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The way I see this now:
FCA wont allow them to delist without a shareholder vote, so keeping companies house alive is either to prove that Finablr is a current company and stay’s suspended forever.
Or
use the situation to reissue the shares in Wizz name and do a capital raise and get some coin in.
Or
The other option being a strike off would prove the company has been transferred to Wizz and they will be forced to lift the suspension and trade under Wizz.
either way they may have ****ed up and we would be back in business!
Have to release the suspension under either entity
I have just seen this maybe a lifeline for us yet I don't see why thy wouldn't want to relist because there might be some brave souls who reinvest with them and obviously the shares would then be with new company
I personally would be on at 8pm to sell my shares at 8am that day at any price sp was only 5p when I bought them
I read it that way, maybe just saying that to give the impression they care but I’m hoping they can provide the relevant information to get it active.
FCA didnt want to delist the shares so maybe they see the shares as a funding op now and need to keep companies house active until they decide how to milk the market.
Either way, I’ve seeing life in the old dog yet lol
Tue, 8th Feb 2022 16:07
RNS Number : 0698B
Finablr PLC
08 February 2022
08 February 2022
Finablr PLC ("Finablr" or the "Company")
Finablr PLC (the "Company") has received notice from the Registrar of Companies on 11 January 2022 that, unless cause is shown to the contrary within 2 months of the date of the notice, the Company will be struck off the register and dissolved. The Company is currently in the process of resolving the queries raised by Companies House in relation to the striking off notice and will release further updates in due course.
never trust a BOD EVER again
Does it read that Fin don't want to be struck off? Why bother to answer concerns?
We should be hearing Elrey about Fin which I think should be struck off next week
Hopefully our CEO Robert ****earse finds it hard to get another job with his incompetence
I don't know about you, but I would to see all of them in jail, starting with our Ceo
Yup, it will be dissolved and disappear from Companies House sooner or later, 100%. It's just a matter of time. Anybody wishing to sue them ( and force it into compulsory liquidation in an attempt to reclaim the money they are owed) will have to apply to reinstate the company to the Companies House Register first.
What's the most shocking is that those crooks who took part in it are not even blacklisted anywhere. In theory, they could incorporate in UK tomorrow and just carry on as usual. And even if you can go legal, they will bury you in legal fees using your own money they have stolen from you. Regulators are completely useless, and so are the lawmakers. I read somewhere that 27% of funding for the work of the International Accounting Standards Board (IASB) comes from accounting firms (the very same accounting firms involved in all those scams) and more bits from the external sponsors..... The whole system needs a radical revolution, Limited Liability concept (and other associated concepts) are regularly used to exploit individual investors and businesses all over the world. Rotten corporate jungle, trust no one.
Shocking
ELREY: yes, the deterioration in standards in London is shocking and deplorable. In the case of AIM, it’s worse than Perth and Vancouver at their lowest, in my view. I think the rationale is that these companies are going to list somewhere, tons of listing and ongoing advisory fees are going to be paid, so it might as well be here. I’ve used this expression before, but it’s a form of regressive taxation: money is being resdistributed on a lavish scale from a lot of relatively poor private individual investors to a few well-off financiers. Disgaraceful and, as you’ve observed, nothing is done about it.
We have lost our money
PS. As an investor I literally feel like I cannot trust any financial information provided by any company....Any. And there is no effective mechanism preventing and punishing corporate thievery either. Regulators do nothing, law is powerless. The culture of honesty and trust does mot exist, greed & corruption are omnipresent. Management information is credible until it's not, the financial statement present "true and fair view" until they are not, corporate thieves walk freely laughing at us all.
Can't understand 11.jan. was posted struck off registered. To provide paperwork after objection to struck off should be given in 14 days if not it will be struck off.so what is the final date because I understand not everyone made objection on 11. Jan. So what a ,,,,,,. It can continue for months like this or no?
