FAREPAK FUNDS GO TO ACCOUNTANTS NOT CUSTOMERS
ADMINISTRATORS TAKE HALF FAREPAK PAY OUT
Administrators have taken half the money recovered from the collapsed
Farepak hamper firm, while customers continue to wait for compensation.
Reports in today’s Sunday Mirror show that of the £6 million recovered so
far, £3 million has paid the bills of accountants and lawyers.
Meanwhile customers are expected to receive only 5p for every pound lost
and a report into the collapse has still to be published.
Angus MP Mike Weir – SNP spokesperson on Business and Regulatory Reform,
whose constituents suffered in the collapse of Farepak said:
“It is the final insult that, after three years, the Farepak victims have
been left with pennies while the administrators have made millions.
“Farepak victims have already seen the bankers that shut them down walk
away with their bonuses and benefits packages – now they are seeing the
organisation supposed to recover the money taking more than it is giving.
“I hope this situation can be resolved and farepak victims will finally
receive a decent compensation package.
“The UK government needs to take a serious look at the workings of the
insolvency industry which is raking in a fortune at the expense of
creditors.”
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