oldskyblue58
CCFC Finance Director
Mr Appleton has filed his final progress report at Company House dated 27/09/13.
Main points are
- Otium paid £1,500,004 for the following
Goodwill £1
Business Intellectual Property £1
FL & FA shares £2
Benefit of any continueing Contracts £466,742
Equipment £1
IT System £5000
The debts, benefit of all guarantees, indemnities and security rights in respect of them, including any Rates rebate. £1,000,000
any other assets £28,254
"the Company's accounting policies are complex and confusing"
"sought answers.....to ascertain whether any of the Company's assets have been either sold at undervalue or transferred for improper consideration..... investigations, thus far, have found no evidence to suggest the company or its directors both past and present have entered into such a transaction"
Conduct of directors past and present will be included in confidential report to Dept of Business Innovation & Skills
"I have found no evidence of an improper financial relationship between the Company and connected entities" Investigations to continue
Legal fees £400,764 plus VAT
Joint administrators fees from 21/03/13 to 27/09/13 £513,109 plus VAT (for 1571 hours of work)
PR fees £22,500 plus VAT
No assets left to sell
The collection & payment account so far is
Receipts
From Otium (as abovE) 1,500,004
Deposit account interest 3
Third Party Funds 40,251
total 1,540,258
Payments
Pre appointment costs PA 15,000
Pre appointmt - solicitors 17,751
disbursements 793
Legal fees 400,765
Administrator paid on account 200,000
PR costs 22,500
Total 656,809
Balance still left 883,449
313,109 still to be billed by administrator (forms part of the £513,109 above total)
make of it all what you will. There is more to the report but it is really statutory stuff that has to be included
Away from the report ARVO have cancelled part of their charge over the CCFC Ltd assets but left a charge over the following items
lease
premises licence
cash
some business records
any insurance claims
Main points are
- Otium paid £1,500,004 for the following
Goodwill £1
Business Intellectual Property £1
FL & FA shares £2
Benefit of any continueing Contracts £466,742
Equipment £1
IT System £5000
The debts, benefit of all guarantees, indemnities and security rights in respect of them, including any Rates rebate. £1,000,000
any other assets £28,254
"the Company's accounting policies are complex and confusing"
"sought answers.....to ascertain whether any of the Company's assets have been either sold at undervalue or transferred for improper consideration..... investigations, thus far, have found no evidence to suggest the company or its directors both past and present have entered into such a transaction"
Conduct of directors past and present will be included in confidential report to Dept of Business Innovation & Skills
"I have found no evidence of an improper financial relationship between the Company and connected entities" Investigations to continue
Legal fees £400,764 plus VAT
Joint administrators fees from 21/03/13 to 27/09/13 £513,109 plus VAT (for 1571 hours of work)
PR fees £22,500 plus VAT
No assets left to sell
The collection & payment account so far is
Receipts
From Otium (as abovE) 1,500,004
Deposit account interest 3
Third Party Funds 40,251
total 1,540,258
Payments
Pre appointment costs PA 15,000
Pre appointmt - solicitors 17,751
disbursements 793
Legal fees 400,765
Administrator paid on account 200,000
PR costs 22,500
Total 656,809
Balance still left 883,449
313,109 still to be billed by administrator (forms part of the £513,109 above total)
make of it all what you will. There is more to the report but it is really statutory stuff that has to be included
Away from the report ARVO have cancelled part of their charge over the CCFC Ltd assets but left a charge over the following items
lease
premises licence
cash
some business records
any insurance claims
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