Mortgage Times officially in administration
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A winding up petition filed by HM Revenue & Customs for The Mortgage Times Group was dismissed today with costs after it was revealed that the network has now been placed into administration.
At a hearing at the Royal Courts of Justice in London today the court heard that Mortgage Times has now formally been placed in administration, though there was no word on which administrator has been appointed.
There were no directors from Mortgage Times present at today’s hearing.
HM Revenue & Customs initially filed its winding up order last November in relation to undisclosed debts owed to it by the network.
One source has told Mortgage Strategy that the debts owed to HMRC by Mortgage Times are in the region of £485,000.
Today’s hearing was the third attempt by HMRC to get its case heard.
The case was first brought to court on January 13 but was adjourned in light of the fact that an application to appoint an administrator had only been made the previous day.
Mortgage Times was granted a second adjournment at a later hearing on February 3, with its deadline to pay HMRC extended until today.
Staff at Mortgage Times were originally told that the network had gone into administration on December 21.
Readers' comments (8)
valleyboy | 17 Feb 2010 11:19 am
I hope the AR'S get fixed up with a new network soon, novate everything you can as any administrator will sell the client bank at the earliest opportunity, we went through this with Network Data/MBSL its a nightmare. Most importantly dont hold out any hope of getting any outstanding or pending commissions paid, it just wont happen. Best of luck to you all and keep smiling
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Grace Jones | 18 Feb 2010 0:07 am
Hi! So..for leaving the country...What should I do with these debris of mortgage files? I want to SHRED. Not that there is anything dodgy in mine... Getting rid of everything else..so... ALSO have some from a company (if same/worse state) that I 'self-employed' for... ?
As I didn't get any commission for those... what do you think?
SHRRREEEEDD!!!???
Works for the banks that we own now....
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Julian | 18 Feb 2010 9:37 am
We've heard it all and again, another big boy escapes clean.
when will they sort out the law, it's shamble - always penalising and sticking in laws after laws only to make life hard for the clean and hard working public but when the big boys pull a dirty, authorities cant do s$£^t.
Where is our Darling FSA now? they like bumming the small guys, whats the matter dont like the size of this one?
Where do the brokers & AR's go, i cant find any willing network that talks sense to take newly qualifieds onboard - all they want are those with £50k of of business (profit) - which itself is not possible in current climate according to the books.
Hello FSA, you still there?
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Wasim | 18 Feb 2010 9:39 am
Looks like the courts are on the side of the crooks on this one.
HMRC, meet FSA's product of 'fit n proper'
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Anonymous | 18 Feb 2010 1:35 pm
Don't you brokers talk some drivel.You don't do you yourselves any favours with these illiterate rantings.
No one wants to take you on....really, I can't imagine why?
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Anonymous | 18 Feb 2010 2:48 pm
As the last comment points out, why is anyone surprised that this has happened to mortgage times? People with any understanding of the market knew that the mortgage times model would never work in the long wrong, the whole thing was built on greed and anyone foolish enough to be taken in by the hype has only really got themselves to blame. I bet the advisers werent moaning when they were getting inflated, unsustainable proc fees and getting deals through because of the questionable packaging ethics!
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william | 18 Feb 2010 3:31 pm
is the fsa going to investigate whether the directors of mortgage times behaved appropriately and legally and pass a fit and proper test. should they be allowed to be directors of a company again while owing tax to the HMRC?
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Anonymous | 1 Aug 2011 8:10 pm
What will happen to people getting investigated
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