The lowdown from BDO

Just spoken to Chris Coles, a nice man at BDO Stoy Hayward. As discussed yesterday, Ernst & Young are hoping to get BDO to hand out the contents of the so-called “ring-fenced fund” to those freelances who did work between 12th December and 19th January for Highbury.

E&Y appointed BDO on the 10th July, but with court taking holidays over summer, it’s likely to be September before BDO can be officially appointed as a joint trustee of the fund. BDO will then go through all the purchase orders approved by Highbury, together with the invoices they have, to see who’s owed what.

At the moment, it looks like the fund actually has a “small surplus” of cash, although that’s contingent on various estimates, etc, so the fund might realistically only be able to pay out a percentage of owed monies to creditors. Coles hopes that he’ll have everything done and dusted as soon as possible and hopefully by the end of the year though.

BDO is working on a letter, currently with the lawyers, that they’ll send everyone in the next week or so, advising them of what’s happening. If you don’t get one, you should probably give BDO a call to make sure they’ve got your current details. I’ll let you know if/when I get mine, just so you know whether to panic or not.