Notorious ticket tout Michael Rangos was this week officially named as the man behind four online ticket firms featured in Guardian Money last month, which have now been shut down by the government.

Rangos was the boss of another rip-off firm, Getmetickets, and has links to Ticket Tout, which collapsed spectacularly a year ago. Yet it appears he is still peddling his wares online and nobody seems able to stop him.

Last month we told how London Ticket Shop and three other companies had been put into provisional liquidation, amid claims that large numbers of music fans have been left out of pocket. The companies traded via the websites londonticketshop.co.uk and londonticketmarket.com.

This week it was announced by the Insolvency Service that the firms - London Ticket Shop Limited, based in south-west London; London Ticket Shop Szolgaltato Es Kereskedelmi KFT, based in Hungary; Cyprus-based MLT Services Limited; and Ticketout Limited, which operated in central London - have been wound up in the high court following an official probe.

"As a result of the companies' activities, there had been a considerable number of complaints from members of the public concerning the failure to receive tickets they had paid for in advance," says the Insolvency Service. "The court heard that Michael Rangos was behind the operation of the four companies wound up, although he attempted to conceal this involvement."

The investigation found tickets had been sold which the firms did not possess - and, in some cases, which did not even exist.

The judge, registrar John Simmonds, said he had read the evidence "and was very satisfied that there had been a conspiracy to defraud the public and benefit the particular 'gentleman' behind the companies".

Some Guardian Money readers will be aware that Rangos has a lot of form in this area. His online ticket company Getmetickets was shut down by the government two years ago after it was found to be charging way over the odds for concert and theatre tickets it did not have.

On BBC1's Watchdog programme in late 2005, Sir Cliff Richard memorably said of Rangos: "I think that he's being manipulative. I think he's extortionate and I think he's a very mean man doing this to people."

Then there was Ticket Tout, which collapsed a year ago. Well over 6,000 music fans lost out to the tune of £1.7m as a result of its demise. Many had forked out hundreds of pounds to see acts such as Muse and Arctic Monkeys. Both Ticket Tout and Rangos's Ticketout Limited shared the same central London address; the Insolvency Service says Ticketout Limited was set up to provide a bank account for Ticket Tout, "which had its bank facilities withdrawn".

It is still not clear how many people have lost money because of the activities of the four firms wound up last week. But, last month, officials were saying they had not been able to recover any tickets for events, so there were none that could be distributed to customers. Fans of Bruce Springsteen - who played a show at London's O2 Arena in December which sold out in minutes - were among those affected.

Money revealed last month a 'clone' of the London Ticket Shop website had been launched - presumably by Rangos - and it was still up and running this week, which makes you wonder why the powers-that-be have not managed to pull the plug on it.

This new site, London Tickets Express, claims to be "the web's premier ticket brokers," and is selling tickets for acts including Kylie at Manchester's MEN Arena (prices range from £49 to £245), Bon Jovi at Twickenham Stadium (with prices for standing tickets starting at £35, even though See Tickets and Ticketmaster quote a face value for these of £45-plus) ... and Rangos's old friend, Sir Cliff. It says it is a "Hungarian-based sole trader business". No address is given, and there does not appear to be a phone number for people to call, just an email address.

The new site even refers to the now-defunct London Ticket Shop - the "LondonTicketsExpress.com frequently asked questions" section includes the line "London Ticket Shop operates a very strict non-negotiable no cancellations policy..."

London Tickets Express's website address is londonticketsexpress.com. However, if you accidentally type in londonticketsexpress.co.uk, you will find some enterprising soul (not us) has pasted up the Guardian Money report from February 16, to act as a warning to music fans.

A spokeswoman for the Insolvency Service says that once a company goes into compulsory liquidation, the service will look at the conduct of the directors during the period leading up to the firm's insolvency.

If there has been misconduct, a director can be disqualified for up to 15 years, though it can take months for it to emerge whether or not action has been taken against any individuals.

If you bought tickets from one of the four companies and did not get any, send an email to piu.or@insolvency.gsi.gov.uk or write to The Insolvency Service, Public Interest Unit, 21 Bloomsbury Street, London WC1B 3SS.

Rangos sent us an email saying: "My legal team is currently in the process of reviewing what was actually said in court about me, as I was not involved and did not participate in any way in these proceedings, which were actually about the companies and not myself.

"I categorically deny being involved in any criminal activity, including 'conspiracy to defraud'. These are, therefore, highly defamatory allegations made against me."


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Two weeks after Grand Slam success, WRU group chief executive Roger Lewis talks candidly to Steffan Rhys about his months spent trailing Eric Clapton with a tape recorder, almost turning down Welsh rugby’s top job and the pursuit of happiness

ROGER LEWIS pauses and thinks for a long time when asked if he is happy. “There are moments of happiness,” he says.

“But how do you define happiness? I suppose it is an inner glow, a sense of seeing people fulfil themselves or seeing what my children have achieved.

“Or being around close, intimate friends I’ve known since I was 12 with no airs or graces and we’re all completely relaxed.

“But at the moment there’s a job to be done and I approach it with an intensity that does not allow it to be diluted.”

Until that job is done, until the Welsh Rugby Union has reached the levels to which he aspires, the man who has headed it since 2006 remains firmly fixed on the continual improvement of both himself and the organisation he heads. And he will allow himself few distractions, despite once having a plan that would have seen him retire three years ago.



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The number of IT firms going bust decreased in the first quarter of the year, according to figures from credit reference agency Graydon.

But channel players are being warned to get their businesses in shape to avoid the credit squeeze.

January 2008 saw four administrations, 10 creditors’ meetings and 16 winding-up petitions issued compared with 14 administrations, 19 creditors’ meetings and 13 winding up petitions in 2007.

Figures fell in February with nine administrations (11 in 2007), 14 creditors’ meetings (19 last year) and 16 winding-up petitions (no change). March paints a similar picture.

Mark Ancell, head of intelligence at Graydon, told CRN: “The channel appears to be holding its own in the first part of the year, but there are larger insolvencies to come. Last year we saw some sizeable failures, including Evesham and Watford Electronics.

“The credit crunch in the US will filter to the UK and a lot of analysts are talking about a recession,” he said. “But firms that have their back-office business in good shape and are not borrowing heavily should be able to weather the storm.”

Nitin Joshi, founder of ChannelMoney, agreed: “Last year some large players went out of business and some distributors’ debts were large. Distributors now have a more measured response and have learned from those mistakes. But I think we are seeing the calm before the storm.”

Eddie Pacey, director of credit at Bell Micro, said: “Lenders will get tougher with credit terms. System builders and sub-distributors operating on thin margins will be hit.”


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Adsearch (UK) Ltd invoiced local businesses in connection with advertisements it said had appeared. But an investigation by The Insolvency Service found no evidence of website development after nine months of the company's existence.

The Companies Investigations Branch of The Insolvency Service, which works on behalf of the Department of Business, Enterprise & Regulatory Reform, said that the company did not appear to have undertaken work it might expected to have.

