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Sizeable returns expected for MT secured creditors

The administrator of The Mortgage Times Group says the network’s directors anticipate substantial returns to secured creditors.

Insolvency firm Kelmansons Costa Business Solutions was appointed as administrator last Tuesday, Mortgage Strategy can reveal. John Kelmanson, managing partner at KCBS, says secured creditors are the priority but others, including appointed representatives, could be paid something.

He says: “The direc tors anticipate a substantial return for secured creditors, and if we are able to maximise returns from the assets of the business, hopefully all creditors will receive something.”

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  • Paddy Power 26th February 2010 at 7:38 pm

    Lies and more damm lies…!! There is nothing worth anything to sell. I hope but I doubt the administrator will investigate the financial dealings in detail. Everything beens done so the Directors may get some more money out…oops thats why it didnt have any capital. it had already been taken out. silly me.

  • Paddy Power 26th February 2010 at 7:37 pm

    Lies and more damm lies…!! There is nothing worth anything to sell. I hope but I doubt the administrator will investigate the financial dealings in detail. Everything beens done so the Directors may get some more money out…oops thats why it didnt have any capital. it had already been taken out. silly me.

  • Andy Brooke 26th February 2010 at 9:15 am

    And what about the staff who didn’t get any salary in December, no notice pay and no redundancy? What do the directors anticipate they will receive after sacking them on 21/12 falsely claiming the company was in administration? All staff worked extremely hard often covering the directors backsides taking the flak just to keep the heat off the directors who ended up stitching them up.

  • anon 24th February 2010 at 9:09 am

    Don’t hold your breath…

  • anon 24th February 2010 at 9:09 am

    Don’t hold your breath…