OofyProsser
I agree. Box-ticking culture at best, but i would not exclude "intentional, dishonest, deliberate" from the realm of possibilities either...It is what it is, I'm afraid.
ELREY: I believe that Muddy Waters referred to NMC, Finablr’s sister company, as a retirement benefit scheme for ex-E&Y audit partners. Words to that effect, anyway. You’re right, the modern audited accounts are inadequate. Though there was enough financial information in the public sphere, principally the report and accounts, which they compared in detail with NMC’s local competitors’, for Muddy Waters to form a strong opinion on the underlying state of affairs. It’s extremely difficult for private investors and under-resourced investment management firms to conduct analysis to an equivalent standard. Basically, these two companies appear to have been just crooked. The box-ticking culture that’s developed within regulatory compliance and oversight in the City since Big Bang will never catch this kind of thing and the absence of any serious penalties for wrong-doers when they’ve been exposed (though not by the regulators) merely allows them to carry on unmolested.
a) "Auditors do not take responsibility for the financial statements on which they form an opinion. The responsibility for financial statement presentation lies squarely in the hands of the company being audited."
b) "Independent auditor is engaged to render an opinion on whether a company’s financial statements are presented fairly, in all material respects, in accordance with financial reporting framework. The audit provides users such as lenders and investors with an enhanced degree of confidence in the financial statements. An audit conducted in accordance with IAS and relevant ethical requirements enables the auditor to form that opinion. To form the opinion, the auditor gathers appropriate and sufficient evidence and observes, tests, compares and confirms until gaining reasonable assurance. The auditor then forms an opinion of whether the financial statements are free of material misstatement, whether due to fraud or error."
They basically don't guarantee anything and don't take responsibility for anything. They only "express their opinion" that is supposed to "enhance confidence". Not sure why that clownish profession full of fluid terms still exists to be honest. They lost all credibility ages ago and have been involved in countless scams since. Former EY partner was on FIN board. It's all connected. Scammers.
With EY auditing the accounts you would think its a safe bet, ftse, FCA and all.
EY ****ed up on wirecard as well, not sure how they get away with it either! Should be a Hefty fine if anything.
Indomie: the UAE must be thoroughly embarrassed by it all, I’m not sure they’d want an investigation there. Even worse than Finablr was NMC, its FTSE100 sister company, run by the same lot, give or take. The money’s all disappeared there, too. No redress for shareholders. Scandalous. The ex-Chairman was having parties at the House of Lords a few years ago when it was listed, if I remember right. Imagine a FTSE100 company inviting an Earl onto its Board, and giving him the Chair of its Audit Committee, though he had no accounting experience or qualification! Carson Block ridiculed it. What was the LSE/FCA doing? Or the Company’s financial advisers, auditors and brokers? He’s still a Director of an LSE-listed company.
I think what’s gone on is outrageous but it’s not the fault or the responsibility of the present management. Finablr was comprehensively bust before they got it. There was no money or prospect of any to pay to shareholders. The new company is a different corporate entity. I can’t see any chance at all of Finablr shareholders getting a payment of any kind. They can’t sell their shares so might as well keep an eye on them once a year or so but that’s about it, sadly. It’s wrong, it’s bringing London into disrepute but these excesses have been increasingly prevalent since Big Bang. Corporate and personal honesty has gone and greed is all that matters. It’s the same in politics.
"A law firm called Skadden were appointed by some of the Finablr board to investigate potential claims."
If they are appointed by the board, you can expect they will do whatever the board wants....They pay their bills.
You can always hire a legal team, conduct your own investigation and start suing them. One by one, institutions and individuals. That's the theory. In practice, with multilayered international scams like FIN there is a very little one can realistically do. They have unlimited access to the best lawyers too. It would take years. And even if by some miracle you proved certain things and won, you still need to get paid. And that's another story because the money is long gone.
