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Y3S subsidiary is forced to go into administration

Y3S Group has placed one of its subsidiaries, BMB Financial Limited, into administration, leaving behind liabilities of £191,418.

A statement of affairs report filed on Companies House shows BMB had liabilities of £191,418.92, of which £92,053.14 is owed to HM Revenue & Customs, £50,724.54 to Fortis Insurance Company and £19,020 to Cardiff City Council.

Creditors number 11 in total and include Friends Life, Aegon and Zurich.

In September, Cardiff-based Y3S closed its life insurance business, resulting in some redundancies.

Barney Drake, group director at Y3S, says: “Our largest insurance provider changed commission parameters and capped our trade levels in early 2011, forcing immediate internal changes. Organisational restructuring of both costs and income sources was unable to regenerate sufficient profits under the restrictive conditions.

“Despite BMB’s offering and willingness to meet all liabilities, the actions of a minority creditor forced the eventual liquidation.”
Drake adds that the administration came about after one of BMB’s creditors refused to wait for all the others to agree payment terms.

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  • James Baker 20th February 2012 at 9:20 pm

    This is lies, we all know that they ditched the company so as not to pay any of the life assurane companies clawback. Barney Drake and Matt Cottle are 2 of the most corrupt people you will ever meet and should have their FSA licence revoked.

  • debt customer 31st January 2012 at 9:17 am

    I find all this worrying, I was introduced to Y3S for debt management purposes, they have been evasive at worst, and slippery at best. They took over a thousand pounds from my credit card to pay for fees saying that it is common practice in commercial debt management, I have since found out from the citizen’s advice bureau that this is highly irregular, I have also contacted Eurodebt who despite being a privately funded debt counsellor have also said that this is not only irregular but bordering on unfair trade terms. Having researched BMB financial on the OFT, their consumer credit license also encompasses Y3S debt Rescue, does this mean the debt management is liquidated too? I’m worried I won’t be getting my money back!