"Despite the fact that the company had been trading for more than nine months by the time the investigation commenced, no website had been created and no evidence of development could be produced to the Investigator," said a statement from The Insolvency Service.

The investigation found that the company had earned income during its existence, despite a seeming lack of publication activity. "Nevertheless, the Investigator was able to show that the company's bank account had received more than £22,000 and that it had failed to maintain or preserve any records to show where these funds had emanated or to whom they had been paid out," said the Service.

The investigation also found that the company's only director had not exercised the kind of control over the firm that it would hope for.

"The sole director of the company had made no attempt to monitor or control representations made to advertisers, had only attended its business premises intermittently and for short periods, had failed to take adequate steps to safeguard the company's accounting records and had, therefore, failed to exercise proper stewardship of its affairs," said the statement.

The Insolvency Service said that the company was insolvent, that it could not meet its ongoing obligations, and had it wound up.

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Mortgage debt in Northern Ireland is rising faster than anywhere else in the UK, the Belfast Telegraph can reveal today.

The news comes as the property market begins to feel the full effects of the credit crunch and threatens to spell financial heartache for thousands of Ulster homeowners.

House repossessions via the courts have risen by almost 40% in just six years - with experts predicting that figure will rocket over the coming months.

But although court service figures confirm a significant increase in Mortgage Repossession actions - from approximately 1,600 in 2002, up to 2,213 in 2007 - the figure falls short of reflecting reality.

Speaking to the Belfast Telegraph today, Scott Kennerley, Research, Training and Development Officer (Money Advice) at Citizens Advice Regional Office, said it was only the tip of the iceberg.

"The 40% increase in mortgage actions for repossession in Northern Ireland is sizeable, but that doesn't give the full picture," he said.

"They are only the cases that get to court. Some people sell their homes, or give them back, to avoid court action, but at the end of the day they still lose their homes."

He added: "The time for tightening our belts is upon us."

Research by credit reference agency Experian revealed that on top of growing mortgage debt, Northern Ireland also experienced the biggest change in total debt, up 23% in the last 12 months.

The findings also showed that spiralling house prices - where the NI average is £250,586, and the UK is £222,256 - represent a hike of 39% in just one year, compared with just 6% nationwide.

Analysts agree there are tough times ahead - especially given the recent hikes in fuel prices, rates and grocery bills - with some feeling that consumers were duped during the property boom.

Housing expert Paddy Gray pointed to what he called "irresponsible lending" on the part of financiers, which has helped fan the flames of repossession.

"There's an affordability crisis looming," he said.

"There was a frenzy at the peak of the boom last year, when people were willing to pay just about anything for a property. Many over-stretched themselves beyond their means, and didn't factor in the cost of living."


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THE number of people declared insolvent in Wales has risen for the seventh successive year, as the impact of heavy credit card borrowing hits consumers, the Insolvency Service revealed.

There were 2,968 bankruptcies in Wales in 2007 – a 168% increase on 2000. A total of 2,218 – a huge 446% increase over the same period – chose an Individual Voluntary Agreement (IVA), a controversial alternative that freezes debts and usually writes them off after five years. IVAs were designed to help small businesses but have become increasingly popular with individuals. The highest rises in the use of IVAs by individuals in Wales were in Rhondda Cynon Taf, Cardiff, Swansea and Flintshire.

Separate research from the Skipton Building Society suggests three quarters of young people are struggling with debt, with one in five admitting they spend more than they earn each month. Around 74% of under-35s are in the red, owing more than £9,000 on average, while 12% owe more than £20,000.

Half of young people have debts on credit cards, while a further 33% have a student loan, 28% have a bank loan and 12% owe money on store cards. And 12% also owe money to their parents and 4% borrowed cash from other relatives.

Jenny Willott, the Liberal Democrat MP for Cardiff Central, said, “Labour’s economic boom is turning into financial bust for an increasing number of people right across Wales. Personal debt levels in Wales have swelled beyond recognition over the last 10 years.

“High interest rates are hitting an increasing number of Welsh families who have borrowed heavily to meet the rising cost of living and spiralling house prices.

“We must tackle low financial literacy levels and meet the growing demand for independent financial advice.” A network of free financial advice centres could be created.

The Association of Business Recovery Professionals’ Nick O’Reilly said, “The Government is out of step with how bankruptcy is used in this country. They don’t seem to understand that it is now mostly used by private individuals to get relief from personal debt.”


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THE Hearts Supporters' Trust today admitted concern over the club's impending financial results, which will be published at the end of the month showing a loss of more than £8million on last year with debt levels peaking at £38m, writes BARRY ANDERSON.

Derek Watson, chairman of the Trust, told the Evening News: "We are always concerned by debt at the club but it's not unexpected. The figures quoted are pretty much what we imagined they would be despite rumours the debt was going to be higher.

"An important aspect is that you still have the Craig Gordon transfer money to factor into this amount. Hopefully it's manageable but it's worrying because the figures are too big."

Hearts have so far received £7m of the agreed £9m from Sunderland for Gordon, with the deficit dependant on appearances and Sunderland's ability to avoid relegation from the English Premier League. Details of the goalkeeper's transfer will not be included in the accounts due as they only cover the period to July 31, 2007. Gordon left Tynecastle just over a week later.

The club's AGM will be scheduled for late April, where shareholders are sure to demand answers as to why the debt has risen so steeply from last year's figure of £28.4 million. Hearts' £10m wage bill is not thought to have reduced and planning for Tynecastle's new main stand is understood to have cost around £1million to date. Other causes of the loss are expected to include interest to creditors.


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A company that signed up businesses to advertisements which were to appear on a website dedicated to the theme of crime awareness has been wound up in the High Court following an investigation by the Companies Investigation Branch (CIB) of the Insolvency Service.

CIB's investigation found that Wirral based Adsearch (UK) Ltd issued invoices and demands for payment in connection with advertisements that it had purportedly sold to other small business across the country. However, despite the fact that the company had been trading for more than nine months by the time the investigation commenced, no website had been created and no evidence of development could be produced to the Investigator. Nevertheless, the Investigator was able to show that the company's bank account had received more than £22,000 and that it had failed to maintain or preserve any records to show where these funds had emanated or to whom they had been paid out. Additionally, CIB's investigation also established that the sole director of the company had made no attempt to monitor or control representations made to advertisers, had only attended its business premises intermittently and for short periods, had failed to take adequate steps to safeguard the company's accounting records and had, therefore, failed to exercise proper stewardship of its affairs. Furthermore, the company was found to be insolvent and unable to finance the ongoing development and maintenance of the website.


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A demand that Cardiff City F.C. pay up an alleged 30 million pound debt immediately has been thrown out by the High Court.

The claim by Swiss-based investment company Langston Corporation will now go to a full trial at a later date.

