Safe hands - NOT

Gardenarch

Hi I'm a MSE forum newbie so please be patient. 

In 2016 I purchased a Safe Hands funeral plan through a financial advisor paying deposit of £250.00 and the remainder of the £3k by direct debit instalments. as far as I am aware I cannot reclaim through my bank so I am a creditor.

I receive notifications from FRP Advisory who are the appointed administrators for recovery of safe hands assets.

FRP have been applying to the courts for payments over the last year in, to me, eye wateringly hourly rates. To the extent that they seem to have have had payment of about £1,000,000.00 in the first year!!!!, from my limited understanding of the documents as I'm not an accountant.

Is there anyone policing the policemen? Was the FRP appointment made following open bids by interested firms and the lowest or best firm appointed, Were creditors involved in the selection process?  I would have thought the process should be one which protected the creditors not which swallowed up the company assets, basically doing what the previous owners did.

I fully realise that I am only going to be getting at best 20p in the pound for my investment but I know there are thousands of other creditors who can ill afford to lose their investment, the current process feels like its being run for the benefit of the legal and financial industry.

Does anyone know if there is anyone representing the creditors at court hearings? 

All of this is something beyond my knowledge or expertise so other members thought's would be very helpful.

p00hsticks

Welcome to the forum - sorry it's under such circumstances.

I can't answer your question I'm afraid, but in case you are not already aware, MSE has previously published this on the subject

https://forums.moneysavingexpert.com/discussion/6394631/mse-news-safe-hands-customer-here-are-your-latest-refund-and-funeral-plan-rights

I think there have also been a few previous threads by users if you search the forum for the term 'safe hands'

There is also a support group on Facebook

https://www.facebook.com/groups/safehandsaction 

Keep_pedalling

Who appoints an administrator depends on whether the company puts themselves into administration or their creditors do. All administrators are licensed and all of them are going to charge hefty professional charges. Those charges.

MEM62

Insolvency practitioners fees can be eye watering.  This is because the fees, in the cases where there are assets to cover them, need to be sufficiently high to also cover those cases that they have to deal with where there are no assets to cover the fees.           

Gardenarch

Thanks for all your helpful advice I will have a read of the links you kindly sent in the hope it will lead to me being able to do something constructive.