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back to article 2e2 debt recovery specialist finds... £2,000 in six months

The administrator of 2e2 has recouped just a tiny fraction of the debts owed to the integrator, a Progress Report has revealed. FTI Consulting took control of the company's affairs January '13 in the well-documented collapse. By March last year, it had struggled to recover one-tenth of the £43m on the debt ledger at its …

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  1. Anonymous Coward
    Anonymous Coward

    Recovered £2000 and the bill for recovering that is probably hundreds of thousands.

    Pretty sure there are very creative accountants who hide and cloak assets and money just like they help global companies minimise or eliminate tax contributions.

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  2. Steven McAdam

    And the administrator made how much?

    How much did FTI Consulting make out of it? The debt recovery firm too. I'd love to know!

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  3. Cliff

    Administrators fees?

    Is this what's left after the administrators got paid, or do their fees come out of that £2k??

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    1. tirk
      Reply Icon
      Unhappy

      Re: Administrators fees?

      Their fees come out of the "£4.8m ... coughed to secured creditors" AIUI. Insolvency is a nasty business, but some people make money out of it.

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  4. John Smith 19 Gold badge
    Unhappy

    1st rule of administration.

    Secure the fees for the administration first.

    Yes I have known some accountants.

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  5. CAPS LOCK

    Administrators work hard to recover as much money as possible...

    ... then work out how to pay it to themselves.

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  6. Anonymous Coward
    Anonymous Coward

    Too bitter?

    FTI might be brutal but it was Terry Burt and co that ran the firm into the ground in the first place.

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  7. NotWorkAdmin

    Haha

    I recovered £27000 from Royal Mail a couple of years ago for the company I work for. It took me a day and a half.

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  8. Anonymous Coward
    Anonymous Coward

    I hope Terry is doing okay

    His personal limited company seems to be okay and its net assets seem to have taken a jump in 2013........

    https://www.duedil.com/company/05765300/static-developments-limited

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  9. Chad H.

    So um, what was the consultants fee to locate that £2000.

    I'm guessing more?

    Next time pay on commission.

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  10. The Godfather
    WTF?

    This is an astonishing and farcical story. Realisation of around one tenth of debtors suggest three things - either invoices not collectable due to breach of terms, suspect up front billing or plain and simple shoddy collection.

    Creditors have every right to be thoroughly pissed off....

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