The Bluebirds - who next month meet Barnsley in the semi-final of the F.A. Cup - have said having to pay up would put them into administration.

Administration would trigger an automatic 10-point deduction by the Football League that would move City to the relegation zone.

The club say the debt was arranged by a previous management and is not due to be paid until 2016.


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GUERNSEY, England - (Business Wire) On the 17th March 2008, before the Royal Court of Guernsey, an order was granted placing CCC into compulsory liquidation under section 94(a) of the Companies (Guernsey) Laws 1994 as amended pursuant to a special resolution of members. Mr Alan Roberts and Mr Neil Mather, both of Begbies Traynor, were appointed joint liquidators of CCC and duly sworn into office on that day.

On the 18th March, 2008, the Royal Court in Guernsey approved the appointment of two additional liquidators, Mr Chris Morris and Mr Adrian Rabet, both also of Begbies Traynor.

Under Guernsey law, the Liquidators are now responsible for realising the assets and establishing the liabilities of CCC and are legally empowered to act on its behalf in those connections. All powers of the directors to act on behalf of CCC, except as may be expressly permitted by the Liquidators from time to time, have now ceased and CCC has ceased to undertake business.

Given the circumstances the Liquidators have requested that the Netherlands Authority for the Financial Markets in the Netherlands suspend trading of shares in CCC with immediate effect and until further notice. The decision of that authority is pending.

Section 80 of the Companies (Guernsey) Laws 1994 as amended provides that any transfer of a company's shares after the commencement of a voluntary winding up, other than a transfer made to or with the sanction of the liquidator, is void. There is no equivalent provision of the Companies (Guernsey) Laws 1994 as amended applicable to companies in compulsory winding up. Accordingly, there remains some uncertainty as to whether any transfer of a company's shares after the commencement of a compulsory winding up, other than a transfer made to or with the sanction of the liquidator, would also be regarded as void. Anyone dealing in the shares of CCC should take their own legal advice.

On 17 March 2008 the management of Euronext Amsterdam N.V. announced that as from 18 March 2008 prices and volumes relating to the ordinary shares of CCC will be reported in the special section for securities subject to a listing measure, with reference to the press release of CCC of 16 March 2008. that measure was to conform with Rule A - 2706/1 Euronext Rule Book, Book II and Euronext announcement 2003-058 and 2004-013. The measure will endure for a maximum of one year.

The Liquidators have given an address for any formal service of proceedings relating to the liquidation in Guernsey at the offices of the Liquidators’ legal advisers, Bedell Cristin, La Plaiderie House, La Plaiderie, St Peter Port, Guernsey GY1 1WG.

The Liquidators request that creditors' claims should be submitted to them as soon as possible at the address indicated below and that anyone who holds assets of CCC deliver them to the Liquidators forthwith.


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A stage school that closed weeks before students were due to sit exams may have been a casualty of the credit crunch.

Stonelands School of Ballet and Arts in Hove closed in February without warning forcing scores of students to find new schools weeks ahead of their GCSEs.

The Argus can reveal Stonelands will hold a meeting of creditors on Thursday to place the school in voluntary liquidation.

Although no reasons have been given for the sudden closure, an insolvency firm has hinted the economy may be to blame.

Richard Simms, the managing director of insolvency practitioners FA Simms and Partners Limited, which is managing the liquidation, said: "The current economic and market conditions may have contributed to the business difficulties.

"Once we are appointed, we will be working with all the key parties involved to investigate the reasons for the failure and ensure that any required action is taken."

The meeting will discuss deferring payments to creditors. Mr Simms said there was no other option but to do a managed close down of the school.

The sudden closure of the £3,000 a term academy in Church Road shocked parents who were given just five hours notice.

Parents have received no explanation as to why the school closed which has added to their frustration.

Ian Jowitt's daughter was about to sit her GCSEs at the school. He claims the school owes him nearly £4,000 in fees and deposits and is one of a handful of parents who have threatened to sue the school's owner, Diana Carteur.

Former teachers have claimed they were also kept in the dark over the closure which laid off a staff team of ten.

One teacher, who did not wish to be named, said: "We have all been left devastated. None of the teachers knew of the impending closure until we arrived at school on the Tuesday.

"We were asked not to tell the students until their parents had been informed. Many parents could not collect their children until the end of the school day.

"This was very distressing for the staff who all stayed on to keep the children calm, this despite having been told we had also lost our jobs.

"We were asked not to speak to the press, which we did assuming there would be some kind of official statement.

"As it is many of us are now unemployed and for some it was our only form of income to cover mortgages, rents and provision for our own children."


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The number of people seeking advice because they were struggling with mortgage repayments and other household bills surged in the first two months of this year, and the rising cost of living could force many more people into insolvency, charities warned today.

Citizens Advice said its bureaux in England and Wales had seen a 35% increase in the number of cases involving mortgage arrears, compared with the same period last year.

A survey of 73% of its offices found debt counsellors had dealt with 215,000 new debt cases in January and February alone, many of them involving people struggling to keep up with rising living costs.

As well mortgage arrears, an increasing number of homeowners contacted the charity about problems involving day-to-day costs such as energy, water, telephone and council tax payments.

Meanwhile, the Consumer Credit Counselling Service (CCCS) said it had set up a bankruptcy centre in Birmingham to help the growing number of people finding themselves with too little money to go onto a debt management plan.

The charity said "super-inflationary" rises in basic living costs were making it tougher for people who were in debt, particularly the least well off.

The news comes as the latest inflation figures show a rise in consumer price inflation from 2.2% in January to 2.5% http://www.guardian.co.uk/business/2008/mar/18/economics.interestrates, with rising energy and food costs pushing up the cost of living.

It follows warnings from the Council of Mortgage Lenders that repossessions could rise by 50% this year, as the credit crunch forces lenders to raise interest rates and tighten lending criteria.

Additional pressure
Teresa Perchard, director of policy for Citizens Advice, said the sharp increase in the number of mortgage arrears problems was "worrying".

"These latest figures paint a worrying picture, suggesting a significant number of households are struggling to meet their most basic living costs," she said.

"The combination of big increases in household bills, especially fuel, and rising housing costs is putting additional pressure on people's finances when they are already stretched to the limit."

Despite the rise in mortgage-related enquiries, credit and store cards still account for the largest proportion of debt problem, Citizens Advice said, although the number of cases was down 9% on the first two months of last year, reflecting a fall in outstanding balances across the industry.

However, problems relating to overdrafts were up 7% and debt is now the number one issue dealt with by the charity's counsellors.

It said in the 2006/07 financial year it had dealt with 5.7 million new cases, more than 1.7 million of which concerned debt, and advisers are now dealing with more than 6,600 debt problems every working day.

"If people have debt problems they should get help straight away," said Perchard.

"We cannot stress enough the importance of telling your creditors as soon as you have difficulties in paying - they should treat you sympathetically."

As well as giving advice on repaying a debt, a charity like Citizens Advice could also help someone ensure they were claiming the benefits they were entitled to, she added.

