Compass debt company

[charitynjw]

Re: Compass debt company

From the Derby Telegraph link (above)

Corbyn: Chris Williamson losing Derby North was 'the worst result of that night'





Read more: http://www.derbytelegraph.co.uk/Firm...#ixzz42mnwgg2r
Follow us: @DerbyTelegraph on Twitter | derbytelegraph on Facebook

http://jeremycorbyn.org.uk/

Jeremy Corbyn MP
✔ @jeremycorbyn

http://jeremycorbyn.org.uk/contact/

(If anyone's interested)

[taff_dragoness]

Re: Compass debt company

You are doing great Amethyst and all of you, I dont feel so alone, i am not good at this sort of thing and find it hard to understand legal stuff.

[Kati]

Re: Compass debt company

Thanks for all the help but head is about to go bang, what form and why, and is lighthouse not a good move if not WHAT DO I DO

The form [MENTION=6]Amethyst[/MENTION] linked to in post #14 - http://lbcompare.co.uk/wp-content/up..._Creditors.pdf
I've no idea about Lighthouse tbh (:sorry, but you'll get lots of help from everyone here :nod: xx

[taff_dragoness]

Re: Compass debt company

Can you help have just found out my debt management company has gone under where do i go they havent finished the job and there is money in a account that is mine. What do i do so scared. thought i was getting my live back and now its gone to pot

Thanks for all the help but head is about to go bang, what form and why, and is lighthouse not a good move if not WHAT DO I DO

- - - Updated - - -

Thanks wingco but your links dont work

[taff_dragoness]

Re: Compass debt company

So you dont think lighthouse is a good move ?

[Amethyst]

Re: Compass debt company

Anyone with compass recommended to get a mortgage/insurance etc with Stonebridge Mortgage Solutions Ltd ?

[Nibbler]

Re: Compass debt company

Yes, time and time again with these companies, the gap between what legally might or should have been done and what actually was, is vast.

[Wingco]

Re: Compass debt company

I haven't followed the details of the company or any allegations of criminality. I was just commenting on the law that I know rather than the company's facts which I do not. I know trusts law and that looks like a trust to me and this is trust in contract terms.. so I do not know how they could get around it, a trust simply creates a trustee, ie the company.

Thanks Openlaw. I'm surmising that Compass/RMR are using the word 'Trust' loosely, and that no separate 'Trust' was set up; if it had, the Administrators, AABRS would surely know immediately the clients' pots are intact or not.

The criminality comes from the fraud of assuring clients their money was in a pot that we could withdraw at anytime or make F&F Settlement offers from it (T&Cs). Clearly, if all the money is intact and AABRS are just being circumspect at this early stage, no fraud has taken place. AABRS however appear to indicate there are few assets for distribution - so what happened to the company cars?

I would like to come back to you when we know more on the 21st the status of the 'Trust'.

[Openlaw15]

Re: Compass debt company

I will do just that but I think it might be weasel wording and more likely that no appropriate identification of client's 'pots' existed in reality. Looking at their accounts and using a conservative number of clients, say 500 and not the 1000 talked about in the Telegraph, and assuming an average pot of £2000 (I've heard of a few people with over £10000) there should be £1,000,000 of cash. There isn't.

I wonder if the 3 directors fleets of Porsches and Range Rovers are on the books? I bet they are.

As this is a crime, surely the Police could seize assets of the Directors even in a Ltd company. I run a Ltd company and my accountant assured me that my personal assets were safe "provided I didn't break the law".

It should be an interesting meeting! I just hope it is not sabotaged by clients asking unanswerable, personal questions and that we can get down to some facts about this "Trust" point in particular. Hopefully, there will be a number of financial institutions represented by experienced people who know what to ask of AABRS at the Creditors' meeting on the 21st. We shall see.

I haven't followed the details of the company or any allegations of criminality. I was just commenting on the law that I know rather than the company's facts which I do not. I know trusts law and that looks like a trust to me and this is trust in contract terms.. so I do not know how they could get around it, a trust simply creates a trustee, ie the company.

[Wingco]

Re: Compass debt company

Free market economics taken too far, coupled with pi$$ poor regulation and oversight.

Brief and to the point Nibbler. What were their accountants doing? Why were there no external checks? The FCA I understand removed the Compass licence not directly because of irregularities but more for preparing for tighter controls and that a number of other DMCs also had their licences removed; the implication was that it was a temporary measure until they could meet certain requirements; clearly that then exposed them and they were unable to continue operating. I believe it is listed as a Voluntary Liquidation.

[Wingco]

Re: Compass debt company

It uses 'held on trust' in its contract terms so as long as it (the trust) has been set up properly the money should be safe from the administrator. There is some case law in this situation even if it were mixed funds, as long as it can be or is identifiable to its creditor/ owner (ie OP). If it were me in this situation i'd email that administration and tell them of the protected trust and do i still need to attend the March 21st meeting, ie company's liquidation.

I will do just that but I think it might be weasel wording and more likely that no appropriate identification of client's 'pots' existed in reality. Looking at their accounts and using a conservative number of clients, say 500 and not the 1000 talked about in the Telegraph, and assuming an average pot of £2000 (I've heard of a few people with over £10000) there should be £1,000,000 of cash. There isn't.

I wonder if the 3 directors fleets of Porsches and Range Rovers are on the books? I bet they are.

As this is a crime, surely the Police could seize assets of the Directors even in a Ltd company. I run a Ltd company and my accountant assured me that my personal assets were safe "provided I didn't break the law".

It should be an interesting meeting! I just hope it is not sabotaged by clients asking unanswerable, personal questions and that we can get down to some facts about this "Trust" point in particular. Hopefully, there will be a number of financial institutions represented by experienced people who know what to ask of AABRS at the Creditors' meeting on the 21st. We shall see.

[Nibbler]

Re: Compass debt company

That is unbelievable - how can this be allowed to happen?

Free market economics taken too far, coupled with pi$$ poor regulation and oversight.

[Wingco]

Re: Compass debt company

That is unbelievable - how can this be allowed to happen?

[Openlaw15]

Re: Compass debt company

Thanks OL xx Fingers crossed... they sound like they comply with client funds regs - at least in their terms - hopefully the money has actually been kept separate

It uses 'held on trust' in its contract terms so as long as it (the trust) has been set up properly the money should be safe from the administrator. There is some case law in this situation even if it were mixed funds, as long as it can be or is identifiable to its creditor/ owner (ie OP). If it were me in this situation i'd email that administration and tell them of the protected trust and do i still need to attend the March 21st meeting, ie company's liquidation.

[Nibbler]

Re: Compass debt company

Oh christ!

That does not bode well. Not that the 'bodes' were very 'healthy' anyway.