Begbies Traynor Appointed as Liquidators of Stockport Finance Firm

Liquidation

Francesca Tackie - Partner | April 14th 2015

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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About the author

Francesca Tackie

Partner

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Francesca has worked across a variety of industry sectors, particularly with small to medium sized owner managed businesses, and has broad experience in all aspects of insolvency involving both corporate and personal insolvency work.

Francesca is a Business Economics with Spanish graduate who spent the early years of her insolvency career with the Debt Advisor Ltd where she gained substantial experience dealing with IVA’s and bankruptcies for sole traders and partnerships and successfully passed the 'Certificate of Proficiency in Insolvency' with distinction.

In 2007, she joined the firm Tomlinsons where she developed her experience in corporate insolvency, handling liquidations, administrations and CVA’s for SME’s and where she also progressed to Assistant Manager. In 2009 Francesca passed the JIEB insolvency examinations, obtained a non-appointment taking licence and was promoted to Senior Manager.

Francesca became part of Begbies Traynor following the acquisition of Tomlinsons in 2010 and the following year was promoted to Insolvency Director and began taking formal insolvency appointments.

Francesca was promoted to Partner in May 2014.