Cash4phones - creditors meeting - 13th Jan Please retweet - https://cag.tw/tf7

[iyuk]

appeared today....

 

http://www.mirror.co.uk/news/uk-news/andrew-penman-cash4phones-bosses-meet-3026912

 

but having read up a little you already know that..

Edited January 16, 2014 by iyuk
add

[AbdullahS]

Hi guys How can I contact the liquidator and get a debt form I want to register as a creditor

[overcharg3d]

Hi guys How can I contact the liquidator and get a debt form I want to register as a creditor

 

Send an email to imengal@capital-books.co.uk asking for a form. As they've evidently completely full of male cow droppings, I wouldn't even bother any more.

 

Their assets are apparently £1200 worth of phones... 750 phones? Who managed to come up with that valuation? If two of those are my two then they are worth at least £180 on various other sites still so I don't get how they can say 750 of them are worth 1200 quid. Which phones do they have? A bunch of Nokia 5110 all worth less than £2 each? I doubt it. They're iPhones, my Note, other smart phones etc. Even my 4 year old phone is still worth at the very least £30 unless I bother selling on eBay where it'll get more than double that. Wish I had pawned them off on eBay now...

 

Director can't speak English but can comment in English on facebook...

 

Global market prices dropped, my arse. If they can't sell the thing on, send it back to the customer. It's not like they bought it from customers - they had free stock coming in, then "couldn't" sell them. Give them back then? I don't know, just seems somewhat obvious to me.

 

There's this question of how they have a huge loan to repay to another company, run by friends/ex directors or whatever it was.

 

Money laundering, fraud; liars. I've given up hoping for anything financial relating to my own phones and even given up expecting the UK law to do anything about it at all. If anything, it shows us just how easy it is to be a con artist and how little the Police, Insolvency, Action Fraud or anyone can and will do about it.

 

The only change for me is knowing now, as I already thought I did know, that you MUST Google EVERY site you have any financial dealings with, even and especially when things do seem like they're legit. To make things better my new phone was dropped by my kid yesterday so the screen's died. Don't have my old phones to just throw the SIM card in either, so I'm completely phoneless for the sec. Wonderful.

 

kk, rant over

[iyuk]

 

Their assets are apparently £1200 worth of phones... 750 phones? Who managed to come up with that valuation? If two of those are my two then they are worth at least £180 on various other sites still so I don't get how they can say 750 of them are worth 1200 quid. Which phones do they have? A bunch of Nokia 5110 all worth less than £2 each? I doubt it. They're iPhones, my Note, other smart phones etc. Even my 4 year old phone is still worth at the very least £30 unless I bother selling on eBay where it'll get more than double that. Wish I had pawned them off on eBay now...

 

Director can't speak English but can comment in English on facebook...

 

Global market prices dropped, my arse. If they can't sell the thing on, send it back to the customer. It's not like they bought it from customers - they had free stock coming in, then "couldn't" sell them. Give them back then? I don't know, just seems somewhat obvious to me.

 

There's this question of how they have a huge loan to repay to another company, run by friends/ex directors or whatever it was.

 

Money laundering, fraud; liars. I've given up hoping for anything financial relating to my own phones and even given up expecting the UK law to do anything about it at all. If anything, it shows us just how easy it is to be a con artist and how little the Police, Insolvency, Action Fraud or anyone can and will do about it.

 

The only change for me is knowing now, as I already thought I did know, that you MUST Google EVERY site you have any financial dealings with, even and especially when things do seem like they're legit. To make things better my new phone was dropped by my kid yesterday so the screen's died. Don't have my old phones to just throw the SIM card in either, so I'm completely phoneless for the sec. Wonderful.

 

kk, rant over

 

the fact that they have our phones and have not returned them surely means its theft and a criminal offence?? not sure about small print but there wasn't anything that suggested i entered into any contract with them that they haven't breached in regards to sending my phone and them paying out???

 

must be a way to nail them, even if i don't see my 180 quid or phone again i'd be happy to see them in prison!! the uk public are too often victims of these frauds as we're too trusting and accommodating.

