Categories:Funds

Halliwells' administrators seek funds to cover £200m of debts

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  • He's also acting for the University of Salford in the libel claim against a former lecturer

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  • I am also taken by some of the amusing statements. People do not seem to understand what it going on here.
    1. The sale of the assets resulted in a deal whereby the partners who moved to Hill Dicks, Barlows and Gateley Wearing would see their practice loans repaid. The payment would come from realisations from the assets. Is that fair when you take into account the reverse premium received by some of those partners and the huge losses incurred by creditors?

    2. The partners who were there when the ship went down have the ability to claim terminal loss relief. This includes the ones who took the £20M reverse premium. Is that fair when considering the position of the creditors?

    3. Those who took the reverse premium may see a cash neutral position and get the benefit of terminal loss relief so they lose nothing. Is that fair.

    Nobody in the press has really got to grips with the tax position and the application fo terminal loss relief. Tax rebates loom large which means even less money for hospitals etc.

    Whose laughing now?

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  • @9.56 am. On twelve separate occasions today. Alas reverse premium / lottery win is but a pipe dream and I shall have to keep at the drudgery for a living.
    The Lawyer omits to mention that the Landlords (assuming that they are admitted for this top line number) may get as much as (by very, very rough sums assuming an even split in the rentals and a full prescribed part, which is no certainty by the sound of it) a quarter's rent each out of the process.

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  • Well bad innit. Wotevs.

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  • That's what it is.

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  • Where's Alec Craig?
    Do you think he should be reported to the police as a missing person?

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  • Alec Craig is probably still wafting around the streets of Alderley Edge in a powder blue Bentley convertible acquired at about the time the Halliwells' equity partners received their bunce from Spinningfields.

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  • What does the chair of the Salford Uni audit committee do? Is part of the job to advocate restraint? Wouldn't mind seeing the job description.

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  • What were they thinking? A total lack of sensible management laced with a large portion of greed.

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  • Salford Audit Committee: "The Audit Committee is responsible to Council for adequate and effective risk management, control and governance (including ensuring the probity of the financial statements and the effective management and quality assurance of data submitted to funding bodies) and for the economy, efficiency and effectiveness of the institution's activities."

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  • Anonymous 15 Feb at 5.34

    In answer to your questions, according to Wiki.... "The Maxwell companies filed for bankruptcy protection in 1992. His son, Kevin Maxwell was declared bankrupt with debts of £400 million. In 1995 Maxwell's sons Kevin and Ian and two other former directors went on trial for conspiracy to defraud, but were unanimously acquitted by a twelve-man jury in 1996"

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  • Thank you anon 21 Feb 12:43
    Am I the only one scratching my head?

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  • The Knowledge - it was a response to AA of a couple of posts earlier.

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  • yes I followed it, I'm scratching my head over the job description when viewed by reference to the track record

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