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

[Wingco]

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

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 !!!!!

[Wingco]

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?"

[Tools]

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

Yes, look at the hourly rates!!

[Nibbler]

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

£107K so far as fees to the administrator.

[Nibbler]

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

3rd 'progress' report.

[Nibbler]

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

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.

[Amethyst]

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.

[Nibbler]

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.

[Nibbler]

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

[bigndav]

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?

[Amethyst]

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.

[bigndav]

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.

[Last]

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

I hope the Gilbournes will get what they deserve for the misery they caused!!!!

[Amethyst]

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

Lots of uncertain figures still, which you'd think would have been worked out after nearly a year. Seems like Ms Gilbournes version of events differs from reality and that's holding things up, along with dealing with the FCA. Still, at least things are still progressing slowly, and there is still cash in the bank, just depends how much is allocated elsewhere before it gets to reimbursing the clients xx

[Nibbler]

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

Not sure really, but I suspect people are going to be disappointed either way?