That's only the thin end of the wedge Margaret.
How about all the cars from FE cars being 'given' to a director and allowed to form up as Martholme Motor Company, and continue trading on the same premised in Gt Harwood?
How about at least 3 coaches still running around with Walton Swift banners in, just with the FE name removed from the sides?
How about the forward coach order book being in the hands of Walton Swift?
How about the taxi contracts being fulfilled by Connect Point UK, the renamed Fraser Eagle Business Solutions?
The administrator has not received a penny yet, in fact Connect Point have not put a penny into the business. They've borrowed up to 600k, intend paying 100k professional fees, 100k for the fixtures and fittings of Malta offices, yet what assets does the business have if the cars, coaches, contracts are all in the hands of others?
Taxi firms - many of which are creditors are FE - have been approached by Connect Point, the phoenix company of Kevin Dean, who trade from Malta, in the FE offices there, with FE staff and FE assets.
Sadly, some of these taxi firms are unaware who they are actually dealing with, as they are asked to invoice a third company (Glenvale Walk Limited) which just happens to have Kevin Dean as a Director, as well as Iain Campbell, whose financial planning partnership are the registered office of the company.
FE's accounts payable are estimated (conservatively) to be at least 4 million, including HMRC. Connect Point estimate the Virgin Trains contract to be worth 6 million alone, and they are relying on Invoice Finance to capitalise their operation once their initial borrowing has funded the scam.
Never mind that FE were clearly trading insolvent since at least last Summer, Kevin Dean simply should not be allowed to get away with this. Hopefully more people will become aware of this situation, and make the appropriate complaints.
Apparently, both BERR & the SFO have received a large amounts of complaints pertaining the conduct of the Directors, especially Kevin Dean. Away from the corporate responsibility aspect, or the lack of conscience, he may think he's got away with it in Malta with his new yacht and villa. However, the amount of money owed and the amount of creditors won't simply go away - no matter what he thinks.
One also has to question the conduct of the administrators in allowing external companies to pillage any potential saleable assets, including the contracts, order book etc., to be appropriated without any revenue? Even if they managed to find a buyer, what value is left?
Anyone with any interest in the Fraser Eagle debacle should check out the|
Fraser Eagle Administration Forum