[rebel11]

Here are other UK agencies that might well take an interest, in essence there is nothing to stop you contacting them to seek input on the matter:-

 

http://www.nationalcrimeagency.gov.uk/about-us

 

http://www.sfo.gov.uk/fraud.aspx

[BankFodder]

I think that we had better point out that there is no evidence of money-laundering or of criminality. However the circumstances, the behaviour of the directors, the lack of transparency certainly are the kinds of factors which might make many people consider these as possibilities. We are certainly are aware that certain investigations are in progress - so that clearly there are others who are very concerned by what has gone on.

 

Of course if we could locate Henchoz and Deepesh Tank as well as Vasant Kara - and if they were prepared to tell everyone the whole story then one might understand that there is some other explanation.

Also if Nearchos had decided to give a proper explanation - which he could easily have chosen to do - that also would have been reassuring.

 

If there are suspicions then these people have brought them upon themselves by their behaviour. No one should be surprised

[iyuk]

exactly, its not confirmed but very suspicious behaviour, considering this goes right back to when watchdog highlighted them on their show and no doubt before then, it seems more than just bad business management and bad luck that have created this situation, it "appears" a conscious attempt to mislead and con people until evidence is found to prove either way its still "suspicion only"

[rebel11]

Hi Bankfodder

 

Exactly, if these guys come forward and explain what's happened then customers can form a clear opinion on facts rather then speculate as to what has happened. In the absence of them coming forward customers are entitled to have strong suspicions about why they have no phone, no money.

[helkingst]

I have just received a email with the teport of the creditors meeting attached, i am so not happy about this whole situation as the dates and addresses and company names are not consistent, firstly they claimed that they moved registered offices to the Paddington address on 25/10/13 so why then did they sign for my phones at the Ringway address in December? And as for their financial information who in their right mind pays a junior administrator £40 per hour, this whole situation has got my blood boiling as its not the fact that they owe me £202 its the principal behind it, i have also taken out a CCJ which was obviously a waste of £25

[Apriumben]

OK well here's how I see the current situation: There was no attempt by the insolvancy practitioner or liquidator to contact creditors before the meeting was called. To my mind that makes the initial creditors meeting flawed. We were unable to come up with the requisite 3 creditors at such short notice willing to sit con a creditors committee to oversee the liquidators investigations.

 

I have written to and asked the liquidator a number of questions so far and not yet had a response, therefore I am not confident this will be properly investigated by them. I would love to leave them to it but to what end? It seems to me the only option we have is to press for the chance to form a committee - if we are allowed to who else would be prepared to assist?

 

Forgot to mention that Radio 5 live may be doing a piece on Sunday morning, although I have no confirmation of this.

 

Edit:Sorry just heard they will not have time to feature this weekend, however depending on how this progresses might happen next weekend instead.

Edited January 18, 2014 by Apriumben
Updated info

[BankFodder]

I think that it you notice any shortcomings in the procedure employed so far by CB then they should be informed that if these flaws are not remedied, that you will write to Trading Standards and also to their professional association

[Kwarnes]

Hi guys, I've had a email from the liquidator too!!

 

How much money is he charging them!! £7500

Seriously!!

 

Anyhow there's a bit the end you can fill in so we can let the liquidator know what he had been up too, if some one could write down everything for me I'll be happy and I'll happy to be part of a comittiee

[Apriumben]

Hi guys, I've had a email from the liquidator too!!

 

How much money is he charging them!! £7500

Seriously!!

 

Anyhow there's a bit the end you can fill in so we can let the liquidator know what he had been up too, if some one could write down everything for me I'll be happy and I'll happy to be part of a comittiee

 

Can you possibly post the content of your email on here? I would like to know what they are saying to other creditors as I have had no advice on the meeting myself.

[overcharg3d]

Can you possibly post the content of your email on here? I would like to know what they are saying to other creditors as I have had no advice on the meeting myself.

 

Please be advised that that the company trading as cash4phones entered in to liquidation on the 13 January 2014 and I was appointed liquidator of the company by the shareholders and creditors. Please find enclosed the report on the meeting of creditors held on 13 January 2014.

 

It is my duty as Liquidator to investigate the actions/conduct of the directors and to make a report to the Secretary of State. The Secretary of State will then decide whether they have sufficient evidence to be able to issue proceedings under the Company Directors Disqualification Act.

