Details emerge about Mortgage Times’ debt

The extent of The Mortgage Times Group’s debts were revealed last week in documents filed at Com-panies House.

The network, which went into administration on February 16, owed unsecured creditors more than £3.2m. Papers signed by the network’s director Paul Carmody on April 1 show it had assets of £378,500 that were made available to creditors but its liabilities exceeded this by millions.

Its unsecured debts totalled £3,204,494. Some of the biggest cre-ditors include HM Revenue & Cus-toms which was owed £240,000 in tax and £360,000 in National Insurance, Crystal Software which was owed £119,000 and P&O Estates which was owed £348,324.

Nahim Rahman was the leading creditor, owed £1m, with network staff being owed £45,000. The Financial Services Authority was owed some £24,000 and the Financial Ombudsman Service £2,000.

Dairy firm Dairy Crest was left £75.48 out of pocket and Fresh Ground Coffee Services £550. The Holiday Inn Brentwood was owed £2,800 and Feminine Hygiene £409.

The estimated total deficit to members was over £4m, with Barclays owed more than £500,000.

The administrator, Kelmanson Costa Business Solutions, said in February that the network’s directors anticipate substantial returns to secured creditors. John Kelmanson, managing partner at Kelmansons, was unavailable for comment.