Belt tightening
Separate research published today by credit reference agency Experian suggested consumers and lenders had already begun to tighten their belts before the credit crunch started to bite late last year.

Figures show the total outstanding balances on UK borrowing rose by 9.24% over the last 12 months, slowing from a 14% rise over the previous year.

The total outstanding debt now stands at £1.1 trillion, up from £1tn this time last year.

However, Experian said the "negligible growth" in credit card balances suggested consumers had taken a "more responsible approach to borrowing".

"The debt data shows that, in the last 12 months, growth in lending has slowed markedly across all key credit products (mortgages, hire purchase, loans, credit cards and overdrafts) compared with the previous 12-month period," Experian said.

"Credit tightening on cards, loans and mortgages was already well established in advance of the credit crunch.

"This cautious and responsible approach has prevented an explosion in credit card usage."

The research suggested that people in Richmond-upon-Thames were the most indebted, with £53,533.16 per head, while the least indebted area was Dumfries, with £12,458.07 per head.

Northern Ireland showed the biggest change in total debt, up 23% in the last 12 months, to £17,921.63 a head.

This was followed by Kensington, Chelsea, Wandsworth, Hammersmith and Wolverhampton.


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Apollo Management, the American private equity group, could be forced to pump millions of pounds of cash into Countrywide, Britain's biggest chain of estate agents, in a bid to shore up its investment in the group.

Countrywide's debt is changing hands at "seriously distressed" levels, according to specialist traders who believe the company will need to call on Apollo's support to help it through the slowdown in the British housing market.

Apollo bought Countrywide in April last year for £924m which included £305m of equity provided by Apollo. Traders said that, given the decline in share price of Countrywide's quoted rivals, Apollo's equity stake will have at least halved. The various tranches of debt were arranged by Credit Suisse, Deutsche Bank and Goldman Sachs.

One trader said: "Countrywide's senior debt is trading at 67p in the pound and the bonds are 51p in the pound. The big discount is because traders believe the company will need more cash from the sponsor if the housing market continues to deteriorate. The discount also shows the market believes there's a risk the sponsor won't stump up more cash."

Sources close to Apollo said they were "not worried" about their investment.

There are also concerns in the market over the performance of Foxtons, the London-based estate agent bought by BC Partners in May 2007, although people close to BC insisted this weekend that Foxtons was trading according to a plan that was drawn up last June. The takeover of Foxtons was valued at £355m, of which BC Partners paid £121m.

This weekend a spokesman for BC Partners declined to comment.



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HUNDREDS of mums-to-be have been plunged into crisis as a baby goods firm crashed.

Many have paid a small fortune for prams and maternity essentials ahead of the big day.

But now they look like getting nothing after the owners of the Newcastle Pram and Nursery Company, on Shields Road, Byker, put the firm in voluntary liquidation.

The business ran a savings card-style scheme, where customers paid cash installments up front for items they would receive in the future.

But now, its shelves have been cleared and its warehouse emptied as administrators moved in.

That leaves huge numbers of expectant mums in the lurch, desperately trying to raise the money to pay for replacement prams, cots and other accessories.

Today, victims told of their anguish as company bosses blamed the rise of internet shopping for its crash.

Keith Miller, one of the firm’s registered directors, said: “We tried everything and borrowed as much as we could but we had no choice but to go into liquidation.

“There will be hundreds of customers who have paid money and we have tried to speak to as many as possible.

“We just want to apologise to everyone. The internet has rocked everything and even though we started trading on the internet, we couldn’t cope with it.”

Company records show the Newcastle Pram and Nursery Company has two directors - Keith Miller, of East Denton, Newcastle, and Colin Tweddell.

Today, the shop shutters are down and a sign in the window, says: “Closed due to illness.”

The company’s website says it has been shut down for maintenance.

Punters were given payment cards and invited to call in any time they wanted to pay some of their balance off. This was recorded in writing on their cards, with most agreeing to collect their goods immediately before or after having their babies.

The firm is also listed as having a warehouse on the Westway Industrial Estate, Throckley, Newcastle, and that has also been emptied.

Administrators Tenon Recovery was appointed on February 28, with customers still paying just a week before that, and creditors will be invited to register with them.

Police and trading standards officers also received calls about with some customers fearing they were victims of fraud.

Dave O’Brien, of Newcastle trading standards, said: “We have received a number of reports.

“Because of the present situation, we would advise people to contact the administrators who have been appointed and to put their name down on the list of creditors.

“If people have not received their goods and they have paid on credit card, or any other form of credit, these firms have joint liability under the terms of section 75 or the Consumer Credit Act.”

A police spokesman said: “At this time there is no criminal investigation into this company.”

What to do now

ANYONE who fears they are owed cash or products by the Newcastle Pram and Nursery company is being asked to get in touch with its administrators.

Tenon Recovery, in Sunderland, is holding a meeting for all creditors of the company on April 7 at 11am.

Anyone wishing to attend needs to register with Tenon no later than noon the previous day, as well as lodging evidence of their dealings with the firm.

A list of creditors will also be publicly available at the Tenon offices, Ferryboat Lane, Sunderland, between 10am and 4pm on the two working days prior to the meeting.

The meeting, where creditors will vote on issues relating to the business’ assets, will also see decisions made about payments to the liquidators.

Customers who used credit cards to pay for products should contact the companies with whom they hold their account.


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Bear Stearns has been forced to seek emergency funding to stave off insolvency, as the ongoing credit crisis threatened to claim its biggest victim yet.

Shares in the New York investment bank tumbled 8% at the start of trading on Wall Street after it revealed the bailout package, backed by the US Federal Reserve and JP Morgan.

The company admitted that its financial position had "deteriorated sharply" in the last 24 hours.

Bear Stearns had repeatedly denied in recent days that it has a liquidity problem through its exposure to hedge funds, which are currently being squeezed hard by the credit crunch.

According to analysts, Bear Stearns was the biggest buyer and packager of mortgage securities in the boom years. These mortgage-backed assets are at the heart of the credit crunch. Yesterday the Carlyle Capital hedge fund went bust after investing around £11bn in mortgage debt.


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In the tidal wave of comment that followed yesterday's Budget, the trade association for insolvency specialists, R3, struck a particularly relevant note, albeit on one of the Budget's more obscure provisions.

In 1900, it said, 3571 individuals went bankrupt. In 2006 the number was 52,000 - and that, of course, was when times were good and lenders were still willing to indulge. In the same period, the amount of debt attributable to companies in the insolvency market had shrunk significantly. The message was clear. These days it is individuals rather than companies that go bust.
It is likely to get much worse. A meeting of the Insolvency Practitioners Association in the City last night should have been an upbeat occasion on the basis that bad times are just around the corner. But the view from the front was that they are already upon us.

In the words of one member, the phones started ringing at Christmas and they have not stopped. Indeed, he said, the real level of personal bankruptcy is far higher than official Government figures shows because people and their lenders are still in denial.

