Phoenix CPG buys Mortgage Times' assets
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Phoenix CPG, part of the Phoenix Group that acquired the assets of defunct network Network Data, has now bought assets from Mortgage Times.
The administrators of Mortgage Times, Kelmanson Insolvency Solutions, has announced that Phoenix CPG has completed a deal to buy the assets from Mortgage Times, which was officially placed into administration last month.
John Kelmanson, principal of KIS, says: “As administrators, it is our task to realise as much value as we can from the sale of assets of the company in administration and also to realise any income streams that are due on behalf of all creditors.
“Phoenix has demonstrated that it has the expertise and facilities to enable us to meet these criteria.”
Michael Ramage, managing director of Phoenix, says: “After this difficult period, our primary concern is to ensure that the clients of the network are notified of the situation surrounding the administration and give them the opportunity to continue to receive proactive financial advice through ourselves or through those intermediaries who were ARs of Mortgage Times, but are still authorised and who wish to maintain their relationship with their clients.”
The formal administration of Mortgage Times came almost two months after the network’s staff were first told that the company was in administration on December 21 last year.
HM Revenue & Customs filed a winding up order for the network in November in relation to undisclosed tax debts owed by the network.
This order was dismissed when the court heard that an administrator for Mortgage Times had been appointed.
The Phoenix Group acquired the assets and client bank of Network Data and its subsidiary Mortgage Broking Services Limited back in September last year.
Readers' comments (2)
David Quarrell APFS | 19 Mar 2010 3:52 pm
This highlights what is wrong with this industry! The clients should belong to the adviser/Broker company not the network who happened to channel the commission . This would stop vulture companies like Phoenix profiting on others misfortune by purchasing an Income stream that rightfully belongs to the persons who through their hardwork generated it the first place.
All this system does is kick the Adviser when he is down hang your heads in shame AMI and FSA !
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Anonymous | 19 Mar 2010 10:09 pm
I wonder how much was paid for the MT assets? I bet I can find better bargains in my local 99p shop.
It was made very clear in the MT contract with AR's that the clients belong to the MT group and the income streams are the assets of the MT group. The company has the right to sell them.I am not defending them but merely stating what was in the contract which thankfully in retrospect after going through it with a solicitor friend I was advised not to sigh. He was proved right.I would be very surprised if people running the Phoenix group have no association whatsoever with the directors responsible for forcing the MT group into administration.
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