agree lets hope they get a result.
Fraser Eagle
- Thread starter Atarah
- Start date
Those of us who work in the travel industry all know things aren't good, the tragic demise of Fraser Eagle was indeed a very sad day for the trade. I personally know a family who have been directly affected by the collapse of FE, and my thoughts are with them, and everyone else who has lost their job as a result of the collapse.
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heard a whisper they are starting again wi coaches under a new guise,? may be just crap, but if true won't do any good fer most of the poor sods that lost their jobs.
Was reported in the telgraph. Scandalous is about the politest word I can think of
Fraser Eagle boss has a new firm (From Lancashire Telegraph)
funny how the rules always help the money people n do sod all fer the poor sods left in the crap.Was reported in the telgraph. Scandalous is about the politest word I can think of
Fraser Eagle boss has a new firm (From Lancashire Telegraph)
I've always though that was a load of crap, people being able to start a new business, whilst the company they once owned owes creditors oodles of cash, but I suppose that's why they open limited companies. I don't know what it costs now, but in the early 80s you could buy a shelf company for around £250Was reported in the telgraph. Scandalous is about the politest word I can think of
Fraser Eagle boss has a new firm (From Lancashire Telegraph)
The term used in business for this type of scam is that of a 'phoenix' company. I suppose this is the first time the eagle has risen from the ashes.
Apart from the employees who lost their jobs, and all the suppliers/creditors who have been caught up in this, it's that this Connect Point 'phoenix' company are trying to take over the FE assets, contracts and order book whilst trying to hoodwink the same suppliers into working for them - without acknowledging they are still a Fraser Eagle business.
As if it's not bad enough that the administrators have seemingly let the FE coaches be 'appropriated' by another company, they're letting whatever saleable assets they do have slip by from under their noses.
Shocking.
As if it's not bad enough that the administrators have seemingly let the FE coaches be 'appropriated' by another company, they're letting whatever saleable assets they do have slip by from under their noses.
Shocking.
I heard that some coaches had been given to creditors before the receivers were called in.
Frasers subcontracted other coach firms to do rail replacement work and many were complaining they hadn't been paid for months on end in the year leading up to them folding.
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
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
There should be a law that stops people who were directors of a limited company that goes bust, from forming another company for a minimum of two years, or even longer
sorry for posting twice earlier folks :-( Didn't know how to delete it - apologies.
The thread Katex refers to is quite interesting, there's a general consensus that the '17 yo daughter' was in fact Kevin Dean, rather than his daughter. It certainly seemed coincidental that several pro-FE posts were put up at similar times, whilst attempting to slight some of KD's detractors.
Best of all IMO was when someone who claimed to be a 'voice of reason' against the scapegoating of Kevin and FE turned out to have been working from Malta all along, under the Connect Point phoenix company.
Glad you like it Katex, it's their to help, get the story out and hopefully engage others to contribute. It's already stopped a couple of taxi firms (that were owed money by FE) being taken in by the Connect Point scam.
The thread Katex refers to is quite interesting, there's a general consensus that the '17 yo daughter' was in fact Kevin Dean, rather than his daughter. It certainly seemed coincidental that several pro-FE posts were put up at similar times, whilst attempting to slight some of KD's detractors.
Best of all IMO was when someone who claimed to be a 'voice of reason' against the scapegoating of Kevin and FE turned out to have been working from Malta all along, under the Connect Point phoenix company.
Glad you like it Katex, it's their to help, get the story out and hopefully engage others to contribute. It's already stopped a couple of taxi firms (that were owed money by FE) being taken in by the Connect Point scam.
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I didn't feel that the posts by the 'supposed' posts by Rachel Dean, 17 year old daughter of Kevin Dean, were anything but her Gigglemal .. maybe with someone over the shoulder at most ... too juvenile.
I understand perfectly how you feel here having worked for a company that went into administration last June .. luckily bought by another company, but without loss of people's jobs, and the directors still coming out smelling with roses ... associate company was Oswaldtwistle Mills.
They did fight hard to keep the company going .. well the Chairman at least .. but a little more of the truth to staff at least 6 months before they folded would have not gone unresponded .. they would have done anything to help if the directors had had the guts to admit they were in trouble. Ok .. they did a bit ... but not the full truth.
I understand perfectly how you feel here having worked for a company that went into administration last June .. luckily bought by another company, but without loss of people's jobs, and the directors still coming out smelling with roses ... associate company was Oswaldtwistle Mills.
They did fight hard to keep the company going .. well the Chairman at least .. but a little more of the truth to staff at least 6 months before they folded would have not gone unresponded .. they would have done anything to help if the directors had had the guts to admit they were in trouble. Ok .. they did a bit ... but not the full truth.
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The thing is kate its not the directors who are in trouble, its their company that's got the problems and the people they employ. If the firm folds they walk away unscathed, with their bank balance, house and car intact, then they just start again on Monday morning like nothing has happened, they don't give a monkeys for anybody but themselves
Do you know if John T (Dellboy) is one of them?