Readers will appreciate that confidentiality has prevented us from keeping them as bang up to date with developments as we would wish, but we are able to report the following:
Liam Collins and David Bone Jr have finally had to accept a Bankruptcy Restriction Undertaking (BRU) for fourteen years each. This is just one year short of the maximum restriction that the Secretary of State can impose.
The partners have had to accept the findings of the Official Receiver and his allegations in their case. A report of these findings will be issued to creditors as well as a Press notice. Details of the restrictions and the partners' misconduct may also be published on the Insolvency Services website.
CoBo did not make it easy for the Court or the Official Receiver: they did their best, as usual, to delay matters and quibble over many points. David Bone Jr only agreed to a BRU on the day of his court hearing, so the OR's representative, his assistant and one of our investors travelled to the Court only to be told that the case had been superseded.
The partners have wasted the time of many officials in their attempts to wriggle out of responsibility for the wide-spread mess they have created.
As soon as we have a copy of the OR's findings we shall publish them here.
To conclude, we make the critical point that we still have no idea whatsoever as to what CoBo did with the money they raked in. We suspect that much of it may have gone into now concealed assets, some of them perhaps abroad.
Sometimes a jail sentence is the only way to drive home the fact that dishonest business will meet with society's firm disapproval.