If you didn't laugh, you would cry....
Jan 17, 2020 19:13:49 GMT
captainconfident, iren, and 1 more like this
Post by scooter on Jan 17, 2020 19:13:49 GMT
Loan 61545
8th August 2018 - the Court made disqualification order against R** Director RMJ
“The Judge found that he took no action whatsoever between February and May 2013 to stop the misuse of the Client Account Monies and introduce reforms (something expected of a Finance Director). RMJ was disqualified from acting as a company director for a period of 7 years to commence on 29th August 2018.”
13th August 2018 - FC loan made for £202k over 5 years
“I am looking to expand the practice by investing into more marketing with a new strategy and have working capital to fund that growth. I will need extra staff and infrastructure to facilitate this.” FC Website.
17th August 2018 - Termination of appointment of RMJ as a director - RMJ omitted to tell FC of his impending disqualification - fraud number 1
29th August 2018 – Disqualification order against RMJ commenced.
26th March 2019 – Micro company accounts made up to 30 June 2018 filed at CH. Fraud number 2 - faking the management accounts to get a loan.
Remember this is a accounting company!
· the Management Accounts provided to FC in order to get the loan showed Net Assets of £104K. Net assets on filed accounts for the same period = Nil.
· Current Assets were reduced by £133k
· The Long-Term Liability switched to be a Short Term One.
15th Sept 2019 – Defaulted
“We have been informed by the borrower they are currently experiencing cash flow difficulties. They are entering into a Short-Term Payment Plan to stabilize their position and then will use this plan clear down the arrears in the coming months. We thank investors for their patience.”
7th December 2019 – Micro company accounts made up to 30 June 2019 filed at CH.
Remember this is an accounting company!
· The filed accounts show no long-term liability to cover the remaining 4 years of the FC loan.
· They should show approx. £(130)k making net assets approx. £(130)k Fraud no3 - faking their filed accounts.
· There is only one extra member of staff and no increase in fixed assets and nothing to indicate what the loan has been used for. Fraud no4 - not using the funds as intended.
RMJ is a disqualified director and subsequently disqualified accountant who is still acting as “Managing Partner” despite this very likely breaking the conditions of his disqualification.
From *** website
“Our relevant and real life experience sets us apart from other accountancy practices in that our Managing Partner, RMJ, has been in the front line of businesses for many years. Working as both a financial director and investor for various companies, across a wide range of industries, RMJ has a hands-on understanding of the best ways to make businesses more profitable.👌 RMJ has passed this expertise on to the staff here at ***, some of whom have worked with him within companies where he has been the FD.
“The order or undertaking prevents you taking part or being concerned in the management of a company. 'Management of a company' is not confined to management of the internal affairs of that company. A manager may be someone in a position equivalent to that of a director (without having been appointed as such) or below director level.”
I realise that FC had no reason not to trust the Management Accounts provided to them however:
As FC will be following the Companies that they give loans to on CH didn’t a red flag get raised that the Director resigned a couple of days after the loan was taken out?
Did FC check the next set of accounts to be filed for anomalies
FC should have spotted the above points when the loan was defaulted and discussions started surrounding a repayment plan. FC have however agreed to *** paying a reduced repayment plan of 23% of the original amount and remaining 3 months in the red whilst not taking any asset security from the actual Director (His wife?) of the business.
I would expect FC to have asked for latest management accounts in order to agree the payment break and repayment reduction. I would further expect FC to have compared the Management Accounts to the latest filed accounts when they were filed on the 7th December 19.
*** have lied and misled FC and their investors since the inception of the loan and are very likely still doing so.
RJM could be jailed and / or heavily fined for his role in this Company.
Without RJM there is no Company. (Just look at the website)
Another “hidden” creditor could ask for the security before FC do
This company is trading whilst insolvent, it is not cash flow issues.
They are clearly a very poor accounting company who are unlikely to survive anyway.
All of this information is available in the public domain and FC should have used it to protect the interests of investors if not at the beginning, certainly when the recovery started. As *** are proven to mislead FC there is no reason to procrastinate further and FC should be putting investors first for once by protecting their interests.
What was their response to this information? "We will review again in 3 months time" 😭
?) who FC decided to lend £175,000 to for no particularly good reason in May 2017. They paid 29 times then defaulted. However, when you go to Companies House, they don't even show the FC debt in the balance sheet.In May 2019 FC said the borrower would make a payment to clear the debt but never did, on 16 Jan 2020 they finally defaulted it. The borrower didn't show the loan in their 2018 or 2019 accounts! In fact, the accounts appear to be entirely fraudulent. The comments on the FC loan say they have a 'fantastic reputation', the food standards agency gave them the lowest 1star rating for a 'complete failure in food safety management' and they have closed down.
