Debt Managers (UK) Ltd (05992578): administration
- Status
- Administration ended
- Administration began
- 2019-06-13
- Administrators
- Paul Robert Appleton, Stephen Mark Katz
- Administrators' firm
- Williams & Partners
- Incorporated
- 2006-11-08
- Location
- London
- Industry
- 64999 Financial intermediation not elsewhere classified
Why it went into administration
- HMRC / tax arrears
From the administrators' statement
Whilst the Company initially traded strongly, in the last two years performance has been disappointing, requiring support from Pentagon (UK) Limited, an associated Company under common control, in the amount of c.£250,000.
A, recent review of the IVA cases highlighted that funds being paid in to the Company’s global client account by the IVA clients had not been reconciled since July 2017, resulting in the IVA cases not being correctly kept up to date and a discrepancy between the reconciled estates and the global client account of approximately £142,000 identified. According to Mr Howorth, this had been largely attributed to difficulties encountered following a move to new case management software named VisionBlue, which despite being widely used across the industry, was claimed by the Company’s staff to be overly complex and not fit for purpose.
In light of the above, and following the identification of various other inconsistencies within the case portfolio, the Company’s Board commenced an internal investigation into Mr Howorth’s stewardship of the IVA cases. As part of this investigation it was identified that the terms of the individual IV As were not being complied with, with no dividends having been paid to creditors across the entire IVA portfolio since April 2018, whereas the TVA agreements as standard required quarterly, and in some cases, monthly, distributions to be paid.
Administrators' statement of proposals (2019-08-19) · Companies House register