There are large numbers of cases where people have stopped paying their mortgages but they are not being foreclosed upon because the lenders know there is nowhere near enough security for the loan and do not want to have to recognise the loss, he claimed.

Shades of Northern Rock, which had a reputation for not co-operating with Individual Voluntary Arrangements - a kind of bankruptcy by instalments - because it did not want to have to admit its loans were going sour. But the practice has apparently spread. Lenders prefer a kind of phoney war, full of empty threats and gestures but always stopping short of confronting reality.

But reality will catch up with them soon enough. What sets this credit crunch apart is that the distress is in the personal sector, not the corporate. Companies outside private-equity are quite robust and well financed. Individuals, in contrast, have been on a 10-year debt binge where they have treated their homes like automated cash machines, and now an uncomfortably large number can keep afloat no longer.

How the Government will cope with this as the problem snowballs is a moot point. Whether it is compatible with its growth forecast of 2.75% is highly unlikely.


Fed puts Rock in a new light


The decision by the US Federal Reserve to accept mortgage-backed securities as collateral for loans to the banking system does rather put Northern Rock in perspective.

Cut through the jargon, and what the Fed has agreed to do is take on to its own books a load of mortgage assets that commercial banks were unable to sell at face value to anyone else. This may be because those assets were not worth face value, or it may be that they are probably OK but there is such distrust around no one could be sure. Only the government has deep enough pockets to take the chance.

That is essentially the Northern Rock problem - the assets are said to be sound and of good quality, but no private organisation was prepared to take the chance so in the end only the Government was prepared to lend the organisation any money.


Scary stats on US home loans


People compiling the figures for the US mortgage meltdown certainly know how to frighten. America has an estimated 46m residential mortgages and, in the final quarter of last year, 2% of them had been foreclosed upon and almost 6% - which equates to more than a quarter of a million homes - were behind on the payments.

However, those figures apply to all homes. Looking only at subprime mortgages the figures were very much worse, with some 13% already in foreclosure and 20% past their due date. And this, of course, is before the majority come up for resetting at higher rates of interest when their initial, enticingly low teaser rates run out.

Going forward, American economists widely predict that house prices, which are already down an estimated 10%, could fall by another fifth. If this happens, they further predict that as many as 20m homeowners will have negative equity - meaning the loan exceeds the house value - which of course makes it financially, if not morally, rational for them to default and send back the keys.

But the scary thing is the size of this potential default. A figure of 20m with negative equity would account for more than two out of every five US homeowners.



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A court has ruled that Whistlejacket, a structured investment vehicle (SIV) that went into receivership last month, must pay off creditors that were due to be paid on the day it declared insolvency.

The decision, made last week, may have some impact on how creditors of other troubled vehicles -- Cheyne Finance, set up by hedge fund Cheyne Capital Management, and Rhinebridge Plc, set up by German bank IKB (IKBG.DE: Quote, Profile, Research) -- will be paid.

Deloitte & Touche was appointed as receiver of Whistlejacket on February 12 after a drop in the value of the SIVs assets led its sponsor, Standard Chartered (STAN.L: Quote, Profile, Research), to shelve a plan to rescue it by providing liquidity. The SIV was declared insolvent on February 15.

Deloitte declined to comment on how the judgement might impact Cheyne and Rhinebridge, for which it is also acting as a receiver.

A statement on the ruling was issued on Tuesday, detailing how different holders of debt issued by Whistlejacket would be paid.

The court ruled that holders of Whistlejacket U.S. medium-term notes, due to be redeemed on February 15 on the same date as the insolvency notice, should be paid the amount due in full.

The obligation to repay them "occurred prior to the occurrence of the Insolvency Redemption Event and therefore did not fall to be redeemed on the Insolvency Redemption Date," the statement said.

The Insolvency Redemption Date is March 16, when holders of medium-term notes due to be redeemed after February 15 will be paid.

"If there are investors whose notes fell due before the insolvency event but after the SIV stopped paying, this could have the effect of releasing some of the money to them," said one London-based analyst who declined to be named.


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Devon-based regional contractor Web Group is expected to be formally placed in liquidation by the end of the month following a creditors' meeting last week.

The company - which undertook construction, civil engineering and design-and-build contracts up to the value of around £3m - went into administration in January.

Latest: Conexpo 2008 exclusive: Grammer introduces vibration-levels device... BUDGET: Government reveals new PFI plans... JCB concerned over 2008 construction industry demand... Thursday, 13 March 2008 Web Group facing liquidation
(12 March 2008 00:00)

Devon-based regional contractor Web Group is expected to be formally placed in liquidation by the end of the month following a creditors' meeting last week.

The company - which undertook construction, civil engineering and design-and-build contracts up to the value of around £3m - went into administration in January.

Around 50 people were laid off shortly afterwards, while a skeleton staff remained to complete a few ongoing profitable jobs.

Joint administrator Kirk Hills chartered accountants failed to find a buyer for the company and it was decided to put the company into liquidation at a creditors' meeting last week.

In its last available published set of accounts for the year ended 31 May 2006, Web suffered a pre-tax loss of more than £376,000 - a slight improvement on its £473,000 loss the year before. No turnover figure was included in the abbreviated accounts.


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Cadbury Schweppes today announced it has secured $3.8 billion in financing to finally demerge its confectionary and US drinks arms, nearly a year to the day after the company first revealed plans to split the two groups.

The company is expecting to demerge its confectionary group and its beverages arm, which will be known as Dr Pepper Snapple Group (DPSG), on May 7 after a group of five banks agreed to fund the deal.

Immediately prior to the split, Cadbury Schweppes will have £3.2 billion in debt. After the split, Cadbury Plc, the confectionary business, will have £1.65 billion in debt which will be financed through its existing borrowing facilities.

JP Morgan Chase, Bank of America, Goldman Sachs Credit Partners, Morgan Stanley and UBS will provide $3.8 billion to DPSG, to ensure the division is awarded investment grade status that will allow it to raise $2 billion though a bond issue immediately after the split.

In total, the $3.8 billion funding package provided by the banks to DPSG includes $1.4 billion debt, $2 billion in bridge funding that will be refinanced through the bond issue and a $500 milllion credit facility which will immediately be reduced to $400 million by $100 million on DPSG's balance sheet.

Cadbury Schweppes will still pay out a final dividend to shareholders, but is sticking to plans not to make an additional return to shareholders.

In March last year, Cadbury Schweppes announced it was splitting the business in two with hopes it would sell off the US soft drinks business.

However, a sale became less likely as the credit crunch spread through global markets, scaring potential bidders, and their financiers away from making large acquisitions.

Subsequently in October, Cadbury Schweppes announce it would demerge the two groups.

A spokeswoman at Cadbury Schweppes denied that the company had experienced difficulties in raising finance for today’s deal because of the credit crunch.

