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Mortgage Times still not in administration

The Mortgage Times Group has still not been placed in administration almost a month after it was claimed that an application had been made.
Mortgage Times staff were originally told by management that the network had been placed in administration on December 21.

HM Revenue & Customs also filed a winding-up petition back in November in relation to undisclosed debts owed to it by the network.

But at a hearing at the Royal Courts of Justice in London on January 13 it emerged that an application to appoint an administrator had only been made the previous day. At the time, the firm was given 21 days to pay its debts to HMRC.

The case was adjourned until February 3. Mortgage Times was granted a second adjournment last week and its deadline to pay was extended to February 17.

One source puts the figure owed to HMRC in the region of £485,000. An HMRC spokesman says the level of debt cannot be disclosed due to confidentiality considerations.

He says: “We only initiate winding-up action when we believe this is the best way to safeguard the interests of the Exchequer and the fairest thing for those who pay their tax on time. We do not take such a step lightly.”

It is unclear what the process is for lender and provider payments for business introduced through Mortgage Times. A spokesman for Legal & General Mortgage Club says it will continue to pay most of the network’s appointed representatives directly.

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  • Alexander 11th February 2010 at 8:48 am

    This is a surprising twist in what has already been an extraordinary saga; misleading the authorised representatives appears now to have been a calculated risk but misleading the court is much more serious. This case is developing into something much more important than just a corporate failure – the financial systems in place to prevent abuse of position by companies is being tested. The FSA have shown themselves to be inadequate, acting many months too late and then ducking away from an investigation. The Court has a greater powers and it’s members are sworn to protect justice. February 17th will see a test of the Court’s legitimacy and I hope they decide to publicly raise the failures which have enabled The Mortgage Times to reach this unacceptable position.

  • Alexander 11th February 2010 at 8:48 am

    This is a surprising twist in what has already been an extraordinary saga; misleading the authorised representatives appears now to have been a calculated risk but misleading the court is much more serious. This case is developing into something much more important than just a corporate failure – the financial systems in place to prevent abuse of position by companies is being tested. The FSA have shown themselves to be inadequate, acting many months too late and then ducking away from an investigation. The Court has a greater powers and it’s members are sworn to protect justice. February 17th will see a test of the Court’s legitimacy and I hope they decide to publicly raise the failures which have enabled The Mortgage Times to reach this unacceptable position.