 

I have invited all creditors of the company to provide me with any information they have on the conduct of the directors and I would ask you to provide to me any evidence you have on the directors conduct, alternatively you may provide all of your evidence directly to the Secretary of State.

 

My report is confidential to ensure that any litigation is not adversely affected should the Secretary of State decide to issue proceedings.

 

I would ask that you provide my name and address to any individuals who wish to make a claim in the liquidation or who wish to provide evidence in respect of the conduct of the director.

 

 

Yours sincerely

 

 

Mansoor Mubarik

 

From mail@capital-books.co.uk

 

Had this PDF attached: https://dl.dropboxusercontent.com/u/1404231/Yemonia%20Limited%20Letter%20to%20Creditors%20Post%20Sec%2098%20Meeting.pdf

[AmandaC2601]

I've had the same email but cannot get it to open grr

[AmandaC2601]

Just emailed you the full report

[BankFodder]

Just emailed you the full report

Actually, you emailed it to me - but I have forwarded it on.

Thanks very much.

 

Who is the lucky boy who is buying p the remaining stock of phones without any scrutiny or questions asked? Sale price circa £1200 - estimated realisable value - £5000. Nice.

[iyuk]

a good point was raised on another forum (there's plenty of fires burning on this subject around the internet!)

 

If we aren't likely to get phones back, we can assume its theft? and as a result we should (if we have the details) contact providers and have the IMEA blocked so that the phone can no longer be connected to a mobile network.

 

what do you guys think?

[AmandaC2601]

I still have the box to my Blackberry with the IME Number

[iyuk]

I've got the box for my S3 somewhere so should have the number too, i feel that if i can't use it why should anyone else.

 

that'll rather reduce their 1700 quid estimate of the value of their assets to roundabout zero....

[overcharg3d]

Both of mine have been blocked by O2. I dug out the IMEI of one but the other I had no clue. The person at O2 managed to dig it out for me based on the phone model and a time frame that I gave.

 

So even if you don't know your IMEI, the phone company does. Try ringing them anyway to see if you can brick what is technically still your own phone.

[AmandaC2601]

Thank you

[iyuk]

maybe some important news here, just had these mail back from capital books.

 

 

"Please be advised that that the company trading as cash4phones entered in to liquidation on the 13 January 2014 and I was appointed liquidator of the company by the shareholders and creditors.

 

Find enclosed the report on the meeting of creditors held on 13 January 2014.

 

It is my duty as Liquidator to investigate the actions/conduct of the directors and to make a report to the Secretary of State. The Secretary of State will then decide whether they have sufficient evidence to be able to issue proceedings under the Company Directors Disqualification Act.

 

I have invited all creditors of the company to provide me with any information they have on the conduct of the directors and I would ask you to provide to me any evidence you have on the directors conduct, alternatively you may provide all of your evidence directly to the Secretary of State.

 

My report is confidential to ensure that any litigation is not adversely affected should the Secretary of State decide to issue proceedings.

 

I would ask that you provide my name and address to any individuals who wish to make a claim in the liquidation or who wish to provide evidence in respect of the conduct of the director.

 

Yours sincerely

 

Mansoor Mubarik."

 

looks like if enough of us reply with details they may take things further?

[jonbancroft1988]

If the phone's still sitting in a warehouse waiting to be sold, then trying to deactivate it using IMEI seems like a good shout and it will reduce their asset value...but personally I'd feel bad if it had already been sold to a poor kid in India, and then I got it switched off. I might be alone on that one!

In other news, I've been contacted by another IP who says it's too late to get an alternative IP to CB assigned but he will ensure that CB do their job or he'll have them struck off...and he knows that MM has had prior business dealings with this shower, so odds of him doing his job properly are slim.

[nshek]

I just spoke to Mandoor (Liquidator) and asked if there is no dividend to pay any class of creditors then what is going to happen to all the mobile phone that they have stolen?

 

Mandoor stated that as the liquidator he has to file a report within 6 months to the security of state and it will be up to the security of state to establish whether it is a civil or criminal act. They have had 800 complaints and he feels we have a strong public case. He encourages people to get in touch with him to fill the creditors forms or complaint letters of their mobile phones being stolen as the chairperson has not declared the mobile phones. He also mentioned that he will be investigating it and that this company could receive up to 300 a day!