Flybe Struggling (as ever)

[Alistair20000]

Another disgrace around Insolvency Practitioners (although I think this is more the case with smaller ones than the big boys) is that all too often they seem to think their job is to act in the best interests of the former owners / directors rather than in the best interests of the creditors. I have in the past informed an IP that I intended to report him to the Court for a blatant breach of his duties in that he ignored obvious preferential payments having been made (the sole shareholder and director took what little money was left in a company out so as to pay what he perceived was the company's debt to him) but the IP did not give a shit whatsoever. Started off by pretending to investigate despite doing nothing in reality and then moved on to just ignoring my correspondence.

Yes I have seen that too. It all starts with a cosy meeting between the "friendly" IP, an expensive lawyer and the business owner. Of course the first priority is the IP's fee with the creditors coming bottom of the list. Then we have the IP selling assets to his mates and cronies. This is a dirty world inhabited by some very unpleasant people that needs a clean up but it won't happen.

 

[Alistair20000]

A very good friend of mine was an accountant in the maintenance section of Flybe. He was called back in by the administrators for a couple of months or so, in order to sort out the books. I must enquire what hourly rate that he received. I doubt that it even got close to £40 an hour, never mind £400 !

I expect some Suit in the Administrator's office recharged the time costs of your friend at their robbery rates.

 

[Colesman Ballz]

I expect some Suit in the Administrator's office recharged the time costs of your friend at their robbery rates.

No doubt, but as my mate had a mortgage plus a forthcoming wedding to pay for, he found it preferable to stacking supermarket shelves !