I must admit that I smiled wryly when I read the notification from Companies House that SW Metalcraft Ltd had gone bust with an Administrator being appointed as that was the client that Working Capital Partners screwed me out of my commission on.
I don’t suppose that there are many within the independent factoring sector that don’t know the story as when I am introduced to people that I’ve never met before they often open with “You’re the bloke that got shafted by Perry Burns aren’t you?” For the sake of those that haven’t heard what happened the original article is posted here under the heading Working Capital Partners – brokers and introducers beware
The Administrator’s statement of affairs of WCP’s client is now available at Companies House and what a complete shambles it appears to be.
According to the statement the debtors totalled just over £627,000 and were estimated to realise “uncertain” which is a very unusual comment
Working Capital Partners are listed as being in for £400,000 which is a heck of a lot for a company with a share capital of just £1,000 and a negative P&L account according to their last accounts and one has to hope that this massive failure doesn’t impact too greatly on their other clients. There is a possibility that WCP had some credit insurance on the debt but with a Creditsafe limit of just £1,000 it isn’t likely to be much
The second largest asset according to the statement of affairs is a Directors Loan Account of £125,000 where again the collectability is marked as “uncertain”
With such an awful statement of affairs I look forward to seeing the Administrator’s progress reports to see just how much of these apparently dubious asset values will be collectable although my guess is that very little will be.
Anyone relying on a personal guarantee will be sorely disappointed as the director Simon Andrew Wadsley was made personally bankrupt on 29th October. There is a new company recently registered (6th September 2018) though called BSC Holdings Norfolk Ltd with the sole director being the intriguingly named Bridget Andrew Wadsley but what connection that will have with the recently defunct company is anyone’s guess.
When I was young my mother always used to claim that “what goes around comes around” and in this case it certainly seems that Perry Burns’ less than honourable behaviour has returned to bite him severely on the bum
