26 Feb 2015

A question about : Crown Creditors Meeting

The story is now live on MSE News.

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Back to the original post yesterday.

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Hi Folks,
The joint administrators held the creditors meeting today in Birmingham.

Around 60 or 70 victims of the company's collapse braved the snow and many expressed their understandable frustration and anger at the situation.

The administrators explained they will try to hunt down every last penny for creditors which could mean taking legal action to seize assets of the company directors, if they find evidence that would allow them to do so.

For a full report please see MSE News tomorrow morning. We'd have had the story up tonight but for the fact we send the weekly email on a Tuesday night meaning it's all hands to the pump on that here, now I've returned from Birmingham.

Guy

Best answers:

  • Will that report also include the progress of the investigation into the links between TorFX and Crown? - it has been a month now.
  • "now I've returned from Birmingham"
    Crown Currency Exchange and Travel Money Services were in Hayle, Cornwall, not Birmingham. Has any member of the editorial team from MSE been to Hayle?
  • I have to say, the 'venting' was done in a most civilised manner!
  • In what capacity did MSE Guy attend the meeting? Was it as a creditor or was it as a member of the Administrators?
  • Superb account in today's Telegraph and SU4S are on the ball too..........don't see much need for you to bother Guy, its all been pretty much covered
  • Hi folks,
    The story is with our lawyers and will be published as soon as they've OK'd it. Sorry, but the accusations made by administrators were pretty severe and we can't publish willy nilly without them being checked first.
    Others may have published earlier but the outlets mentioned probably have in-house lawyers and may have a different attitude to risk than us so may not have got their pieces checked (I'm just speculating). Also, we lost the opportunity to write last night and early this morning due to our weekly email.
    Our account will be more detailed than what you may have seen in the Telegraph, for instance (that's no criticism intended on them just that we've written a longer piece).
    As to why I was there. The answer is simple: as a member of the press, along with the Telegraph, BBC, etc. There was room for the media as well as creditors.
    And as to why i was in Birmingham, as one person has queried. That seems strange when the meeting was in Birmingham, so it should be obvious.
    Guy
  • Has any member of the editorial team from MSE been to Hayle?
  • The story is now live on MSE News.
  • Many of us are absolutely convinced that Benstead and James have interests - indeed probably control - in another FX company(through a trust and family members.) Even allowing for the many deleted posts, there would appear to be ample evidence of links.
    May I remind you that you commisioned a reporter over a month ago to investigate the links between CCE and this company.
    To date we have heard nothing. May we ask is this still ongoing, or has the reporter declined to investigate as has been reported on MSE?
  • Hi folks,
    Just wanted to reply to the posts regarding our investigation into any connections between TorFX and Crown.
    We are hoping to get a comprehensive piece which addresses all the concerns raised in the previous discussions on this, and the investigative journalist has been looking down various avenues to get to the facts, including speaking to people involved.
    I have had a conversation with him today regarding where he is up to so far, and discussed how we can get the investigation finished as soon as possible.
    We're sorry that this is perceived to be taking a long time - there is an awful lot of information to wade through, as neither MSE nor the investigator has had any dealings with Tor previously.
    Dan
  • Perhaps you could ask him directly whether TorFx do, or have ever, used Tor Currency Exchange as a registered trading name.