Mortgage Times debt recovery hits £40,000
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The administrators for defunct network The Mortgage Times Group have revealed that £40,000 has been collected in commissions and pipe-line monies owed to the network.
Phoenix CPG, part of the Phoenix Group, acquired the assets of Mortgage Times in March. A three-year agreement has been entered into with Phoenix whereby it collects commission income on behalf of the joint administrators.
John Kelmanson and Karyn Jones were appointed joint administrators in February and have filed an update report to Companies House for the period February to August. The report says they are still pursuing debts owed to the firm but are now being assisted by its former directors and staff.
The report says: “We currently anticipate there will be a surplus available for unsecured creditors, but it is difficult to estimate the amount of the dividend until the remaining assets are realised.”
£975,000, falling short of the £3.2m owed to unsecured creditors.
The report says numerous claims have not been received but the administrators will notify those owed money should some be payable. It estimates there is currently £61,235 available to unsecured creditors.
But it adds: “This is an approximate figure as there are many uncertainties in respect of potential realisations still being addressed.”
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