GDPR Cookie Consent by SimpleServe Privacy Script Victims fight for House of Commons debate on Farepak, five years after its collapse - AAD Consumer Forum

Announcement

Collapse
No announcement yet.

Victims fight for House of Commons debate on Farepak, five years after its collapse

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
  • #1

    Victims fight for House of Commons debate on Farepak, five years after its collapse

    Victims fight for House of Commons debate on Farepak, five years after its collapse

    This is a duplicate of the Blog Entry made on 13th October 2011 17:59.

    The victims of the Farepak scandal want to force a debate in the House of Commons five years after the collapse of the hamper company, as it...

    Click to Read More...
    .I'm the allaboutFORUMS News Feed. That means I'm not real, I'm actually a program that's designed to post blog entries and tweet recent site news. Please don't try and message me, I can't respond! Thanks.
    Tags: action, administration, bank, bankers, banking, banks, christmas, collapse, collapsed, compensation, consumer, council, court, customers, daily, debt, executives, farepak, fees, financial, government, hbos, house, insolvency, legal, lloyds, lost, mas, money, october, online, petition, saving, scandal, senior, share, size, taxpayer, telegraph, update, victims, withdraw
  • #2
    Re: Victims fight for House of Commons debate on Farepak, five years after its collapse

    Update:

    Farepak administration costs outstrip victims' compensation

    Victims of the collapsed Farepak Christmas hamper scheme are expected to share £5.5m, while the cost of dealing with administration, including fees, has hit £8.2m. Five years after Christmas hamper firm Farepak collapsed, leaving about 120,000 customers nearly £40m out of pocket, the cost of dealing with the administration has exceeded any potential compensation for its victims. Farepak, which allowed people to spread the cost of buying Christmas food and presents, went bust on 13 October 2006, with customers losing an average of £400. Victims are expected to receive about £5.53m in compensation.

    But administrator BDO today confirmed the cost of the administration and liquidation to date, which includes its own fees as well as those of insurers and PR executives, stands at £8.2m. Louise McDaid from the Farepak Victims Committee, which has launched an online petition to demand the outstanding money and that those responsible be held to account, told the Daily Telegraph: "The government has a responsibility to ensure that people's money is protected. If they can protect the banks, then they can protect ordinary working people."....Read more here---> Farepak administration costs outstrip victims' compensation
    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

    Comment

    • #3
      Re: Victims fight for House of Commons debate on Farepak, five years after its collapse

      Farepak case against directors collapses

      A multi-million legal case against directors of Christmas saving scheme Farepak has collapsed in a humiliating blow to the Government.

      In dramatic scenes in London’s High Court the case against directors including Sir Clive Thompson, former president of the CBI, was withdrawn by the Insolvency Service, part of Vince Cable’s Department for Business. On Tuesday the court heard how the bank twice refused requests by Farepak’s directors to safeguard £4m of customers’ money by placing it in a trust. The decision meant the cash was available to be repaid to HBOS, now part of Lloyds Banking Group, rather than being returned to customers when the business went under in October 2006. In highly embarrassing emails the court also heard how senior HBOS bankers referred to savers’ cash in Farepak as “Doris money”.

      The phrase appears to be a reference to Farepak’s customer base. Shortly after the evidence from HBOS was presented the judge overseeing the case Mr Justice Smith told lawyers acting for the Business Secretary to go away and “consider what had survived of their case”. After a delay in proceedings yesterday morning the case was dropped....Read more here: Farepak case against directors collapses
      I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

      If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

      Comment

      • #4
        Re: Victims fight for House of Commons debate on Farepak, five years after its collapse

        Taxpayer to pick up £6m costs of vindicated Farepak directors

        The Farepak directors who were vindicated after the collapse of a High Court case against them, are to be granted millions of pounds in legal costs by the Government.

        Read more here: Taxpayer to pick up £6m costs of vindicated Farepak directors
        I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

        If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

        Comment

        • #5
          Re: Victims fight for House of Commons debate on Farepak, five years after its collapse

          Farepak compensation boosted by extra £8m from LloydsLloyds

          Banking Group has donated an extra £8m to the Farepak compensation fund. The move comes in response to demands from a High Court judge last month who partially blamed the bank's "hardball" attitude for the collapse of the Christmas savings firm in 2006. The extra money will go to 116,000 who lost £37m between them. Lloyds said it was making the payments to acknowledge its "wider responsibilities"....Read more HERE
          I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

          If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

          Comment

          • #6
            Re: Victims fight for House of Commons debate on Farepak, five years after its collapse

            Farepak auditors face disciplinary action

            he auditors of failed Christmas savings firm Farepak face disciplinary action following an investigation. The Financial Reporting Council (FRC) alleged that Ernst and Young and its auditor Alan Flitcroft fell short of the standards expected. In particular, one allegation was that they failed to consider.....Read more on AAD Blog pages: Victims fight for House of Commons debate on Farepak, five years after its collapse - allaboutFORUMS
            I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

            If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

            Comment

            Previous template Next
            Working...
            X