Another Celebrity Chef in the Stew

bubblesmoney

bubblesmoney wrote: »

isnt that what the prepack administration con is all about. screwing the savers while encouraging the reckless debt holders

the credit crunch is a perfect excuse for the savvy businessman to screw the creditors, suppliers, employees and tax payers by going in for prepack administration and dumping debts and buying out good bits of the business debt free.

In pre-pack administration the previous management often own the new company, hiving off the profitable parts of the company while the creditors are often left with nothing. The administrators also benefit from pre-pack administration. Another consequence of pre-pack administration is that employees may lose wages, pensions and redundancy pay. While pre-pack administration is legal at 2009, many people question its morality. While the employees of the company that goes into pre-pack administration do not necessarily lose their jobs as the new company is debt-free, the debt that is dumped on the former creditor companies can be large enough to cause serious hardship and creditor layoffs. Pre-pack administration has increased since the credit crunch

http://en.wikipedia.org/wiki/Administration_(insolvency)

‘the morality of pre-packs becomes questionable if owner directors use them to cherry pick the best bits of their struggling business. A director who agrees with secured lenders to shed his unsecured obligations is treating his suppliers, his pensioners and the tax man [that’s me and you] prettily scurvily’. Quite apart from the morality, this practice will increase distrust and fear in the market as suppliers demand immediate payment worried that otherwise they might be ‘pre-packed’

Debt dodgers revel in return of the phoenix

prowla

Trollfever wrote: »

Does anybody know what cars he drives?

I once was going out of a car park as he was going in; I smiled and waved and he blanked me.
Smug git!
Looks like the wheels have fallen off his car now!

zedyy

Oblivion wrote: »

Yep, when those fat city bankers get fired, the troughs they used to feed at are amongst the first to feel the pinch. Oh dear, how sad, never mind eh.

KFC anyone? :rotfl: :rotfl: :rotfl:

Dave.

:rotfl::rotfl::rotfl:

tirano

He has managed to keep two of the six restauarnts by......

“It is all above board but it feels very odd buying back my own property. My operations director, who has been with me since the beginning, has taken out a second mortgage on his house and I have dipped into some savings to make this happen. I am trying so hard to keep my staff on, they have been really loyal and I hate to let them down like this.”

So its okay for the manager to put his house on the line whilst Wozza takes the glory !

bo_drinker

tirano wrote: »

He has managed to keep two of the six restauarnts by......

“It is all above board but it feels very odd buying back my own property. My operations director, who has been with me since the beginning, has taken out a second mortgage on his house and I have dipped into some savings to make this happen. I am trying so hard to keep my staff on, they have been really loyal and I hate to let them down like this.”

So its okay for the manager to put his house on the line whilst Wozza takes the glory !

Jesus at a time like this he must be s hagging him, someones been shafted alright. He will be broke within 12 months.:rotfl:

fatpig_2

I'm sure the fat lump has arranged his affairs so that his own house and wealth are well protected.

bo_drinker

fatpig wrote: »

I'm sure the fat lump has arranged his affairs so that his own house and wealth are well protected.

Of course. Just goes to show these lot aren't imune and they have hardly got a pot to p1ss in when the !!!!!! hits the fan. I bet his "operations director" is panicking for his job as well as his house. Is it worth it for the ginger munchkin, can't remember the last time I saw him on tv.
W T will be working for Ramsay within a year.

fatpig_2

The fat lump is on BBC Working Lunch right now moaning that it's the banks fault for his downfall rather than his own excessive borrowing.

Sir_Humphrey

fatpig wrote: »

The fat lump is on BBC Working Lunch right now moaning that it's the banks fault for his downfall rather than his own excessive borrowing.

He did a breakfast interview suggesting that he built the restaurant chain up from retained earnings. He also advocated bank nationalisation, which for someone I believe is a conservative (small c) is quite something!

tomstickland

I remember Hells Kitchen UK, the original series, when Worral Thompson arrived at the restaurant and Ramesy was "oh my god, it's the liitle dwarf !!!!er, quick, hide." Or something like that.