam straight away doesn't it.
                          Absolutely - worse, there is an apostrophe missing from CITIZENS !!!!!

                          Comment


                          • Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

                            Well time is ticking I think Mr Levy is going to take up every hour, minute and second of the extended time given!!!!

                            If no money is offered what is our next potential move...........Ombudsman/Police/Hunt down Mrs. Gilbourne for a massive apology maybe...........

                            Comment


                            • Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

                              Update:

                              Dear All,

                              The update in this matter is that the company is now in liquidation having moved from Administration. We are acting as liquidators in line with your approval.

                              A final progress report for the Administration will be issued shortly giving you a full appraisal of what happened whilst the company was in Administration.

                              A formal notice will be issued to those who have not submitted claims or sufficient evidence of claims in this matter.

                              A statement will be issued in the above final report as to how the funds received after our appointment will be handled.

                              Kind Regards
                              Virgil Levy

                              Comment


                              • Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

                                Well how long is shortly..........

                                "funds received after our appointment will be handled........"

                                Is there likey to be any funds!!!

                                Comment

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