Bournes Debt Solutions in administration

sourcrates

Wow !!!

Makes you wonder if all these DMC's are at it, using clients money to fund the company basically.
A timely lesson to anyone contemplating using one of these shysters!!!
Steer well clear !!!!

FireWyrm

sourcrates wrote: »

Wow !!!

Makes you wonder if all these DMC's are at it, using clients money to fund the company basically.
A timely lesson to anyone contemplating using one of these shysters!!!
Steer well clear !!!!

Another week, another DMC goes pop taking clients' money with them. This is just appalling and the next scandal in the making. Why are the regulators faffing around persecuting PDLs when there are more pressing matters to attend to like these scumbag companies preying on the public who inexplicably trust them.

Of course all DMCs are using client money to fund their own enterprises. They are limited companies and they can go bust any time without warning and there is absolutely nothing you can do to get your money back.

Mods, please sticky this thread as a salutary warning to all.

Never ever use a debt management company. Do it yourself, or use a charity. These companies are the bottom feeders of the world and should be shut down immediately.

so_very_confused

Agree this should be the sticky of all stickies.

I cannot begin to imagine how their clients must be feeling, hope they find their way onto this site, if only for support.

fermi

Administrator's update - 2nd report: https://www.dropbox.com/s/3e06kql433qntlt/2nd%20Progress%20Report.pdf?dl=0

Administrator's proposals - Form 2.25B: https://www.dropbox.com/s/k9tn9uro12idmgy/Form%202.25B-2015.pdf?dl=0

fermi

Interesting depending on how the admin here goes

http://legalbeagles.info/notorious-cmc-to-be-raised-from-the-dead-for-creditors/

fermi

Posted on legalbeagles...


From administrators.

We have now received from the High Court confirmation that the
director’s application was dismissed and costs were awarded in the
Administrator’s favour.

Meanwhile, we are making good progress with the segregation of clients’
funds and are cross-referencing what we are establishing each client’s
‘pot’ or funds that should have been held by Bournes as at 18.09.14.
This figure shall be your claim. Having already ring-fenced the pooled
funds that were in the company’s main bank account (belonging to
clients), that money will be distributed to creditors equally.
Therefore each creditor will receive a proportion of funds they paid in
up to 18.09.14.

The process of establishing claims is not yet complete. A formal notice
will be issued to all creditors who have not yet provided us with
evidence of their claims in order to give them time to do so. There
will be cut off date for receipt of all final claim information. That
notice should set out that distributions out of the pooled funds will be
made within 2 months of the final date set for receiving all evidence of
claims.

Please be advised that when we are seeking to agreed claims for
distribution purposes, we may require more information than that
supplied by you or that is currently available to us in the company’s
books and records. Obviously, we will speed up the distribution
process by asking for bank details and proof of ID as well as addresses.

Please note also that a notice of intended distribution and notice to
creditors to submit claims will not be sent out until we have completed
our analysis of creditors/clients’ claim amounts. This will be
completed in liquidation. This will mean that Bournes Ltd will be moved
from Administration and into Liquidation; and the Liquidator will
complete the claims agreement and distributions processes.

The costs of distribution will be deducted from the pooled funds, in
accordance with FCA regulations, before the distributions are made to
creditors with claims that pre-date 18.09.14. I advise that there is
likely to be a considerable loss to our firm in relation to remuneration
and expenses; this arises out of us being prohibited from deducting fees
and expenses under current legislation. I state this because some
clients incorrectly believed that the Administrator was to in line for
full recovery on fees and expenses. I will not answer any incorrect
assertions made by any creditors on this point any further.

For all creditors who paid in money after 18.09.14 a separate line of
correspondence will be entered into by the Liquidator in order to
correctly identify claimants and to return their funds to them asap.

Please do not telephone our offices for further updates, as these will
not be given over the telephone because we cannot identify the caller.

Some of you may be aware that I have previously asked creditors to
provide in writing their claims and evidence in support of their
claims. For those who have not done so, it would be helpful if you
would do so as soon as possible. One of the main issues for you will be
to supply copy bank statements showing your standing orders being paid
to Bournes.

·I will require photo ID (certified copies, not originals please), in
addition to proof of address e.g. utility bills, council tax bill.

·Copies of your contract with Bournes

·The last statement Bournes sent you, which contained a summary of what
you had paid and what had been paid out.

·A statement from your personal creditors (people who you owe money to)
showing what payments they received up to 18.09.14.

Please put your queries in writing or by email and these will be
answered expediently.

fermi

3rd Administrator progress report issued.

https://www.dropbox.com/s/7b5i2am0gvbn9y5/3rd%20Progress%20Report.pdf?dl=0

Administrators have now trousered £107,000.