Though she admitted that the company's own caution about the state of the credit markets had prompted it to secure definitive credit agreements from the five banks instead of the usual commitment letter, which state financiers' intention to lend to a company.

Cadbury Plc will be listed on the London Stock Exchange while DPSG will be listed in New York.


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Only a couple of days left until the Budget and the airwaves are already thick with speculation about probable measures in Alistair Darling's first major set-piece.


Follow the coundown to the Budget
* The latest economics news
* The smart money is on some kind of new levy on energy companies; higher taxes on binge drinkers of every saturation and a plan to kitemark mortgage debt.

However, with so little room for manoeuvre, few of these measures amount to anything more than fiddling around the edges. The real story this week concerns the public finances.

In short, they have deteriorated to such a degree that the Treasury has next to no ammunition if it needs to drag the economy out of a possible recession. Still more worrying is the fact that a true, comprehensive picture of the national accounts is one thing guaranteed not to make it into the 2008 Budget.

The official picture painted of the public finances will not be a comprehensive assessment of what the Government now owes.

We already know that Mr Darling is likely to exclude Northern Rock's estimated £100bn of liabilities from the UK's net debt tally.

Small wonder, given that this would, in one fell swoop, shatter his sustainable investment rule, which stipulates that the national debt must not surpass 40pc of GDP.

According to the most recent Treasury sums, by the end of this month net debt will hit £542bn, or 37.6pc of GDP. It has been climbing sharply since 2002, when it hit a low of 29.8pc, thanks to austere Conservative spending plans and a big windfall from the auction of the 3G mobile network licence.

Adding Northern Rock's debts would catapult the debt proportion to a massive 44pc - a highly embarrassing eventuality for a Chancellor whose credibility has been severely dented by blunders.

However, this is only the tip of the off-balance sheet iceberg. There are other debts in the shadows, and until recently that was where they seemed destined to stay.

But even if they stay out of this year's Budget, there are growing signs that these massive debts, which dwarf the existing deficit, may soon be forcibly dragged into the national accounts.

The two biggest off-balance sheet unmentionables are the debts from the Private Finance Initiative and the liabilities of the public sector pension scheme. At a combined size of well over £800bn, these massive debts would bring the total national debt to well over 100pc of GDP. And two independent committees based in London and New York are busy discussing how to bring them on to the balance sheet.

It's a change that is long overdue, according to Martin Weale of the National Institute of Economic and Social Research. For many years, analysts have assumed that the Government uses the PFI scheme, in which it signs up to a long-term contract with private sector companies for services such as hospitals, largely to keep certain debts off its books.

Given that the present discounted value of these projects now amounts to a Northern Rock-style £110bn chunk, the Financial Reporting Advisory Board is now putting pressure on the Government to bring them back on-balance sheet.

Says Weale: "The PFI is essentially funny money as far as I can tell, and projects on it ought to be kept on the same financial footing as government borrowing. In principle, public liabilities are liabilities whether you build a hospital that you are going to pay for today or in the future."

Their inclusion would mean breaking the sustainable investment rule, even before you think about including Northern Rock. However, this is hardly a disaster, according to Weale.

"The Chancellor's 40pc limit is an arbitrary number, and that's one of the problems with the framework." The real problem is not the absolute level of debt but the possibility that international investors think the government has become permanently profligate.

"The other [problem] is that Mr Brown has refused to countenance breaking the rules. The key thing is not to boast when you meet the rules but to explain how you would right things if you break them."

But, before the Treasury considers notching up the limit, it would do well to take account of the biggest elephant in the public finances room.

For there is a massive £700bn public sector pension deficit. State workers' retirement benefits are not paid out of a pot of investments, but out of the current budget. But, as pensions are a type of salary, argues Carl Emmerson of the Institute for Fiscal Studies, it makes sense to put them into the national accounts today.

"It seems right that the wages of today's public sector workers, and also their pensions, should be paid for today, rather than deferred for future generations to pay," he says. "For instance, the Government has been very worried about keeping public sector pay awards low - but not the pension. If the pension liabilities were in the books, it might give them an incentive to sort it out sooner."

A little-known UN committee is expected to recommend later this year that governments put these pension deficits on to their books. But they are likely to be ignored on Wednesday.

It is a sign of the Treasury's attitude to them that, despite promising last year to produce an estimate of the public sector pension deficit by late 2007, it has so far failed to publish a definitive figure.

All a Treasury spokesman will say is: "As Alistair Darling told Parliament, there will be an assessment of the UK's fiscal position provided in the Budget. We are meeting our strict fiscal rules and will continue to do so."

The plan seems to be to bombard MPs and the public with so many new initiatives that no one pays much attention to the state of the public finances. And Mr Darling is well-placed to do so. Even before he has added his measures to the pot on Wednesday, the ones due to come in in April will make this the busiest year for accountants in all of Labour's 11 years of power.



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Champ Car World Series sold its assets to the Indy Racing League for six million US dollars - and has more than $10 million in debts - it was revealed this week, when the company filed for bankruptcy in the United States.

CCWS was founded four years ago, on the back of CART (Championship Auto Racing Teams) - which then filed for bankruptcy itself. The owners of CCWS are team owners Kevin Kalkhoven, Gerald Forsythe, Paul Gentilozzi and Dan Pettit.

In papers filed under Chapter 11 in the US Bankruptcy Court on Wednesday, the company reveals it has around $10 million in debts, as well as almost $2 million to engine company Cosworth - which is separately also owned by Kalkhoven.

Moreover, the court filing reveals the CCWS board approved the decision to file for bankruptcy on February 14th - a week before Kalkhoven and Forsythe issued a Memorandum of Understanding, which directs Champ Car to assign all its contracts, intellectual property and assets to the IRL.

Kalkhoven and Forsythe, according to the memorandum, are also set to receive two million USD from the IRL if they show commitment and support for the newly unified series.

Filing for bankruptcy under Chapter 11 means the court can give a company protection from creditors for a period of time, in order to allow that company to reorganise itself.

In the reasons for filing Chapter 11 papers, Gene Cottingham, vice president and chief financial officer for CCWS, stated in his affidavit the board has "determined that it is no longer economically feasible to sustain an open-wheel series and that [CCWS] did not have the funds to operate the series in 2008."

Cottingham further added: "it is in the best interests of the sport of open-wheel racing in general to sell certain assets to the IRL and to unify the sport of Indy-style open-wheel racing under the IRL, all before the start of the 2008 season."

Champ Car will stage its last race at Long Beach as a shared promotion between CCWS, IRL, Kalkhoven and Forsythe. The IRL will have responsibility for the production and televising costs of the event.

"The cooperative effort to stage the Champ Car finale will preserve the goodwill associated with the Long Beach race, and help to ensure that IRL can add Long Beach to its schedule beginning in 2009," stated Cottingham.

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Britain's personal debt now stands at a staggering £1.3 trillion, so it's no surprise that some mistakes are made in the process of collecting the payments. But what do you do if you are being chased for a debt that is not yours?

