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Details of Mortgage Times’ debts emerge

Documents filed on Companies House today reveal that The Mortgage Times Group owed unsecured creditors over £3.2m when it entered into administration on February 16.

Papers signed by the network’s director Paul Carmody on April 1 show the company had assets of £378,500 that were made available to creditors, but its liabilities exceeded this by millions.

Its unsecured debts totalled £3,204,494. Some of the biggest creditors include HM Revenue & Customs which was owed £240,000 in tax and £360,000 in National Insurance and Crystal Software which was owed £119,000 and P&O estates £348,324.

Nahim Rahman was the biggest creditor and owed £1m and employees of the network £45,000.

The Financial Services Authority was owed just over £24,000 and the Financial Ombudsman Service £2,000.

Mortgage firms were not the only ones to lose out as a result of the administration. UK dairy company Dairy Crest was left £75.48 out of pocket and the Fresh Ground Coffee Services £550.

The Holiday Inn Brentwood was also owed £2,800 and Feminine Hygiene £409.

The estimated total deficiency regarding its members was just over £4m, with Barclays owed just over £0.5m.

The administrators Kelmanson Costa Business Solutions, said in February that the directors of the network anticipate substantial returns to secured creditors.

John Kelmanson, managing partner at Kelmansons, was unavailable for comment today.

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  • Anon 20th May 2010 at 2:06 pm

    Is the full list available on-line?

    What I would like to see is the loans made to and from Chris May and Paul Carmody. I would also like to see the dates these were varied.

    That the FSA have yet to launch an official investigation into this debacle is remarkable.

    The Holiday Inn in Brentwood is intriguing – surely no officer of the company used that hotel for any rende-vous with their mistress?

  • Anon 20th May 2010 at 2:05 pm

    Is the full list available on-line?

    What I would like to see is the loans made to and from Chris May and Paul Carmody. I would also like to see the dates these were varied.

    That the FSA have yet to launch an official investigation into this debacle is remarkable.

    The Holiday Inn in Brentwood is intriguing – surely no officer of the company used that hotel for any rende-vous with their mistress?

  • Sam Jones 7th May 2010 at 10:10 am

    Sounds like the Directors kept running up bills after they knew the business was insolvent, you don’t get that kind of debt overnight – isn’t that illegal in this country?????

  • ian herbert 6th May 2010 at 6:15 pm

    there you go there’s the problem …..too many women working there, drinking coffee and dirty weekends 🙂