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Government launches probe into Comet collapse
grizzly1911
Posts: 9,965 Forumite
Yet another set of owners just doing what they had to?
http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/9753940/Government-launches-probe-into-Comet-collapse.html
Would this be the paper owned by those people those brothers that live in Monaco with that cheesy hotel?
http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/9753940/Government-launches-probe-into-Comet-collapse.html
Would this be the paper owned by those people those brothers that live in Monaco with that cheesy hotel?
"If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham
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Comments
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grizzly1911 wrote: »Yet another set of owners just doing what they had to?
http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/9753940/Government-launches-probe-into-Comet-collapse.html
Would this be the paper owned by those people those brothers that live in Monaco with that cheesy hotel?
It wouldnt be the first company to be "rescued" by asset strippers.0 -
ruggedtoast wrote: »It wouldnt be the first company to be "rescued" by asset strippers.
The Brothers have been hovering around the remnants of Comet for some weeks (allegedly).
http://www.bignewsnetwork.com/index.php/sid/211453173/scat/0
It seems that the man who failed to save Comet also failed to save MFI.
http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/9656927/Former-MFI-director-paid-1000-a-day-by-Comet.htmlFew people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
The Brothers have been hovering around the remnants of Comet for some weeks (allegedly).
http://www.bignewsnetwork.com/index.php/sid/211453173/scat/0
It seems that the man who failed to save Comet also failed to save MFI.
http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/9656927/Former-MFI-director-paid-1000-a-day-by-Comet.html
I thought I had seen something about this. I can see a trend here even if the BIS can't.;)
No doubt everything is within the law as usual."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0
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Trouble is, this was known ages ago.
Shutting the door once the horse has bolted once again.
Worse, Oncapita will do the very same thing again. They had done it before they did it to Comet.
I guess at least the MP had at least raised it before it got to this point. The question I have is HMRC always used to get first dibs....howcome this has changed?0 -
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Thrugelmir wrote: »Comet had been losing money for years.
So hardly a surprise.
Don't think it's demise is in question more the way it was dismembered and stripped.
Think Bob Q meant the petition."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
grizzly1911 wrote: »Don't think it's demise is in question more the way it was dismembered and stripped.
Think Bob Q meant the petition.
Yes I did.Thrugelmir wrote: »Comet had been losing money for years.
So hardly a surprise.
I agree that Comet was a lost cause, and so maybe is the e-petition.
The point originally raised was the fact that we the taxpayers are paying the bill for the staff redundancies and the unpaid tax, whereas the holding company who bought it for a trifle walks away with preferred creditor status and gets many millions guaranteed. It hardly seems fair to the taxpayer or for that matter other creditors.Almost 7,000 jobs have been lost at Comet. There is anger among the retailer’s staff at owner OpCapita for allowing the business to fail months after the private investment firm bought Comet for £2 and received a £50m dowry from Kesa, the previous owner.
A report from Deloitte this week showed the administration will cost the taxpayer almost £50m in redundancy fees and unpaid taxes such as VAT.
Meanwhile it emerged the secured creditors – led by Hailey Acquisitions Limited, the vehicle OpCapita used to buy the retailer – will receive payments of £49.7m from money raised by the sale of Comet’s remaining stock and assets.
The e-petition was clearly expressing some frustration at the situation. Of course it was all legally correct.Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
HMRC is in a no one situation here.
If Comet had been late with their PAYE & NI payments then HMRC could have obtained a liquidation order in which case it would have been castigated for costing jobs.
If Comet were late with the above payments and HMRC does nothing then it is open to accusations of sleeping on the job.
When a company is running out of cash, the single most important thing is time as this allows for more options to be explored. Whether this is the statutory redundancy payout scheme or simply letting them roll over tax payments, it is all critical and could mean the difference between saving some jobs and losing all of them.0 -
Cable is supposed to be launching a big study into changing the whole UK insolvency process. Currently it is geared mostly to the interests of big business and the banks (no surprise there then). As a LibDem he perhaps has more chance of shaking off the shackles of these vested interests, but there will no doubt be huge opposition and I'm not convinced as to how effective he is when push comes to shove.No-one would remember the Good Samaritan if he'd only had good intentions. He had money as well.
The problem with socialism is that eventually you run out of other people's money.
Margaret Thatcher0
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