Often a debt could belong to the previous owner or tenant of the property you live in, or a previous partner, and the first you learn of it is when the letters drop on to the doormat.

Since April the Financial Ombudsman Service (FOS) has received more than 200 complaints relating to debt, about 120 of which concern unrecognised debts. The FOS now regulates any company with a consumer-credit licence - an organisation that can take money through a payment scheme. This covers about 80,000 set-ups, ranging from marquee hire to karate clubs and veterinary practices. This means that you now have an ombudsman to complain to if you are not getting anywhere with the company yourself.

David Cresswell, of the FOS, says: “Any activity where you are borrowing money from an organisation is now covered by the FOS.”

The first signs that you are being chased for a debt that is not yours could be insignificant. But if you start receiving letters from financial companies that you do not recognise, you need to be careful. It is a criminal offence to open post that is not yours, but that can make it difficult to nip such problems in the bud. The only thing that you can do legally is cross out your address on the front and in write “return to sender - not known at this address”. With most correspondence relating to financial matters, including debt, the sender's address will be on the back of the envelope.

Hopefully this will resolve any difficulties. Neil Munroe, external affairs director of the credit reference agency Equifax, says: “If post is coming to your address, then hopefully, after you have sent it back, the company will recheck its records. In a lot of cases it will find that its processes have slipped up and inadvertently sent mail to a person no longer in that property. However, it is good to try to have a conversation with the company that is trying to recover the debt, if you can.”

If you continue to receive letters, Mark Ward, head of consumer services at Call Credit, another credit reference agency, says that you should use the address on the back of the envelope to find a phone number and get in touch with the company concerned to find out who it thinks that it is chasing. He says: “We often get people worrying about their address being blacklisted, but debt relates to the individual, not the property. Find out which company is sending the correspondence and explain the situation. They are normally happy that you are giving them some information rather than nothing at all.”

If matters are not sorted out, you could face the frightening prospect of having a debt-collection agency knocking on your door to recover money that you do not owe. Many lenders sell debt to such agencies and the latter will only make money by recovering cash from debtors. This can make them extremely zealous in their pursuit of you. Mr Munroe adds: “There is a lot of pressure on the debt-collection agencies because they make their money by recovering what is owed. But to be fair, they are working hard to find the right individuals to collect the correct debt from.”

Part of the problem is that people can be confused about who they are borrowing from. For example, if you take credit with, say, an electrical store, you may be borrowing from a third party rather than the store itself. If you do not keep up the repayments, it is the third party that would chase the debt, and you may not recognise the name of the company. In some instances, former partners who used to live with you may have taken out credit unbeknown to you, which can result in chasing letters coming to you.

Be aware, though, that if you have taken out credit jointly, you could be liable to pay it off even if your partner has headed off into the sunset without any thought of being fair about splitting debts as well as assets.

Mr Cresswell adds: “Many of the complaints we deal with involve an individual saying ‘this is not my debt, it was taken out by a former partner, I paid it off' or ‘this belongs to the previous tenant'. It is these sorts of issues that bring disputes. We have established contacts with trade bodies that cover debt collection and they do, broadly, seem to be very responsible. They know that if there are complaints of them bullying or using intimidation, they will be in breach of their own code.”

Bailiffs would end up on your doorstep only as a last resort. But if they do, don't panic. Most are highly trained and have to follow a code of conduct. Mr Ward says: “If this does happen, show the bailiffs some sort of identification of who you are, stating that you are not the person they are looking for and that that person no longer lives at your address. It is a very rare situation, but it is basically about proving that you are not the person they are really after. However, it can be a bit of a pain.”

New laws came into force in July, which mean that, ultimately, bailiffs will be able to force entry to recover goods to pay off a credit-card debt. However, this would be possible only after a court has given authorisation, and will not happen until all private bailiffs are regulated.

Prevention is always better than cure, so it is important that you protect yourself. For example, when a relationship does break down, the last thing that you may want to address is the need to split your finances, but it is essential. Companies such as Callcredit, Equifax and Experian can help you to disassociate yourself from debt belonging to a previous partner.

When a relationship does end, it is always a good idea to check your credit report, which can cost as little as £2. If you and your former partner have credit accounts that are linked together, apply for a notice of correction once you can prove that you no longer have any financial connections with that person. It is also a good idea to change your personal identification numbers for any debit or credit cards and monitor your bank statements. Pay off all joint debt fully and inform the lender that you have split. Mr Munroe says: “Make sure that you settle everything to safeguard your future credit health.”

Of course, you should also remember to have your post forwarded when you move house and give your new address to any financial companies that you deal with. This should also help to prevent the possibility of a new occupant of your former address being able to clone your identity - a common reason why people are chased for debts of others.

CASE STUDY: On guard against fraud

Michael Downing, of Selly Oak, Birmingham, has been the victim of two frauds in recent years.

The most recent was when he noticed that £3,600 had been transferred from his bank account when he logged on to HSBC's internet banking website. Since it was 9.30pm, he had to wait until the morning before getting in touch with his bank to sort it out.

Mr Downing, 61, says: “When I first saw it I was horrified, and with it being so late in the evening, I didn't really know what to do.”

When he contacted HSBC the following morning it was able to detect what had happened and immediately took steps to prevent any further fraudulent activity on Mr Downing's account.

He had previously been a victim of fraud when someone had taken out two mobile phones in his name. In this case, Experian, the credit reference agency, had helped him to clear his credit record. It has a Victims of Fraud service that offers expert advice to limit the damage caused by fraudsters. It also helps fraud victims by allowing them free access to its credit-report monitoring service CreditExpert.

Mr Downing, a self-employed fire adviser, was reasonably careful with his financial details before these frauds were committed, but he now takes extra care to guard against giving a fraudster a way in.

“I have done as much as I can,” he says. “For example, anyone trying to obtain credit in my name would now have to give extra passwords that I have put in place. And since the last fraud, I shred everything with my name and address on it.

“Anyone can get your name from the electoral roll, but there are two lists, the full register and the edited version. The latter is available for sale to anyone, so tick the box on the voter registration form to opt out of being included on this.”

Prevention is better than cure

Check your credit file regularly for any unusual entries. It costs from £2 for a single snapshot, to £15 for full credit-monitoring.

Keep personal documents, plastic cards and chequebooks in a safe place. Such items make it easier for a fraudster to impersonate you.

Do not share your personal information unless you are confident that you know who you are dealing with. Do not give any personal details over the phone - your bank, for instance, will never ask for your whole password, only certain characters from it.

Dispose of financial statements, card receipts and other personal documents with care. Rip them up or, preferably, shred them.

When you change address, make sure that you inform your bank, utility providers and anyone else who might send you a bill, as an easy way for a fraudster to assume your identity is by intercepting your mail.

Check your bank and credit card statements carefully to ensure that all the transactions and purchases were made by you.


