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slowly slowly catch the monkey
Fomo - with utmost respect, in theory I absolutely agree, as always it looks fantastic. When to comes to anything in practice with the CPS....I wouldn’t buy shares in them lol
Forensic
The CPS guidance on POCA is worth a read. It will readily apply to Covid fraud where monies have been obtained by fraud, and is much easier and cheaper than liquidation.
Also there is a need to send a message to the fraudsters, as is already happening with substantial amounts already being returned.
Mano doesn't even need to demonstrate fraud, they only have a demonstrate that the director extracted money from the company which was not his / hers to extract. E.g. they took a dividend when there were insufficient profits to cover the dividend, or they just borrowed money from the company and never paid it back. Don't need to show fraud or malice or even that they definitely owe money to HMRC in particular. They just need to show that the director owed money to the company, and therefore now owe it to Mano. As the CEO mentioned in his presentation the other day, Mano plays an important role in holding these kinds of directors to account - people who have played fast and loose with company money and short-changed the company's creditors / HMRC / employees / whoever.
FoMo: number of confiscation orders brought in last three years: one....fraud and criminal proceedings are a very high bar to jump and of course lawyers are needed if you go down the criminal as well as civil route. Ask any lawyer: wherever possible, use civil proceedings.
Can't agree with you.
HMRC will be much better off bringing criminal proceedings directly against fraudsters on the Covid support issues, and then get a Confiscation order.
Far too long winded to go down the liquidation route as a first step, and its hideously expensive with IPs, Funders and their lawyers taking 75% of any gain leaving HMRC to only ever see 25%.
Mano's "pay up before court or we will nail you as we can outgun you" in the more complex s their market.
Exactly.
HMRC investigates company.
Company refuses/cannot repay (because Director has personally extracted the money)
HMRC winds up Company
Liquidator appointed
Mano engaged by liquidator to litigate against Director
Busy times ahead and delighted to see the Government taking proactive action here. These are our tax dollars that have been thieved away !!!
The Taxpayer Protection Taskforce will recruit more than 1,200 new HMRC investigators to combat fraud within Covid-19 support packages. The government said it would be investing £100m into the taskforce.
The HMRC has previously admitted that as much as £3.5bn of the parallel £35bn jobs support scheme may have wrongly claimed through a mix of ‘error and fraud’.
Mano have worked closely with HMRC in the past. Even a small portion of £3.5bn will keep them busy for some time....
Very clear from the budget that the economic support measures are now being phased out otherwise national debt is unsustainable of course:
1. Furlough being tapered off and then fully stopped completely by Sept
2. CBIL and CBLIL now stopped
3. Rent, rates and tax deferrals all being tapered off over next few months
Very clear message. The hope for the future is new businesses in new growth sectors. Obviously they (and no one) wants a cliff edge of insolvencies (even Mano would find that too much to handle) so a phased withdrawal is the perfect and very responsible scenario. IMHO any SP weakness is an opportunity here but DYOR of course and GLA
Increase in budget for HMRC for chasing up fraud. Should be good for Mano.
As I understand it, most cases settle out of court. In many cases, companies and directors will still presumably want to settle a case rather than just kick the can down the road, whether there is a threat of imminent winding up or not. At some point, this share will surely head back up to where it was before, around £5, and it is very hard to predict when that will be. I guess if Mano settle a few big cases for cash, they'll issue an RNS about that and the share price will strengthen again. I'm staying in, because it is very hard to predict when news will drop.
Hi, a quick thank you to all those that have informed well on here. Your in-depth knowledge has been greatly received. However, I am now also out - on the basis of no change and extension of the current rules. Potentially back in late summer. Take care and GLA.
Will they continue beyond September? If so, how many holders here can be afford to be patient while the well paid lawyers are paid to bring board games into work to relieve their bordom? With Cooklin normally so keen to stress cases only taking 11 months to conclude, you have to wonder where the money will come from if there are further delays?
More important for MANO are the temporary measures contained in the Corporate Governance and Insolvency Act June 2020. Those measures made forcing insolvency processes on companies and individuals (Winding Up petitions and Statutory Demands by creditors) almost impossible during Covid. That is the major reason for the sharp decline in insolvencies - the Company can kick the insolvency can down the road. Those “temporary measures” were due end in December and then extended to 31 March 2021.
i am out - good luck all!
So furlough to be extended - question remains around business relief packages. thoughts?