Farepak victims yet to be paid
The government was unable to help victims of the collapsed savings club Farepak get compensation before Christmas
The government was unable to help victims of the collapsed savings club Farepak get compensation before Christmas
Consumer minister
Gareth
Thomas confirmed yesterday that a payment date for the victims of
Swindon-based Farepak savings club collapse had yet to have been set.
In a ministerial statement, Thomas said creditors, including customers, were
expected to get about 5p in every pound returned.
‘It is not yet possible to confirm when a payment will be made to customers,
as every agent and customer claim must be finalised before this can take place,’
he said. ‘All claims for money must first be verified and checked to ensure they
are not duplicated by agents and customers.’
Some 150,000 families lost about £40m in savings when the firm went into
administration in October 2006.
Further reading:
Farepak victims to be paid – after Christmas
The numbers you crunch tell a story. Your expertis...
16yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleBody Shop, Ted Baker, Farfetch, MatchesFashion and Wilko among latest retailer insolvencies. Number of businesses in trouble are the highest in five y...
View articleInsolvency statistics in the UK for the second quarter of 2023 were the highest since 2009 with 83% of them relating to small businesses Read More...
View articleThere were 6,342 recorded company insolvencies in Q2, reflecting a 9% increase compared to the number of insolvencies in Q1, and a 13% increase compar...
View articleThe survey paints a “brightening” picture of the global economy, according to the ACCA Read More...
View articleThe pandemic may have “distorted” some economic data Read More...
View articleAdvisory firms must offer a “more supportive” and holistic approach to clients amid the economic downturn Read More...
View articleHaving a clear plan and clean data to help optimise the use of scarce resources will be key for businesses Read More...
View articleThe Coronavirus Job Retention Scheme has supported millions of jobs amid the pandemic, but with the support measure set to end in September, how can a...
View article