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[furiousgeorge] 04/1/2006 18:23

Plumber's bankruptcy release blocked

Jill Treanor
Wednesday January 4, 2006
The Guardian


Paul Davidson, the entrepreneur known as the Plumber, has been denied the right to automatic discharge from bankruptcy because of an objection from the accountants ploughing through his affairs.
The Cheshire-based businessman was declared bankrupt on December 23 2004 and under new laws was entitled to be released from bankruptcy exactly a year after accountants at PKF were appointed to investigate his financial situation.

PKF objected to Mr Davidson's automatic discharge at a hearing in Macclesfield shortly before Christmas. The accountants believe creditors of Mr Davidson are owed more than £20m but after a year of searching they have recovered only £18,000. Philip Long, head of corporate recovery at PKF, said Mr Davidson's discharge would be suspended and another hearing was expected in April.


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Mr Davidson, speaking from Mauritius, said he intended to fight the decision. "I'll appeal against it and they'll lose," he said.
He intends to return from Mauritius, where he is on holiday, to resume his fight against a £750,000 fine imposed by the Financial Services Authority. The Financial Services and Markets Tribunal is due to hear his case this month.

"I suppose it's going to sound pretty bad [me being in Mauritius]," he said. "I got treated by a friend."

Events surrounding the flotation of Cyprotex in 2002 led to the FSA action.

[furiousgeorge] 27/9/2005 13:11

Accountants fail to recover funds from the Plumber

Jill Treanor
Tuesday September 27, 2005
The Guardian


Accountants appointed to sift through the affairs of Paul Davidson, the bankrupt entrepreneur known as the Plumber, have failed to recover any funds from his estate nine months after being appointed.
They are still pursuing three separate lines of inquiry, which they hope may yet prove to be fruitful, but are facing a possible race against time.

Under new bankruptcy laws, Mr Davidson could be released from bankruptcy on December 23 - exactly a year after the then trade and industry secretary Patricia Hewitt appointed accountancy firm PKF to investigate his business affairs and personal dealings. While this does not prevent the accountants looking for funds, it could lead to a situation where Mr Davidson is once again able to resume his business life while creditors, who are estimated to be owed more than £20m, are still looking for his assets. The accountants have yet to convene a creditors' meeting.


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The Cheshire-based businessman, who came to prominence in the City when he placed a spread bet during the flotation of Cyprotex, a company he was involved in, was declared bankrupt after firms to which he owed money petitioned the courts. His appeal against a £750,000 fine levied by the Financial Services Authority for his part in the spread bet in Cyprotex in 2002 is yet to be resolved.
A spokesman for PKF said that if any of the current lines of investigation did lead to funds, creditors would be asked to decide whether they wanted to pay themselves a dividend or use the funds to continue with other lines of inquiry.

The PKF spokesman refused to give any details of where the inquiries were taking place but said "they are coming along".

Under new laws, Mr Davidson will be released from bankruptcy a year after going into it unless there is an application to the courts to extend the period in bankruptcy. There is no suggestion that this will happen in Mr Davidson's case.

[one for the money] 22/6/2005 08:35

It was nice knowing you guys - see you on other threads.

Signing off GAI...
Cheers
john

[topvest] 21/6/2005 23:49

NAV_Mike - good point. I agree.

[knitcraft] 21/6/2005 11:55

Ask Notready, she was the expert on this one !!!!

[one for the money] 21/6/2005 11:40

Yup. I guess all the money went to the banks as usual

Cheers
john

[nav_mike] 21/6/2005 09:27

What irks me most about this scam is not the lost money (coz weve all known it was long gone) but the fact that we will never know where our money went and never see accounts.

All we hear is theres nothing left.

[topvest] 18/6/2005 08:41

Letter received from Ernst & Young this week. "After settlement of all outstanding liabilities and associated costs of liquidation, we do not anticipate that there will be sufficient funds to enable a distribution to the Company's shareholders"....As expected then!

