Mortgage Times given extra time to pay HMRC debt

The Mortgage Times Group was granted a second adjournment today and has until February 17 to pay its undisclosed debt to Revenue & Customs.

Registrar Barber has given the defunct network 14 days to get its administration application in order.

No-one was present from Mortgage Times at today’s hearing at the Royal Courts of Justice in London.

At the previous hearing held last month the court ruled that Mortgage Times had 21 days to pay its debt to R&C.

The court heard that an application to appoint administrators for Mortgage Times had been made on January 12, the day before last month’s court hearing.

R&C had filed a petition to wind up Mortgage Times back in November.

It emerged last month that the Financial Services Authority stripped the network of its regulatory permissions just before Christmas due to a capital shortfall of almost £1m.

Mortgage Strategy also revealed last month that Mortgage Times directors Chris May and Paul Carmody have set up a financial planning and asset management firm called Carmody & May.

The firm’s website was set up in November, just before the collapse of Mortgage Times in December.