Jump to content


BankFodder BankFodder


Registered Users

Change your profile picture
  • Content Count

  • Joined

  • Last visited

Community Reputation

1 Neutral

1 Follower

About Apriumben

  • Rank
    Basic Account Holder
  1. Sorry guys been very busy but vaguely back in the land of the living - I'm still available - will try giving Alan a call
  2. Can you possibly post the content of your email on here? I would like to know what they are saying to other creditors as I have had no advice on the meeting myself.
  3. OK well here's how I see the current situation: There was no attempt by the insolvancy practitioner or liquidator to contact creditors before the meeting was called. To my mind that makes the initial creditors meeting flawed. We were unable to come up with the requisite 3 creditors at such short notice willing to sit con a creditors committee to oversee the liquidators investigations. I have written to and asked the liquidator a number of questions so far and not yet had a response, therefore I am not confident this will be properly investigated by them. I would love to leave them to it but to what end? It seems to me the only option we have is to press for the chance to form a committee - if we are allowed to who else would be prepared to assist? Forgot to mention that Radio 5 live may be doing a piece on Sunday morning, although I have no confirmation of this. Edit:Sorry just heard they will not have time to feature this weekend, however depending on how this progresses might happen next weekend instead.
  4. See daily mirror article today http://www.mirror.co.uk/news/uk-news/andrew-penman-cash4phones-bosses-meet-3026912
  5. Well done Jon. Have you passed this on to the liquidator yet? Incidentally both facebook links don't work for me
  6. I would be interested to know how many people got a letter advising them of the creditors meeting? The liquidator should I believe advise all known creditors in writing, in advance. I did not get a letter. If you were owed money by C4P please confirm if you did, or did not, get advised by Capital Books, in advance. This information might be very useful.
  7. Unfortunately regardless of what else happens, you will NOT get any money back from C4P. The level of debt is such that no one would get anything regardless of what the liquidator finds. I have however received this from him:- "As I stated in the meeting of creditors, I have no personal and professional relationship with the Company or its current or previous directors prior to the meeting of directors. I advise you that it is my duty as Liquidator to investigate the actions/conduct of the directors and to make a report to the Secretary of State. The Secretary of State will then decide whether they have sufficient evidence to be able to issue proceedings under the Company Directors Disqualification Act. I am in process of inviting all creditors of the company to provide me with any information they have on the conduct of the directors and I would ask you to provide to me any evidence you have on the directors conduct. My report is confidential to ensure that any litigation is not adversely affected should the Secretary of State decide to issue proceedings. Please feel free to contact me with any information or documentation which will assist me in my investigations and any potential recovery action against the directors." If that gives anyone any peace of mind....
  8. Vasant Kara was a director from 30/3/201 to 30/04/2010. The insolvency practitioner has not yet had sufficient time to start investigating this company properly so we can't blame him at this time. However by supplying him such information as comes to light he has a duty to investigate and possibly report on it. When I say 'possibly report' I refer to the fact the some parts of his investigations are kept secret - so a) he shouldn't tell us, and b) we can't tell if he has properly investigated and found such things as Director fraud. However there are limits to what we can do, and as long as we do what we can, ultimately whatever happens is outside of our control. We do not have enough details at this point to go much further. Information will be passed on. lets not lose any more sleep on this - we have all lost money, put it behind you now if you can and move on poorer but wiser. Please be assured though that anything that does come along will be followed up.
  9. Completely agree that for many people the distance/timing would be too much, and a whole other bunch of perfectly valid reasons. However bear in mind that this isn't just down to the people posting on here, there are hundreds, probably thousands, of others also affected. The key thing is that if a company / person can rely on this apathy, there is no real reason why they won't be tempted to do this over and over again. Obviously if the sums were higher then people would be more motivated - which just gives a licence to those who want to take advantage to go for quantity over quality of [problem]. Anyway, whilst there was little to be gained in the meeting itself it did raise a whole raft of questions, many of which I have now passed on to the liquidator to follow up. I expect a proper investigation to be done, and I expect some sort of proof it is being done. I have no reason at this stage to doubt the integrity of Capital Books however it is the motivation to dig that is my concern. Capital Books have charged a tidy sum for their initial work, however the prospect of them getting any more themselves is dim. If the trail gets too complicated and time consuming it may possibly get given up as a bad job. That is the reason I would have wanted to sit on a committee - not being motivated by money I would perhaps be more inclined to carry on if the going got tough. Having said that, the last thing I need in my life right now is to have to sit on a committee - but if it does turn out to be possible I will still volunteer my services. I cannot promise to update this post with any information I may get, as some things may well be confidential. However I can promise that if I do get any information I can possibly share, I will. Equally if the liquidator is not forthcoming with information I will share that fact also. Thank you to those who sent me your proxy forms, sorry I was not able to use them. I did however peruse the entire file of lodged creditor forms, and at least 50% had nominated the 'Chairman' as their proxy. I'm not an expert but that suggests to me that would allow the Company director to use the votes, or in best case scenario the liquidator. I have no idea why they would have specifically recommended the Chairman but doubt our votes would have meant anything as a result.
  10. From HMRC: A liquidation committee is a small group of representative creditors appointed by all the creditors to assist the liquidator in conducting the liquidation. At all Section 98 meetings the liquidator is obliged to ask whether the creditors wish to form a committee. The chairman will ask whether any creditors wish to put themselves forward as members of the committee and then all creditors present will vote on whether they are prepared to allow that creditor to sit on the committee. Voting is by a simple majority, based on the value of each attending creditor’s debt. If not appointed at the Section 98 meeting, a committee can be formed at a later meeting. The minimum number of creditors needed to form a committee is 3. The maximum number of creditors who can sit on a committee is 5. If there are less than 3 creditors attending the Section 98 meeting in person then a committee cannot be formed at that meeting. So basically there must be at least 3 creditors present and willing to act on a committee before it can be formed. Although proxy votes will be counted as far as passing resolutions are concerned, they don't affect this requirement (or so I read it). So unless at least 2 other creditors turn up that are willing to act on a committee, we will be sunk in that regard.
  11. I will be making a full report on here sometime Monday, but as I had a full day without the hassle of getting over to Hither Green I'm not sure what time Monday that will be. If anyone else who turns up care to post on here before me then have no worries over stealing my thunder! I will also try and get there as early as possible to get a chance to speak to whoever else turns up. Should be an interesting if frustrating day!
  12. All advice on this is helpful, I am not a practitioner of any of the black arts and do not pretend anything other than a desire to see this through and a reasonable grasp of English and basic consumer law. I have a lot to learn before the meeting on Monday!
  13. Well I advised action fraud yesterday that it would be appropriate for them to attend the meeting and arrest the director. they haven't replied to me as yet! However as I am planning to attend, how about people filling in their proxy form and nominating me? I don't want to put my personal details on here though, but if you post your willingness to do this then Bankfodder can probably get them to you (unless any of the CAG admins are also planning to attend?)
  • Create New...