[furiousgeorge] 09/3/2005 13:04

Plumber's house up for sale at £1.6m

Jill Treanor and Simon Bowers
Monday February 14, 2005
The Guardian

The "magnificent" manor which is home to Paul Davidson, the bankrupt entrepreneur known as the Plumber, has been put on the market with a price tag of £1.6m.
The property is described by estate agents Holmes Naden, as occupying a "prestigious" location in Cheshire.

The six-bedroom house has been put up for sale because of a court order granted to law firm Norton Rose which is owed more than £800,000 by Mr Davidson. His business affairs and personal dealings are being investigated by accountants PKF who were appointed trustees in bankruptcy by trade and industry secretary Patricia Hewitt on December 23.

His debts have been estimated at more than £20m and while the full list of creditors is yet to be revealed it is thought to include Oystertec, the pipe-fitting company he founded, Manchester law firm Wacks Caller and the Inland Revenue. He first became known in the City after a spread bet was placed during the flotation of Cyprotex, another of the companies he has been involved with.

The Financial Services Authority has levied a £750,000 fine on Mr Davidson although he is challenging the decision. The tribunal hearing his case was halted, however, after the head of the FSA's regulatory decisions committee had a late night encounter with a member of the panel. Christopher FitzGerald, the head of the regulatory committee, resigned. A date is yet to be announced for a fresh hearing.

Mr Davidson was declared bankrupt after Berg & Co, lawyers representing Oystertec, and Wacks Caller, petitioned for bankruptcy.

[one for the money] 04/3/2005 14:33

Helpful info... thanks CK

Cheers
1-4

[currypata kai] 04/3/2005 10:38

not yet in list of companies with negligible value on inland revenue website so I guess the answer to my question is no(yet)

[eurofox] 04/3/2005 10:30

I have written to the revenue to find out

[one for the money] 04/3/2005 10:29

CK

I was thinking the same thing - you need to ask the IR.

Cheers
1-4

[currypata kai] 04/3/2005 10:26

can this company be declared as a write off for capital gains/losses purposes

[furiousgeorge] 06/1/2005 13:50

Plumber declared bankrupt with debts of more than £20m

Jill Treanor
Thursday January 6, 2005
The Guardian

Paul Davidson, the colourful entrepreneur known as the Plumber, has been declared bankrupt with debts of more than £20m owed to a variety of creditors including a firm he founded and lawyers who have represented him.
The business affairs and personal dealings of the 50-year-old Cheshire-based businessman are being investigated by accountants PKF, who were appointed by trade and industry secretary Patricia Hewitt on December 23.

Philip Long, partner and head of corporate recovery at PKF, is acting as joint trustee with a Manchester-based colleague for the creditors. "The responsibility of trustees is to see if any assets can be recovered for the benefit of creditors and we welcome any help or information which might be useful with our enquiries," Mr Long said.

A meeting of the creditors - thought to number at least 20 - will be convened shortly, he said.

PKF were appointed after Berg & Co, lawyers representing Oystertec, a pipe-fitting company founded by Mr Davidson, and Wacks Caller, the Manchester solicitors which previously advised him, petitioned the courts for bankruptcy.

Reuben Berg, senior partner at Berg & Co, said Oystertec was owed more than £1m.

"We are the single largest creditor other than the tax or other crown bodies," Mr Berg said.

Officials at Wacks Caller were not immediately available for comment but it is believed the firm had represented Mr Davidson after City law company Norton Rose stopped acting for him a year ago in a high court action involving Oystertec.

Norton Rose is owed more than £800,000 by Mr Davidson and, before the bankruptcy declaration, was granted an order for sale on Mr Davidson's Prestbury home, Marsden Manor.

Marsden Manor is one of three addresses listed for Mr Davidson at Companies House, where he is also registered as holding nine current company directorships that variously describe him as an inventor, designer or inventor designer. As a result of the bankruptcy declaration, Mr Davidson is automatically barred from holding any company directorships.

He was not available for comment yesterday. In a high court hearing in October about his failure to disclose his financial assets, he was described as an "alcohol-dependent depressive".

At the time, he told the Guardian he was fighting seven court cases, adding: "I can't concentrate. I'm only able to concentrate for one-and-a-half hours a day."