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A devon construction firm will be formally placed in liquidation at the end of the month after attempts to rescue it failed.Web Construction, of Ebford, near Exeter, went into administration in January following a difficult year's trading brought on by the global credit crunch.

Most of the 50 staff were laid off although a skeleton workforce remained to complete five profitable contracts.

Business recovery firm Kirk Hills Chartered Accountants was appointed joint administrator but failed to find a buyer. At a creditors' meeting this week, it was decided to approve the company going into liquidation.



David Kirk, joint administrator, said: "The remaining employees will stay on and complete the contracts which should be finished by the end of this month.

"It was worth doing as we have made some good money and this will make sure the creditors receive an enhanced dividend.

"I have been very impressed with the employees, some of whom had worked for the company for 25 years. They knew they were going to lose their jobs at the end of the contracts but have worked hard and kept the customers of Web happy."

The company will go into liquidation once trading ceases later this month.



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When BAA was taken over in 2006, there wasn’t much fuss or controversy whipped up about the deal.

Our most important airports – those vital to the prosperity of the South of England – were to fall under the sway of a Spanish construction and transport group, Ferrovial, in partnership with a Canadian manager of pension funds and an arm of the Singapore Government.

But it was – and is – par for the course for Britain’s largest and most famous businesses to come under the control of overseas interests.

So, true to form, the various regulators nodded it through.

However a few of us raised a concern about another characteristic of the takeover: the financing of the deal with a spectacular amount of borrowed money. BAA was bought by Ferrovial’s consortium at almost the peak of what was a bubble in debt markets, when it was possible to borrow enormous sums on advantageous terms.

Ferrovial and its partners borrowed £9bn, but hoped to replace that with cheaper finance in the subsequent two to four years.

Refinancing on advantageous terms looked a sure thing when they acquired BAA. Debt was cheap and plentiful, and financiers had become convinced that this deluge of cheap money would last forever.

Well, flood turned to drought last summer. Suddenly debt is neither easy to obtain nor cheap.

And although Ferrovial is not facing demands from its lenders for immediate repayment and has a year or two to sort itself out, it will not be easy to replace that £9bn with new loans on attractive terms.

There’s another headache for the Ferrovial gang of three.

In just a few days, the Civil Aviation Authority will announce new caps on what BAA’s airports can charge their customers. Barring a last minute change of heart by the regulator, BAA will be permitted to earn significantly less revenue per unit of invested capital than it had been doing – about a fifth less, on average.

So Ferrovial and its partners are seemingly in a painful vice.

The costs of financing operations and investment at Heathrow, Gatwick, Stansted and so on are turning out to be significantly greater than they hoped, due to the global crisis in money markets. But their ability to generate incremental revenues looks set to be significantly restricted.

How bad could it get for the Ferrovial troika?

Well the value of their investment in BAA could be severely impaired, perhaps almost wiped out.

There’s only a remote possibility that BAA would actually go bust – because however much customers moan about the experience of flying from its airports, they are top quality assets that would always find a buyer.

In the worst case where the consortium could not obtain sufficient finance from debt markets, they could raise capital by selling a lesser airport, such as Gatwick. They may indeed be obliged to do so, if an investigation into BAA’s virtual monopoly by the Competition Commission goes the wrong way for them.

Or, in extremis, the owners could sell a substantial stake to one of those deep-pocketed sovereign wealth funds – which are currently on a mission to own a few pillars of the western economies.

But it would be naïve to assume that all the risks of BAA’s agony are with Ferrovial and friends. They also fall on us. If our airports are less than best in class, that’s detrimental to our economic growth prospects.

We all have a powerful interest in seeing those airports transformed into world-leading hubs. They are in need of billions in investment, an estimated £10bn over the next decade.

In order to secure that investment, it is just possible that the CAA will relax the price controls it had been planning to impose on the airports.

But many would see that as bailing out Ferrovial and its partners for their foolishness in borrowing too much.

It’s a proper old mess. And the regulators must shoulder some of the responsibility, in permitting our airports to be engulfed by debt.


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A large shareholder in Allco Finance Group, the troubled Australian-listed investment company, is heading for voluntary administration after failing to secure agreements with two margin lenders, who are now seeking to claw back shares in AFG.

Allco Principal Investments, which is the main investment vehicle of several prominent AFG executives, will be put into the insolvency procedure after failing to reach a standstill agreement to cover an estimated A$150m (US$139.8m) of margin loans owed to National Australia Bank and Bank of Scotland International, a unit of HBOS in the UK.

National Australia Bank had provided a margin loan facility of about A$110m to Allco Principal Investments, which was secured by shares in AFG. NAB said on Thursday it would now take a provision against that exposure.

Trading in AFG shares was halted ahead of the announcement from Allco Principal Investments. They last traded at 63 cents – a fraction of their record high last year of A$13.23. NAB said it had appointed Paul Billingham, of Grant Thornton, as an agent to take possession of shares from Allco Principal Investment, including about 34m shares in AFG.

The problems that have beset AFG and other Australian companies such as ABC Learning Centres have been compounded by senior executives using large amounts of leverage to buy shares in their own companies that have subsequently become subject to “margin calls” once those shares fell below a certain threshold.

The issue has been made worse as hedge funds, sensing an opportunity to exploit exposed investors, aggressively shorted those stocks in a strategy that helped push the shares down even further.

Australia’s federal government is looking at amending corporation law to address issues surrounding share lending and short selling, Wayne Swan, the country’s Treasurer, said on Thursday.

Meanwhile, the Australian Stock Exchange and the Australian Securities Investments Commission (ASIC) on Thursday warned investors about their obligations when it came to share lending and short-selling.

ASIC said it was looking into the matter because of concerns “that some individuals may be spreading false and misleading information about listed securities to artificially provoke sales of securities and reduce their market prices”.

Allco Principal Investments sparked a rout in AFG shares in January when it was forced to sell stock in the group after margin calls were triggered from two other lenders.

AFG has since taken a hammering on the market, amid fears it might be unable to refinance about A$1.1bn of debt.


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Destiny Enterprises, a company which sold plumbing franchises nationwide under the Skillfix name, was forced into compulsory liquidation in the High Court last week.



The decision to wind the company up was said to be in the public interest following an investigation by the Companies Investigation Branch of the Insolvency Service.



The investigation discovered that the franchise marketed to unsuspecting investors was “inherently flawed and objectionable”.



Franchisees were also misled by false and misleading statements about the historical success of the franchise and its potential earnings.



According to research conducted by the CIB, franchisees turnover fell short of projections by between 55 and 86 per cent.



In ordering the company into compulsory liquidation, Mr Registrar Simmonds said: “It appears, despite protestations from the director, Timothy James Old, that serious misrepresentations were made to people to get them to enter into franchise agreements, particularly in relation to the projections and the solvency of the business.



“There are also a number of other less serious matters in the evidence. I am therefore satisfied there is a prima facie case for the winding up of Destiny in the public interest."



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