Compass debt company

[Compass]

Re: Compass debt company

I hope these help

[CLS2015]

Re: Compass debt company

I am willing to trust the current IP at the moment. If it all goes tits up, we can use other routes after....

[Wingco]

Re: Compass debt company

There is a much better chance of F&FS if you have sent out CCA letters, and not received replies - I have had no correct replies and only one has replied at all (Robinson Way), so that tells me none of mine are enforceable. But I will continue to pay token amounts until I have sufficient to offer a few F&FS amounts at around 30-40% of the original debt. But we need to share data with others in a confidential way - so if Cabot, Robinson Way, NCO Europe, Link etc. settle for 25% we can let others know.
Wingco

[CLS2015]

Re: Compass debt company

There are variations of contract but no-one I believe has anything about a savings pot - this came from the sales people and in phone calls with the direcors. The clients are seeing on their statements a 'balance' figure at the bottom of their statements - this equates to the amount that is assumed to be in their pot but it doesn't say that. There were people at the meeting who swore blind it was in their contract but when they looked it wasn't there. x

I lost my piece of paper, but the hard sell was that it was a secured pot for full and final payments.

When they rang me, and me them, the money was definatly for paying off.

"we pay them a pittance for ages, then say, 'do you want to be paid at this rate ad nausem or will you accept a closing payment of £much less than balance"

in hindsight well dodgy, when you were in a financial and mental blackhole a godsend.

[Wingco]

Re: Compass debt company

Amethyst
Can I pm a new member?
Wingco

-

[Wingco]

Re: Compass debt company

There are variations of contract but no-one I believe has anything about a savings pot - this came from the sales people and in phone calls with the direcors. The clients are seeing on their statements a 'balance' figure at the bottom of their statements - this equates to the amount that is assumed to be in their pot but it doesn't say that. There were people at the meeting who swore blind it was in their contract but when they looked it wasn't there. x

[CLS2015]

Re: Compass debt company

Ive sussed the PM thing, it doesnt work on the mobile for some reason, had to use PC.

[Wingco]

Re: Compass debt company

okay - I'm not sure exactly but I've done it before with Amethyst.

[Wingco]

Re: Compass debt company

My posts are being misunderstood. I'm sure I didn't say that and if I did it needs to be erased. He doesn't want people to take legal action now - processes have to be followed. We are dealing with people who have already said they have taken action through the Police - it may, therefore, be too late.
The liquidator has said precisely that; he must report criminal acts, and he has told the directors that in no uncertain terms - they are very scared. If what he suspects is the case is proven he will report them - he knows his responsibilities. He is not striking a deal with the directors. He did not tell us 'not to report any conduct issues'. He told us that pre-emptive strikes could result in the plug being pulled and no-one left to do the detailed work except the Action Fraud office. Often in these cases people go in with both feet and no thought, and it results in the liquidation being halted. That helps no-one. But we should wait until he has unequivocal proof - it looks like there is enough in the accounts alone but there are many other aspects around operating whilst insolvent, failing to mitigate clients' losses, making false claims, failing to pay clients' money to their creditors (one example was no payment for 8 years). I'm certain this will move forward much quicker and if not, it will revert to the Government liquidator.
You have to ask, if there is no money left, and there is very little, why would the liquidator continue working? - he has only been paid about £13k of his minimum fee of £30K so far, but he is extremely confident he can raise a lot more but we are not going to explain how at this stage, otherwise it won't happen. But if criminal charges are made, it will probably not happen (no further money raised) or take longer than Bournes.
AABRS are not amateurs and they are highly respected as liquidators. They are most unlikely to do things illegally.
You may think I'm naive, I'm no expert, but I was there, I heard the detail. The committee has a liquidator on the team and he knows an awful lot about the legalities. I have a financial interest in this working as do the rest of the committee and of course the liquidator.
Wingco

[CLS2015]

Re: Compass debt company

Er, how did this forum get locked?
We are aware that the Directors3 can view these pages? I think a post may have been removed. Wingco can you PM me on here? I cannot seem to find a way to PM you...

[Wingco]

Re: Compass debt company

That connection is a double edged sword. It might make 'people' wary of pressing her too hard - I reckon the Mail is a little to the right:beagle2222:. But it could allow us some leverage - certainly this point was discussed in the committee meeting after the main meeting. I'm all for making hay whilst the sun shines with the 'connection'. She has denied any knowledge whatsoever - who believe that? But proving it is near impossible.
:doggieyes:

[Amethyst]

Re: Compass debt company

There is certainly nothing in your agreement WIngco about savings for F&F settlements. If anyone else has a copy of their agreement with Compass that would be extremely useful to see whether Wingco's is the standard for everyone.

[charitynjw]

Re: Compass debt company

Brillliant, I assume it applies in England as this was a NI case? But it was my understanding that as soon as fraud is committed the directors become liable - it's just that fraud is often extremely difficult to prove.

In the Compass case, it is clear that there is probably no proven claim to a client that they had a 'pot'. It is assumed from phone calls and face-to-face meetings - nothing in writing. But if enough people advise that was what was said, surely there is enough evidence to make a case?

Maybe this ?

[EXC]

Re: Compass debt company

Can the accountants be held responsible?

I doubt it. Accountants can only work with the information they're given by the directors. I don't know if the company was audited but auditors have a higher degree of accountability.

On your point about the administrator advising creditors not to report to Action Fraud etc, the administrators themselves have a legal duty to report any conduct issues with the directors. I know of one case where a dodgy insolvency practitioner did a deal with the directors of a company they were administering where no report was filed when subsequent legal procceedings established that it should have been. I'm not suggesting that this is the case here, just saying it does happen.

[Wingco]

Re: Compass debt company

Brillliant, I assume it applies in England as this was a NI case? But it was my understanding that as soon as fraud is committed the directors become liable - it's just that fraud is often extremely difficult to prove.

In the Compass case, it is clear that there is probably no proven claim to a client that they had a 'pot'. It is assumed from phone calls and face-to-face meetings - nothing in writing. But if enough people advise that was what was said, surely there is enough evidence to make a case?