|
|
14 May 2008
Farepak liquidator, BDO Stoy Hayward, says it has ‘issued proceedings against a number of parties in an attempt to secure further monies for the benefit of creditors, including customers’ of the collapsed savings club Farepak.
However, the liquidator has refused to reveal any further information, so as not to prejudice the legal proceedings and jeopardise the success of the case and it is unclear whether ‘the number of parties’ include former directors like William Rollason, former chief executive, or Nick Gilodi-Johnson, former managing director, The Independent reports.
About 150,000 former Farepak customers have so far been offered only 5p for every pound they have lost through the club's regular savings plan, but no payments have been made by the liquidator because of the continued legal squabbling.
The BDO statement warned the delay to payments was now in the hands of the courts, and that 'it will not be possible to pay a dividend before the end of this year'.
Further reading:
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment