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

[Last]

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

I think the ombudsman should look at the office fair trading/FCA to how they have allowed this to happen again and again without making sure these financially struggling clients, which I am one, have not been safe guarded surely we have a case if our money has gone missing to be covered by the some compensation scheme. At the end of the day we have been let down by a finacial company THAT WAS REGULATED!!!!

[righty]

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

Yes I also think the regulator has some answers to give & all victims should contact their MP & tell them what's happened time & time again

[Last]

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

tick-tock-tick-tock............................................aa rrrggghhhhh frustration.......

[Last]

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

They really are going to take the full 8 weeks................roll on Thursday..........just hope I have got the dates correct can anyone else confirm.

[Amethyst]

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

Do you know what happens if they fail to contact creditors with the report within the 8 weeks ?

[Ruthless]

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

Hi all I have just spoken to the administrators expressing concerns as to what is going on. The reply was we are looking into many bank accounts!!!!! And all the transactions made. I asked if any money had been found. The reply was we are still looking. This is pants.

[righty]

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

Have they informed the police there is a suspected fraud. If not they should have AND have they made any attempts whatsoever to freeze the bank accounts of those who are suspected of having been involved

[righty]

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

Knowing the distressing affect this is having on the clients of Bournes they do seem somewhat cavalier in their attitude AND behaviour

[Nibbler]

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

Do you know what happens if they fail to contact creditors with the report within the 8 weeks ?

May be the right section?

http://www.legislation.gov.uk/ukpga/1986/45/schedule/B1

Administrator’s proposals

49(1)The administrator of a company shall make a statement setting out proposals for achieving the purpose of administration.
(2)A statement under sub-paragraph (1) must, in particular—
(a)deal with such matters as may be prescribed, and
(b)where applicable, explain why the administrator thinks that the objective mentioned in paragraph 3(1)(a) or (b) cannot be achieved.
(3)Proposals under this paragraph may include—
(a)a proposal for a voluntary arrangement under Part I of this Act (although this paragraph is without prejudice to section 4(3));
(b)a proposal for a compromise or arrangement to be sanctioned under [F8Part 26 of the Companies Act 2006 (arrangements and reconstructions)] .
(4)The administrator shall send a copy of the statement of his proposals—
(a)to the registrar of companies,
(b)to every creditor of the company of whose claim and address he is aware, and
(c)to every member of the company of whose address he is aware.
(5)The administrator shall comply with sub-paragraph (4)—
(a)as soon as is reasonably practicable after the company enters administration, and
(b)in any event, before the end of the period of eight weeks beginning with the day on which the company enters administration.

(6)The administrator shall be taken to comply with sub-paragraph (4)(c) if he publishes in the prescribed manner a notice undertaking to provide a copy of the statement of proposals free of charge to any member of the company who applies in writing to a specified address.

(7)An administrator commits an offence if he fails without reasonable excuse to comply with sub-paragraph (5).

(8)A period specified in this paragraph may be varied in accordance with paragraph 107.

Penalties

106(1)A person who is guilty of an offence under this Schedule is liable to a fine (in accordance with section 430 and Schedule 10).
(2)A person who is guilty of an offence under any of the following paragraphs of this Schedule is liable to a daily default fine (in accordance with section 430 and Schedule 10)—
(a)paragraph 20,
(b)paragraph 32,
(c)paragraph 46,
(d)paragraph 48,
(e)paragraph 49,
(f)paragraph 51,
(g)paragraph 53,
(h)paragraph 54,
(i)paragraph 56,
(j)paragraph 71,
(k)paragraph 72,
(l)paragraph 77,
(m)paragraph 78,
(n)paragraph 80,
(o)paragraph 84,
(p)paragraph 86, and
(q)paragraph 89.

Extension of time limit

107(1)Where a provision of this Schedule provides that a period may be varied in accordance with this paragraph, the period may be varied in respect of a company—
(a)by the court, and
(b)on the application of the administrator.
(2)A time period may be extended in respect of a company under this paragraph—
(a)more than once, and
(b)after expiry.

So basically has to report, or apply to the court for more time, or risk a fine?

[Amethyst]

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

Thanks Nibbler.

[Nibbler]

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

So basically has to report, or apply to the court for more time, or risk a fine?

And looks like they can apply restrospectively if I read that right. :/

[Last]

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

Bank account were frozen by the FCA in August..............as yet we do not know if fruad has been committed because we haven't yet been told that we have lost our money........I am hoping that they have found some money in all these bank accounts and are are slowly adding it all up to attain how much we maybe able to get back if not all........optimistic but got to be!!!!!

[righty]

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

I'm referring to their other accounts including personal

[righty]

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

I'm also concerned that they might use the funds to pay other creditors

[Last]

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

Basically the proposal will be going out this week - which will cover what the position is as regards where they are with segregating/assessing the client money. This has made me probably stupidly optimistic as at least there is money to be segregated/assessed - I'm sure things wouldn't take this long if there was £000 in the many bank accounts. I hope the adminstator is going to do a fantastic job and return some if not all our money - hoping that the Gilbournes have not used our money for other business related things and hoping faith in humanity is returned.........:tinysmile_twink_t2: LOTS OF HOPING!!!!!!!!!!!!