It seems that whenever there isn’t much happening in the factoring world ABFA publish some statistics or else Business Money goes bust as they are the two staples that I can rely on to provide me with a story. This time it’s the latter as Business Money has gone bust for the second time within eighteen months.
Was it really only last January that I wrote about the magazine publisher craftily switching names with an off the shelf company in the hope that no-one would notice it’s demise. This time they didn’t bother and on 22nd May 2013 the Administrators were called into Business-Money.com Ltd whilst on the same day a charge was registered by a factoring company to Business Money E-Mbrace Ltd and it’s business as usual.
The statement of affairs of last year’s bust company showed a deficit of close on £500,000 of which the good old taxpayer lost out to the tune of £127,200 but the most interesting point made was that the rights to the Business Money name were hived off in 2008 which means that the trading companies can go bust willy nilly without ever losing the rights to the name.
I await a copy of the Administrators report of this year’s bust with interest and wonder who the big losers are this time round.
I hope that it’s not us again