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Begbies Traynor Appointed as Liquidators of Stockport Finance Firm

Liquidation

| April 14th 2015

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Begbies Traynor Appointed as Liquidators of Stockport Finance Firm

Stockport-based loans call centre Cash Finance Direct (Holdings) Limited, trading as Horizon Finance, has been placed into liquidation. Francesca Tackie and Gary Lee, partners at the Manchester office of Begbies Traynor, have been appointed as joint liquidators to the company.

The firm, which sold loans over the phone on behalf of lenders, ceased trading on 27th March with the loss of 117 jobs, after some data providers stopped supplying the company in the mistaken belief that the firm was not authorised by the Financial Conduct Authority (FCA).

This followed a notice placed on the FCA website late last year, which suggested that the company was not authorised, due to confusion with a similarly named firm. This contributed to cash flow and operating difficulties as data providers stopped sending business to the company.

Commenting on the liquidation, Francesca Tackie said: “Cash Finance Direct was severely affected by the notice placed on the FCA website as nervous data providers stopped sending work through, fearing they were dealing with an unauthorised company.

“Whilst the FCA later issued a public apology on its website, the company never fully recovered and was unable to trade out of its difficulties.

“We are aware that there are a number of customers who were due refunds from the company in respect of call charges and we would urge them to get in touch with us.”

Queries should be directed to Catherine Heap on 0161 837 1700.


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Gary Lee

Partner

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Gary is a Fellow of the Institute of Chartered Accountants in England and Wales and a Licensed Insolvency Practitioner with over 20 years experience in the profession.

He has worked extensively with Banks, Asset Based Lenders & Private Equity on mid market & SME assignments. He has a broad range of experience gained through a variety of assignments, working on formal insolvency appointments, informal workouts, debt negotiations and independent business reviews.

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