And you thought 25% was a low F&F offer.... (News story)

Hannah_10

http://www.bbc.co.uk/news/uk-wales-south-west-wales-11377469

21 September 2010 Last updated at 12:49
Creditors of south Wales firm offered 1p for £4 debt

Creditors owed money following the collapse of a south Wales property company have been offered about 1p for every £4 they are owed.
A meeting to discuss the offer by RT Properties, owned by Roy Thomas, was adjourned for two weeks for more time to consider the proposal.
It managed premises occupied by Swansea's Dragon Hotel, its city centre Marks & Spencer, and Idols nightclub.
Small companies and investors account for around £6m of the £32m owed.
Among them are private investors, cleaning companies, law and security firms and Swansea council.
Solicitor Tim Jones, who represented some of the creditors, said: "The whole thing is unfortunate for Mr Thomas, but more so for the small businesses and investors who have lost in the region of £6m."
RT Properties owned around 25 properties in Swansea, including those housing Ask restaurant in Wind Street, and nine properties in Cardiff, including the Ha Ha bar and restaurant in The Friary.
Newspapers have reported that assets belonging to RT Properties were bought out of receivership by the Royal Bank of Scotland (RBS) - the major creditor.
There are also newspaper reports that RBS wrote down their value by between £30m-£35m.
'Absolutely devastating' Mr Thomas, from Sketty in Swansea, was not present at the private creditors' meeting but was represented.
An offer of 0.26p for every £1 owed was discussed.
The former chairman and owner of Cardiff-based airline Air Wales, who also owned Swansea Airport, Mr Thomas had maintained that RT Properties was a successful business.
Last month he told the South Wales Evening Post: "It is absolutely devastating because I feel it is an unnecessary situation."
He told the Evening Post that it had secured 39 lettings in the 24 months leading up to March 2010.
"It was letting to small businesses on flexible terms," he told the newspaper.
About 20 of the 80 creditors attended the meeting at Swansea's Marriott Hotel.
They discussed a proposed Individual Voluntary Arrangement (IVA) - a legally binding agreement between an individual and his/her creditors.
Sandra McAlister of McAlister & Co insolvency practitioners said a further meeting of creditors would be arranged at a venue, yet to be confirmed, on 5 October.

winner12

Hi
Maybe our creditors should think themselves lucky that most of us want to clear our debts I would be happy if they knocked off all the interest and charges I collected while trying to get a lower monthly payment I did borrow the money so do want to pay it back but this guy will no doubt be borrowing and running other businesses in about a years time under a different guise, maybe I should not have a conscience or a care in the world then i might be still driving my car going on holiday and still spending like there is no tommorow