He was later handed a three month custodial sentence suspended for one year for contempt of court after his refusal to hand over information about his financial affairs to Oystertec.

He had been locked in a legal dispute with Oystertec over patents he sold to the firm about a pipe that makes it easier to paint behind radiators.

Mr Davidson first shot to prominence in the City after placing a spread bet during the flotation of Cyprotex, another company he was involved with.

The bet has led the Financial Services Authority to levy a £750,000 fine on Mr Davidson, who is fighting the penalty at the financial services and markets tribunal.

It was his appeal that led to the resignation of Christopher Fitzgerald, the head of the FSA's regulatory decisions committee, after a late night encounter with a member of the panel.

Mr Davidson has in the past boasted of his lavish life style. At the time of the controversy about the spread bet in 2002, he said he owned 20 cars, including a Bentley, a Ferrari and a Lamborghini - as well as a yacht which could seat 32 for dinner

[furiousgeorge] 06/1/2005 13:50

Plumber declared bankrupt with debts of more than £20m

Jill Treanor
Thursday January 6, 2005
The Guardian

Paul Davidson, the colourful entrepreneur known as the Plumber, has been declared bankrupt with debts of more than £20m owed to a variety of creditors including a firm he founded and lawyers who have represented him.
The business affairs and personal dealings of the 50-year-old Cheshire-based businessman are being investigated by accountants PKF, who were appointed by trade and industry secretary Patricia Hewitt on December 23.

Philip Long, partner and head of corporate recovery at PKF, is acting as joint trustee with a Manchester-based colleague for the creditors. "The responsibility of trustees is to see if any assets can be recovered for the benefit of creditors and we welcome any help or information which might be useful with our enquiries," Mr Long said.

A meeting of the creditors - thought to number at least 20 - will be convened shortly, he said.

PKF were appointed after Berg & Co, lawyers representing Oystertec, a pipe-fitting company founded by Mr Davidson, and Wacks Caller, the Manchester solicitors which previously advised him, petitioned the courts for bankruptcy.

Reuben Berg, senior partner at Berg & Co, said Oystertec was owed more than £1m.

"We are the single largest creditor other than the tax or other crown bodies," Mr Berg said.

Officials at Wacks Caller were not immediately available for comment but it is believed the firm had represented Mr Davidson after City law company Norton Rose stopped acting for him a year ago in a high court action involving Oystertec.

Norton Rose is owed more than £800,000 by Mr Davidson and, before the bankruptcy declaration, was granted an order for sale on Mr Davidson's Prestbury home, Marsden Manor.

Marsden Manor is one of three addresses listed for Mr Davidson at Companies House, where he is also registered as holding nine current company directorships that variously describe him as an inventor, designer or inventor designer. As a result of the bankruptcy declaration, Mr Davidson is automatically barred from holding any company directorships.

He was not available for comment yesterday. In a high court hearing in October about his failure to disclose his financial assets, he was described as an "alcohol-dependent depressive".

At the time, he told the Guardian he was fighting seven court cases, adding: "I can't concentrate. I'm only able to concentrate for one-and-a-half hours a day."

He was later handed a three month custodial sentence suspended for one year for contempt of court after his refusal to hand over information about his financial affairs to Oystertec.

He had been locked in a legal dispute with Oystertec over patents he sold to the firm about a pipe that makes it easier to paint behind radiators.

Mr Davidson first shot to prominence in the City after placing a spread bet during the flotation of Cyprotex, another company he was involved with.

The bet has led the Financial Services Authority to levy a £750,000 fine on Mr Davidson, who is fighting the penalty at the financial services and markets tribunal.

It was his appeal that led to the resignation of Christopher Fitzgerald, the head of the FSA's regulatory decisions committee, after a late night encounter with a member of the panel.

