Mortgage News
Mortgage Times finally wound up
A hearing at the Royal Courts of Justice in London has revealed that Mortgage Times has now been formally placed in administration.
Last week, the Court dismissed a winding-up petition brought by Her Majesty’s Revenue and Customs (HMRC) because Mortgage Times was in administration. However, no details on the identity of the administrator were available at the time of going to press.
It was revealed that HMRC initially filed its winding up order against the network last November in relation to undisclosed debts owed to it.
On 25 January, the FSA cancelled the permission of Mortgage Times to carry on activities after saying that it had a regulatory capital shortfall of £1m.
Before the collapse of the firm, ARs of Mortgage Times had stopped receiving their commissions. They were finally told that the network had gone into administration on 21 December.
Gary Watts, director at Which Network, a firm which finds the best networks for advisers, said he believed that most of the ARs have now found new networks.
£2.5m paid to help broker clients benefit from greener homes
Sponsored by Halifax Intermediaries
He added: “The majority of networks are still taking advisers, so most of these unfortunate ARs will be fine. Those who struggle to find networks are those who were doing a very small amount of business.”