MBI and Northern Powerhouse Developments

Malthusian

AnotherJoe wrote: »

https://forums.moneysavingexpert.com/showthread.php?p=71610101

(from "sledger" stating hes just been paid his quarterly dividend - probably the last ever one )
And the initial Q asked "has anyone had any dealings with this company",and there were several along those lines.

I was talking specifically about questions of the format "Has anyone received their payments from [unregulated investment]". "I have received my payments on time from [unregulated investment]." is a totally different sentence. It's not even a question.

My post had nothing to do with the original Q which was by then a year and a half old. I was replying to posts #70 and #71 which resurrected the thread.

olivierg

Hi all,
Would anyone be interested in investigating a class action against both NPD and {Edited by Forum Team}himself as a director. He has twitter followers, his own branded website so pressure can also be built on him personally.
Best case, some of us see their money back, worst case, he goes bankrupt or empties the company from its assets, the result being the same, money would be gone.
I am currently talking to lawyers regarding invoking the 1986 insolvency act, but this would be quite costly, a class action being possibly stronger.
Regards,
Olivier

Malthusian

olivierg wrote: »

Best case, some of us see their money back, worst case, he goes bankrupt or empties the company from its assets, the result being the same, money would be gone.

The result would not be the same, because you would have thrown good money after bad. A lot of good money depending on how far you pursued the director.

Class actions are not possible in the UK. Every plaintiff has to have their case heard individually. A "group action" is, which is when the plaintiffs all use the same lawyer in their individual cases to avoid reinventing the wheel, who consequently charges them less per throw.

However if a company owes you money and aren't paying it then a group action is not necessary. It only takes one creditor to put the company into insolvency. Albeit one creditor willing to potentially throw good money after bad on a statutory demand followed by insolvency proceedings. At that point, if the company cannot pay them, an insolvency practitioner takes over on behalf of all creditors. They can pursue the directors if there is any liability (there very rarely is).

Basically your lawyer just wants you to round up some more clients for them for free. If they don't think it's worth your own money to start insolvency proceedings then you should seriously consider following their advice and writing the money off.

olivierg

Thank you for your reply. Indeed invoking the Insolvency Act requires just me for example and is not the most costly route. I can actually apply directly to the MoJ, the solicitor just helping get the form right before being submitted. This is the route that I am currently pursuing.
I will also put some media and internet related pressure on {Edited by Forum Team} as he has setup quite a marketing presence through his twitter, fb, personal web site etc...
I have no problem throwing a little bit of extra cash to take someone's business down. It's a matter of principles where I come from.

cc372

I assume you have looked on companies house, the directors business history makes for interesting reading. I have never seen someone be director of so many companies, most of which are now dissolved!


It is disgusting this is an unregulated sector and are now living lavish lifestyles off the back of this.


Ponzi......???

Zanderman

Interesting (and frankly worrying) story about {Edited by Forum Team} emerging from a Guardian/ITV News investigation:

https://www.theguardian.com/business/2019/jun/26/uncovered-the-200m-theme-park-the-businessman-and-the-missing-millions

more here:

{Edited by Forum Team}

and here:

{Edited by Forum Team}

And a video report here:

https://youtu.be/aw7GeveegPI

And a response by N Powerhouse here:

https://www.theguardian.com/business/2019/jun/26/northern-powerhouse-developments-response-to-guardian-and-itv-news

dividendhero

A piece on tonight's news at 10,looks like a 100% scam

somehow Bear Ghrylls linked to this, but I bet he was conned too

Zanderman

dividendhero wrote: »

A piece on tonight's news at 10,looks like a 100% scam

somehow Bear Ghrylls linked to this, but I bet he was conned too

The Bear Grylls link is discussed in the articles and video report linked to in my post above.

Malthusian

dividendhero wrote: »

somehow Bear Ghrylls linked to this, but I bet he was conned too

Doubt it. I expect the big wodge of cash Mr Travelodge received to promote this unregulated investment scheme was 100% genuine.

Musician_Steve

All investors please view the recent reports on NPD in the Guardian Newspaper and ITN News reports . Today three of {Edited by Forum Team}companies were forced into administration at the High court