Mr Davidson has in the past boasted of his lavish life style. At the time of the controversy about the spread bet in 2002, he said he owned 20 cars, including a Bentley, a Ferrari and a Lamborghini - as well as a yacht which could seat 32 for dinner

[furiousgeorge] 09/11/2004 17:44

Mail on Sunday - Financial Mail
7 November 2004

"Draining Week for Plumber"- Jail time beckoned last week for Gadfly's old friend Paul Davidson, the maverick entrepreneur better known as the Plumber.
The 48 year old Manchester businessman was given a three month sentence on Thursday on contempt charges related to his long running dispute with pipe fitting company Oystertec.
This followed his failure to appear for a court case involving a wrangle over patents.
Happily for the Plumber, the judge suspended the sentence for 12 months which means Davidson will continue to enjoy his 40 seater "Rave Bus" and 11 other cars, including a Bentley Arnage that is driven by John, his one-legged chauffeur.
Still it has not been a great month for Davidson who was recently described in the High Court as "an alcohol dependent depressive" and is now fighting another six court cases. Once these battles are over, Davidson claims he will patent a new pipe fitting that will be "ten times as good" as those on offer from Oystertec.
Meanwhile, City Solcitor Norton Rose has launched proceedings to seize his luxury home in Prestbury, Cheshire, to cover an allegedly unpaid bill of £860,000 and Wacks Caller, a Manchester law firm has launched bankruptcy proceedings against him after he failed to pay fees of more than £100,000.
The custodial sentence was probably the only avenue open to the judge.
Davidson recently disclosed debts of £24 million and assets of just £4 million. It makes fining him a little difficult - as the Financial Services Authority, seeking £750,000 if finding out.

[furiousgeorge] 22/10/2004 08:56

No prison today, judge tells 'The Plumber'
By Rosie Murray-West (Filed: 22/10/2004)


Paul Davidson, the trader known as "The Plumber", narrowly escaped prison yesterday after a hearing for contempt of court.



Mr Davidson had failed to appear for a court case related to patent disputes over Oystertec, the pipe-fitting company he founded. A warrant was issued last week and he surrendered to City of London police.

Oystertec's lawyers claimed Mr Davidson had not complied with the requirements of a freezing order on his assets by disclosing exactly what those assets were.

Yesterday, Mr Justice David Richards said Mr Davidson's attempt to disclose his assets in connection with the freezing order was "belated and inadequate". The original order was served in January, but Mr Davidson supplied some of the information requested yesterday, and much of it had not yet been supplied.

"In the circumstances, it is not appropriate to send him to prison today," the judge said. But he added that if this "inadequate" attempt had not been made there was "no question in my mind at all where Mr Davidson would be moving today".

The court also heard that Mr Davidson, who claimed he was unwell when he failed to arrive for a court hearing, was an "alcohol-dependent depressive". The judge was handed a five-page psychiatric report on Mr Davidson's mental health.

But Philip Marshall QC, for Oystertec, said although Mr Davidson might be "somewhat depressed" by these legal proceedings, he was clearly in a state in which he was able to respond to them.

Mr Davidson, who is living on £1,000 a week after the freezing order over his assets, now has 14 days to disclose all of his assets or face a jail term.

Speaking outside court yesterday evening he said he felt "marvellous", and said that he had invented a new pipe fitting that was "10 times as good" as the fitting the patent dispute concerns. "It is in my head," he said. "I will patent it as soon as these court cases have finished."

Mr Davidson is currently appealing against a £750,000 fine from the FSA over a spread bet he took on his own company, Cyprotex.

The earlier appeal collapsed after it emerged that one of the tribunal had talked to an FSA official who was his neighbour about the case. Mr Davidson is now seeking to have his legal costs paid for his FSA appeal.

He is also being sued by Norton Rose, his former lawyers, who are trying to seize his home in Prestbury, Cheshire, to cover legal costs.

[heidigynne] 08/10/2004 10:23

Not been in contact.

Expecting a confirmatory letter of 'nil residual value'. Or similar.

h.

[hugepants] 08/10/2004 09:14

So what aroe you expecting back?

0.1p per share? Or anything?

[heidigynne] 08/10/2004 09:11

Simon Allport & Gary Wilson.

Joint Liquidators to Galileo plc

Ernst & Young

100 Barbarolli Street

Manchester M2 3EY

rgds.,

H