Mortgage Times officially in administration

A winding up petition filed by HM Revenue & Customs for The Mortgage Times Group was dismissed today with costs after it was revealed that the network has now been placed into administration.

At a hearing at the Royal Courts of Justice in London today the court heard that Mortgage Times has now formally been placed in administration, though there was no word on which administrator has been appointed.

There were no directors from Mortgage Times present at today’s hearing.

HM Revenue & Customs initially filed its winding up order last November in relation to undisclosed debts owed to it by the network.

One source has told Mortgage Strategy that the debts owed to HMRC by Mortgage Times are in the region of £485,000.

Today’s hearing was the third attempt by HMRC to get its case heard.

The case was first brought to court on January 13 but was adjourned in light of the fact that an application to appoint an administrator had only been made the previous day.

Mortgage Times was granted a second adjournment at a later hearing on February 3, with its deadline to pay HMRC extended until today.

Staff at Mortgage Times were originally told that the network had gone into administration on December 21.