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Cattles in more trouble :-)


PGH7447
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Is that the sun starting to shine ;)

 

 

Notts

 

No, it was the Telegraph ;)

Anthrax alert at debt collectors caused by box of doughnuts

 

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However, the banks want a solution as they fear customers will not bother to repay their debts if Cattles goes bust, as happened at London Scottish Bank. :grin::grin::grin:

 

Now there's a surprise.

 

David

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The company also appointed a new chief operating officer to Welcome Financial. Paul Mackin joins from Littlewoods Shop Direct on June 5 and will work with David Postings, group chief executive, who has taken over day-to-day management of the division

 

On a day to day contract :D

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Hmmmmm, most people leave a sinking ship!!

 

David

 

Like rats :D

"To love unconditionally is the greatest gift, laughter is a close second" .To give your time to help others after being helped here is the best way to show your appreciation to your fellow CAG members.

 

Please note that this advice is given informally, without liability and without prejudice. Seek the advice of an insured qualified professional if you have any doubts. All my knowledge has been gained here, for which I'm very grateful. I'm a Journalist, not a law professional.

 

If you do PM, make sure to include a link to your thread as I don't give out advice in private ;)

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  • 1 month later...

It's a common situation staff panic, as so they should and bail out, this leaves holes in the infrastructure. The businees still needs to function so they need to replace the staff that leave. I do notice the position is contract ie temporary and in ' welcomes' case very very temporary.

 

I'm getting bored now, when will they admit defeat and die, its like watching an animal after its been run over. The banks are going to pull the plug who is insane enough to bail them out certainly not the tax payer we are already over 60% into RBS and Lloyds

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What does welcome/cattles going bust mean for people who owe it money?

 

What did that quote mean about banks fearing debtors wont pay up? does the debt vanish if a company goes bust? :confused:

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The adminsistrators will sell on any valid assets such as a loan portfolio and then you'd be hanled by them.

"To love unconditionally is the greatest gift, laughter is a close second" .To give your time to help others after being helped here is the best way to show your appreciation to your fellow CAG members.

 

Please note that this advice is given informally, without liability and without prejudice. Seek the advice of an insured qualified professional if you have any doubts. All my knowledge has been gained here, for which I'm very grateful. I'm a Journalist, not a law professional.

 

If you do PM, make sure to include a link to your thread as I don't give out advice in private ;)

BB 13 - DCAs/banks and solicitors 0.

 

I get a fresh start to get on with learning to live with severe disabilities when they could have had something if they'd been understanding...

 

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The adminsistrators will sell on any valid assets such as a loan portfolio and then you'd be hanled by them.

 

So why are the banks worried? I see no difference in situation, just the name of the **** harrassing you for repayments :confused:

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When Cattle's/Welcome's portfolios are sold on during the asset stripping it will be interesting to see whether their archives were kept in good order, or whether they are in the same mess as some of their agreements. :rolleyes:

Anthrax alert at debt collectors caused by box of doughnuts

 

Make sure you do not post anything which identifies you. Although we can remove certain things from the site unless it's done in a timely manner everything you post will appear in Google cache & we do not have any control over that.

 

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So why are the banks worried? I see no difference in situation, just the name of the **** harrassing you for repayments :confused:

 

If I recall correctly, Cattles owe the banks £600 million.

 

David

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hello guests, checking on cattles are we, well the sooner they get taken to the slaughterhouse the better for all, and while their at it take welcome lewis and clueless and their pet solictior howard cohen along for the one way trip

PGH7447

 

 

Getting There Slowly

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Advice is given freely but is in no way meant to be taken as Gospel:-)

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At Last Some One On My Wave Length

 

Hey ive always been on your wavelengh regarding these to%%ers:D

Please note i have no legal training any advice i give comes from my own experience and from what i have learned on this site

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http://online.wsj.com/article/BT-CO-20090715-701963.html

Update 15/07/09

 

LONDON (Dow Jones)--U.K. subprime lender Cattles PLC (CTT.LN) Wednesday said its lenders have agreed to extend its GBP500 million syndicated banking facility from a maturity date of July 14 to Dec. 31.

The syndicated loan is led by Royal Bank of Scotland Group PLC (RBS) and there are 22 banks in the syndicate.

Cattles, whose shares are currently suspended, said it has also entered into further agreements and changes to its banking facility with all its bank lenders and US Private Placement noteholders as it looks to stabilize the financial position of its subsidiary Welcome Financial Services Ltd. and its other divisions.

The lender added that it was still in talks with all its banks with a view to "achieving a formal standstill agreement."

 

----------

 

Looks like they have been let off:mad:

PGH7447

 

 

Getting There Slowly

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Advice is given freely but is in no way meant to be taken as Gospel:-)

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Maybe but they still have to find the money and the business plan sucks.

 

Where are they going to get money from unenforceable turkeys? What if the SB debt period gets brought into line with europe of 3 years NOT 6 they are gonna be proper knacked

We live in an unmoderated country why should the net be any different?

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  • 2 weeks later...

update 23 07 09

 

PWC comes under scrutiny for Cattles audit - Times Online

 

PWC comes under scrutiny for Cattles audit

 

 

PricewaterhouseCoopers (PWC), the UK’s largest accountancy firm, is being investigated by the financial reporting regulator into its oversight of Cattles, the beleaguered sub-prime and doorstep lender.

The inquiry by the Accountancy and Actuarial Discipline Board (AADB), part of the Financial Reporting Council, comes after Cattles this month said that it had undertaken a clearout of senior management over a “breakdown” in its internal controls. Six senior directors were fired.

Cattles has been in crisis since February, when PWC raised questions over the level of impairment charges that it was taking to cover a surge in problem loans. In April, having issued two profit warnings, Cattles suspended trading in its shares and said that it would no longer be able to publish its report and accounts, due by the end of that month.

The AADB said today that it would investigate the preparation, approval and audit by PWC of the financial statements of Cattles and its Welcome Finance business for the year ended December 31, 2007 and interim financial statements for the first half of 2008

 

etc etc

PGH7447

 

 

Getting There Slowly

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Advice is given freely but is in no way meant to be taken as Gospel:-)

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