Payout in two months for Highbury ring-fenced fund?
After quite a long break, I've spoken to Chris Coles of BDO again about progress on paying out on the ring-fenced fund to Highbury creditors. After admitting that paying out by Christmas last year was hopelessly optimistic, he now thinks BDO should be able to pay out within a couple of months. He says:
“Because of the way it was set up, it raised some complicated issues. At first view, it was simple and quick, but it's just delayed it.”
There are still some technical issues to overcome to with tax liability and determining whether there are any separate classes of creditors, but BDO has definitely been appointed by the courts to deal with the issues.
Not sure how much to rely on that “two months” thing with Christmas coming up, but fingers crossed it won't be too much longer now.
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I'm Rob Buckley, a freelance journalist who writes for all kinds of magazines that most people have never heard of. As well as editing IT and Media magazines, I've been chief sub editor for finance mag Company and Shareholder and written about martial arts, biotechnology, marketing and a load of other things, too. I live in SE London and have eclectic interests, including jiu jitsu, languages, science, politics and travel. You hate me already, don't you?
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March 31, 2008 | Reply
Hi Rob
Having just emigrated I lost track of what's happening with BDO.
Obviously, two months have come and gone. I don't know who to contact since all my paperwork is still in boxes, so I was wondering if you had any further information yourself.
March 31, 2008 | Reply
Not heard - or had the time to find out - anything more. My suspicion is the BDO boys are going to keep finding reasons why it's too tricky to pay out yet. If you (or anyone else) want to try getting hold of Chris Coles, his number is 020 7893 3243. Let us know how you get on!