Mortgage Times given extra time to pay HMRC debt

3 February 2010 | By Natalie Martin

The Mortgage Times Group was granted a second adjournment today and has until February 17 to pay its undisclosed debt to Revenue & Customs.

Registrar Barber has given the defunct network 14 days to get its administration application in order.

No-one was present from Mortgage Times at today’s hearing at the Royal Courts of Justice in London.

At the previous hearing held last month the court ruled that Mortgage Times had 21 days to pay its debt to R&C.

The court heard that an application to appoint administrators for Mortgage Times had been made on January 12, the day before last month’s court hearing.

R&C had filed a petition to wind up Mortgage Times back in November.

It emerged last month that the Financial Services Authority stripped the network of its regulatory permissions just before Christmas due to a capital shortfall of almost £1m.

Mortgage Strategy also revealed last month that Mortgage Times directors Chris May and Paul Carmody have set up a financial planning and asset management firm called Carmody & May.

The firm’s website was set up in November, just before the collapse of Mortgage Times in December.

Readers' comments (8)

Anonymous | 3 Feb 2010 12:27 pm
So the company still isn't in administration yet which must mean that it is effectively still open/solvent? Anyone any idea as to the current status?
Unsuitable or offensive? Report this comment
IOU | 3 Feb 2010 12:52 pm
How can another delay be justified. The directors win again. Shut them down now
Unsuitable or offensive? Report this comment
Frank Jurga | 3 Feb 2010 1:12 pm
The only reason possible for seeking a delay in any HMRC action would be to continue hiding money. Are the Banks asleep again? Surely they would have called in their overdraft by now and got administrators sent in by now. Administrators would see MT are insolvent and swiftly turn their job into liquidators.
Unsuitable or offensive? Report this comment
An Empoyee? | 3 Feb 2010 2:05 pm
Not been dismissed, no P45, no pay since November.

Now, MT not in administration. Does this mean I'm still employed?

Can we assume the four directors are selling their BTLs to pay off the debts?
Unsuitable or offensive? Report this comment
Anonymous | 3 Feb 2010 2:42 pm
An Employee , i thought there were only 2 directors
Unsuitable or offensive? Report this comment
Anonymous | 3 Feb 2010 5:47 pm
I'm waving goodbye to my long overdue proc fees.

Appauling.
Unsuitable or offensive? Report this comment
G Martin | 3 Feb 2010 6:28 pm
If MT aren't offically in administration does this mean I can't claim jobseekers yet? I don't want to be called a benefit cheat!!!
Unsuitable or offensive? Report this comment
salil chaudhari | 3 Feb 2010 8:23 pm
Maybe their ASS-ETS ought to cover it or maybe something more CONVENIE-NT.
Unsuitable or offensive? Report this comment