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INTRODUCTION
This Blog is dedicated to making public some of the business activities and methods of Liam Collins, David Bone Jr and their associates. In the spring of 2010, the present authors invested in Collins & Bone (C&B), who were offering an enticing 8-10% interest on the basis of buying houses for cash, renovating them and letting them out to students. We were assured that our money was secured against houses that they owned, including their own homes and the properties held by their associated company, Castle & Gatehouse (C&G). We have emails and brochures that confirm these details, as do others who invested on this same basis at around the same time. The idea worked for us for over a year, then in November 2011 they told us they were insolvent. They refused our every request for clear accounts, which led us to suspect wrongdoing. We began an investigation and then started this Blog. We found our suspicions confirmed: other investors had lost sometimes quite large amounts to C&B and its predecessor CBS, and all requests for repayment were adamantly refused. These people use and have used so many names that we found it necessary to compress them into CoBo (for Collins & Bone) and Coboco (for the whole bunch of them – there are quite a few!) Note that there is an index in the margin at the right hand side.

Wednesday, 26 June 2013

COURT HEARING FOR COLLINS AND BONE - NEWS FROM THE OFFICIAL RECEIVER

Following are two announcements from the Official Receiver:-
 
"The Official Receiver issued an application for a Bankruptcy Restriction Order in the bankruptcy proceedings of Liam James Collins (Newcastle County Court No. 1517 of 2011) on 3 May 2013. The first hearing of the application is scheduled to be heard on 25 July 2013." 

"The Official Receiver issued an application for a Bankruptcy Restriction Order in the bankruptcy proceedings of David Bone (Wigan County Court No. 100 of 2012) on 24 May 2013. The first hearing of the application is scheduled to be heard on 1  August 2013."

Here is the Government's Insolvency Service definition of a Bankruptcy Restrictions Order (BRO):-

"If the official receiver considers that a bankrupt has acted dishonestly, or is blameworthy in some other way, they will report the facts to court and ask it to make a BRO. The court will consider this report and any other evidence put before it, and will decide whether it should make a BRO. If it does, the individual will be subject to certain restrictions for the period stated in the order. This can be from 2 to 15 years."

What are the restrictions?

 "The restrictions are wide ranging. They include the restrictions set out in insolvency law to which an individual is subject when they are made bankrupt and which are normally lifted when they are discharged from bankruptcy. 

These restrictions include the following:

• An individual must disclose their status as a person subject to bankruptcy restrictions to a credit provider if they wish to get credit of £500 or more.

•  If they carry on business in a different name from the name in which they were made bankrupt, they must disclose to those with whom they wish to do business the name (or trading style) under which they were made bankrupt.

• They may not act as the director of a company or take part in its promotion, formation or management unless they apply to the court for permission to do so.

• They may not act as an insolvency practitioner, or as the receiver or manager of the property of a company on behalf of debenture holders.

• They may not be a Member of Parliament in England or Wales.

It would be a criminal offence not to comply with any of the first four restrictions above."
Posted by IFS at 14:39

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