Notorious CMC to be raised from the dead for creditors

[Legal Beagles]

A High Court judge has given the go-ahead for creditors of a notorious PPI claims management company to have the firm taken out of liquidation and reinstated so that newly appointed administrators can investigate millions of pounds taken out of the company shortly before it was first put into administration and the conduct of the... Read more »
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[Nibbler]

Re: Notorious CMC to be raised from the dead for creditors

Great.

** stares pointedly at admins for Bournes **

[Amethyst]

Re: Notorious CMC to be raised from the dead for creditors

Indeed. Still no more updates on that then?

[Nibbler]

Re: Notorious CMC to be raised from the dead for creditors

Not that I've heard. Admins are obviously playing it close, and I suspect most customers have more or less given up hope?

[Amethyst]

Re: Notorious CMC to be raised from the dead for creditors

I expect so, it could drive you batty otherwise. At least he has spent more than 3.6 hours investigating, unlike Sharma.

[Nibbler]

Re: Notorious CMC to be raised from the dead for creditors

3.6 on that part of it? FFS?

Must have missed that fact skimming though. That is seriously taking the pee.

- - - Updated - - -

She told creditors that she had reported upon the director's conduct but that as the report was confidential she could not disclose its contents. The entire investigation process had taken 3.6 hours of the time of a senior professional, for which a time cost charge of £990.00 was made.

:faint:

[EXC]

Re: Notorious CMC to be raised from the dead for creditors

I expect so, it could drive you batty otherwise. At least he has spent more than 3.6 hours investigating, unlike Sharma.

Lol.

For ref here's Sharma's Statement of Administrators Proposals which is a very interesting read in itself.

It reveals that Barclays themselves told Client Connection to stop taking any more upfront fees before withdrawing their services altogether.

It lists the creditors, some of which are Beagles members who came to us for help although it's surprising (or perhaps not) how many actual consumer creditors we know of that don't appear.

[EXC]

Re: Notorious CMC to be raised from the dead for creditors

We don't often root for Barclays and their lawyers but on this occasion we do. They're actions might well lead to some lowly consumers being able to get some money back after being skanked in the up-front fee scam.

Steven Fennell, instructed by David Sullivan of Eversheds, successfully represented Barclays Bank plc in an application to restore a company to the register to allow an independent liquidator to investigate matters prior to its insolvency and the conduct of its former administrator (Barclays Bank plc v Sharma [2015] EWHC 2806 (Ch)).

Client Connection Limited went into administration in 2012. Its administrator spent less than four hours investigating transactions prior to its insolvency, and closed the administration and caused the company to be dissolved. When the bank later identified payments and dividends prior to the administration which had not been dealt with, it applied to restore the company to the register and to wind it up to allow a new liquidator to carry out a proper investigation. The application was strenuously resisted by the former administrator.

The Vice-Chancellor held that Barclays had a legitimate interest in having the company wound up to allow a proper investigation to take place, approved the approach taken by Barclays and gave general guidance on the approach which the courts should take to such applications.

http://www.exchangechambers.co.uk/ne...rators-conduct

[EXC]

Re: Notorious CMC to be raised from the dead for creditors

I'm wondering if the Justice Norris in this case is the same Justice Norris that judged the Martin Lewis v Client Connection copyright infringement case a while back http://www.bailii.org/cgi-bin/markup...method=boolean