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First Step Finance Limited enters administration

First Step Finance Limited enters administration

* UPDATE - 19 June 2014 *

The business was marketed for sale and a sale has now been completed to Hobart Revenue Management Limited t/a Platinum Management (“Platinum”), which has Interim Permission from the FCA (Interim Permission number 578656). It is anticipated that Platinum will be in contact with all clients shortly to discuss their ongoing requirements for debt management plans.

Platinum Management may be contacted on 0800 954 0401 or 0800 840 2860 (FREEPHONE)

Website : www.platinummanagement.co.uk/FSF.html

It is important to note that no client money has been transferred to Platinum as part of the sale. The Joint Administrators are continuing to investigate whether or not there remains any money that clients paid to First Step Finance Limited, Debt Help & Advice Limited and Primary Business Solutions Limited. They will update clients in due course. Unfortunately there is a very high chance that no money is left and, if this is the case, clients will not get their money back.

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On 28 May 2014, Paul Stanley & Jason Greenhalgh of Begbies Traynor were appointed as Joint Administrators of the Companies.

In the week prior to the appoint of the Joint Administrators, all staff were made redundant by the Companies.

The Joint Administrators and their staff are currently updating the payroll records of the Company to enable employees to make the necessary claims and to issue P45’s.

The Joint Administrators are liaising with the FCA in respect of the regulated elements of the business.

The business is currently being marketed for sale with a view to a purchaser taking over the c.3,500 debt management plans on behalf of clients.

The Joint Administrators will be investigating the causes of losses and establishing the current financial position, especially in relation to client balances.

Updated information for clients of the Companies can be found at https://nextranet.begbies-traynor.com. The following case sensitive details will be required for access:

Username: FI111ADM

Paul Stanley

About the author

Paul Stanley

Regional Managing Partner

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Paul qualified as a chartered accountant in 1987 with Arthur Andersen an international accounting practice. He worked on audits, management consultancy and buy out due diligence before specialising in insolvency and investigations. In 1990 he was granted an insolvency licence by ICAEW.

He worked on the Robert Maxwell private company administrations in the Middle East in the early nineties and developed strong banking relationships. In 1993 he joined up again with ex-Andersen's colleague Ric Traynor as Ric's first partner in the firm which later changed its name to Begbies Traynor. Paul acts as managing partner in the Manchester office and sits on both the firm's management and technical committees. He has a reputation as a straight-talking, honest advisor who is both technically strong and commercial.

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