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Yup - seen it before ...
Begbies Traynor was the accountant in that case - put in by the bank, produced report which shut down business with £1m turnover, £20k debtors & £30k creditors
All too cosy arrangement - undisclosed agenda, business mistakenly believes they are there to help - do not 'pass go' collect £xxxk fees
Commonly regarded as...........
"The Establishment"
David John Mellor QC would be part of that group - enough said.
We mere mortals/peasants really must learn our station.
HSBC
used to do the same thing years ago. Although they used to do it themselves.
Good article Hugh, perhaps a follow up with more stories like this. This started getting out of hand in the recession of the eighties and nineties. How far should a bank go to protect itself so that it can lend to third world countries, which eventually gets written off etc. etc.
Having Had Dealings With GRG
I know this goes on as I have seen cases that mirror those examples in the show. The fees generated by the "consultants" involved are huge for delivering limited results for the companies.
For me the worst thing is that despite the back to back scandals that have been much publicised over the last 5 years, the banks are still allowed to behave in this way relatively un checked.
Regardless whoever is in charge of FCA or FSA before these scandals happen and no one ever goes to jail.
I suspect that at some point soon, someone will whistle blow from within one of these organisations and hopefully some people will be accountable for what has gone. Some of the tactics employed like sending emails and letters to arrive late Friday evenings/Saturday Mornings so you cannot contact lawyers for legal advice are deplorable.
Hopefully Lawerence Tonlinson will get somewhere with his campaign as he seems to have some backing in government, although "the city" seems to be protected at all costs.
I expect the banking sector will be brought to book around the same time Lord Lucan turns up riding Shergar.