Thu, 23 Jan 2014 | ADMINISTRATION
A loan firm with questionable methods that targeted bankrupt individuals has entered administration.
Last week David Rubin and Henry Lan of David Rubin and Partners LLP were appointed to manage Consolidated Finance Limited’s affairs, Insolvency News reported.
The business offered bankrupt people loans in exchange for having their bankruptcy annulled.
It had been served a winding-up petition, presented at Manchester District Registry Court by a Mr McCluskey acting for the estate of a Miss Emma McCluskey, who had passed away.
During a court hearing in 2013 between two former customers of Consolidated Finance and its sister business Bankruptcy Protection Fund, the judge reprimanded the company for the extortionate interest rates it charged, despite securing its loans against equity held in customers’ property.
The two businesses and a non-trading arm called Alpha Mortgages Manchester, all managed by a person called Christopher Holmes, were subjected to sanctions from the Office of Fair Trading in 2010.
Each business was rebuked by the OFT at the time for a lack of clarity over its proceedings with customers and for not divulging the risks involved in taking out their loans.
In business for 30 years to date, Consolidated Finance says it has helped 50,000 customers on its website.
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