Surely the people to blame in all this are the allegedly crooked Directors and officers of Finablr who are suspected of having stolen the money that forced the company into liquidation? And, to only a slightly lesser extent, the financial institutions that brought it to the market and sold it to investors through the LSE. Is no one going through the accounts properly, of companies seeking a listing in London? Is the FCA asleep at the wheel, or short of the powers it needs? If Carson Block can spend a few weeks going into the accounts of Finablr’s sister company NMC and decide on the strength of his research that it’s crooked, and take a big short position to back his view, surely the banks which support the company’s introduction to UK investors should be able and willing to undertake research of a similar quality before recommending it for sale to investment clients? It seems to me arguable that they are guilty of a serious lack of due diligence. Why is nothing done?
I think that, since the discovery of the shortfalls in Finablr’s accounts two years ago, there has been little prospect of equity investors getting anything back. Whether some of the stolen money will ever be traced seems doubtful too. The systems outage at Finablr, to correct which they appear to have paid a large ransom to the culprits two months later, occurred two weeks after the Muddy Waters (Carson Block) review of NMC. Finablr was uniquely well-placed to move money round the world from the Middle East and a two-months systems outage should have enabled software experts to cover their tracks, shouldn’t it? Though, of course, the systems outage and the missing millions may be entirely unconnected.
Thank you for that information how can Robert Miller and his crooked mates sleep at night
It looks like we have lost our money
Hopefully Miller who did respond to a recent email from me about Fin with no answers go and work for a company with no future like his soul
Not sure if it works the same but if anybody has any experience with running a limited company and debt recovery and Companies House in general (I do), you will know that there is nothing one can do to prevent the company being dissolved and removed from Companies House. I was really surprised when it has happened to us for the first time. A customer owed us money, we went through the whole process, went to Court and obtained a judgement against him. In the meantime "First Gazette - notice for compulsory strike-off" appeared on the Companies House website. Apparently it happens when accounts are overdue. We obviously objected. At first, Compulsory strike-off action has been "suspended" and then "discontinued". In the meantime we started recovery process instructing High Court Enforcement Officer to collect the debt (without success). The debtor simply moved out from the premises and disappeared. No tangible assets in the company, debts only. It turned out that the same company had 14 judgements against them from other creditors. We consulted the other creditors - the same pattern of dishonest Directors deliberately accumulating as many debts as possible with a sole purpose of liquidating the company in the future became clear. In the meantime "First Gazette notice for compulsory strike-off" appeared again. We objected (again) and so did the others. Compulsory strike-off action has been suspended for the second time. There was nothing we could do, we could not sue the director s because the company is a separate legal entity from its owners. We were told by our legal advisors that in theory we could sue the Directors personally for actions they carried out on behalf of a company (Fraud, Misrepresentations and Insufficient Record Keeping etc) but it will be extremely difficult to prove and win (and costly). Another month or so passed by and CH delivered a final blow - Final Gazette dissolved via compulsory strike-off. We were told that this is a standard procedure by Companies House when the company fails to submit the required documents. We were also told that HMRC and/or creditors can apply to reinstate the company to the Companies House Register if it has already been struck off. They can then force it into compulsory liquidation in an attempt to reclaim the money they are owed. All in all, we made a commercial decision and decided to cut the legal costs and write the debt off as there was a very little chance that there would be any assets left. The worst thing is that those fraudulent Directors successfully do it every 3-4 years taking more service on credit, accumulating more debt, disappearing, liquidating another incorporated company, and ripping off more businesses. And there is absolutely that can be done. Apparently it is "your risk" when you decide to supply them on credit in good faith. I guess it was "our risk" too when we bought shares of FIN based on information that was given to us at the time of purchase....
This makes you wonder why Our ceo Robert ****earse can't be bothered sending in accounts, because Prism and Strategic will not be happy with him, and once word gets around of their incompetence, it should impact their other businesses ie WIZZ AIRLINE
it makes no sense