Reply to: Agent gone bust

[Incognito]

Interesting to note that until recently (06/07/2009) Fuse Recruitment Limited were known as JACKSON MILNE ASSOCIATES LIMITED. Their presence on the internet as http://www.fuse-group.com recently had a complete overhaul as well (the site used to be flash based and the company were known as Fuse Ltd - thanks to web.archive.org).

Anyone would think they were getting prepared for something.

[Torran]

Ha Ha
]Pendragon Information Systems

so PIS then

says it all really.

[RichardCranium]

You probably have to be logged in for this LinkedIn link to work. So here are the meaty bits:

Fuse-Group Last edited by Senior IT Recruitment Consultant

The Fuse-Group is an IT Recruitment Consultancy in the heart of Bristol.

New Hires
* Jack Spence, Senior IT Recruitment Consultant
was IT Recruitment Consultant at Pendragon Information Systems

Related Companies
Career path for Fuse-Group employees
before:
* Pendragon...

and here:

Pendragon Information Systems Last edited by Operations Director

Pendragon Information Systems are a specialist IT Recruitment Consultancy.

Related Companies
Career path for Pendragon Information Systems employees
after:
* Fuse-Group

LinkedIn is a double-edged sword...

[Diver]

Ha Ha

http://209.85.229.132/search?q=cache...&ct=clnk&gl=uk

Project Manager - Software Development
Bath Somerset | Bath Jobs
Company: Fuse Recruitment
Salary: GBP35000 to GBP45000 per annum
travel, hold a full driving licence and be able to obtain security clearance. Pendragon Information Systems are operating as an employment agency for the purpose of this vacancy.
Contract: Permanent

Very subtle of them

[Sockpuppet]

Ha Ha

http://209.85.229.132/search?q=cache...&ct=clnk&gl=uk

Project Manager - Software Development
Bath Somerset | Bath Jobs
Company: Fuse Recruitment
Salary: GBP35000 to GBP45000 per annum
travel, hold a full driving licence and be able to obtain security clearance. Pendragon Information Systems are operating as an employment agency for the purpose of this vacancy.
Contract: Permanent

[perplexed]

I think you'll find they already are...

Fuse, anyone?

Shhhh.

Naming the new company run by the upstanding people who managed Pendragon so well only for it to be everybody else's fault, especially going to a new accounting software package is a tad harsh.

It's not their fault see. And the fact the Fuse website contains text from the Pendragon site in a different layout could be harshly misinterpreted as this all being pre-planned.

We'd not want any contractors, clientCos reading this to get the wrong impression would we? After all, to have other people's mistakes cause your company to go into CVL once would be unlucky, twice...

[cojak]

We still won't get our money back but it'll make for an uncomfortable few weeks/months for the directors especially if there's a hint of wrongful trading. If they thought they could get their own man in, wrap things up quickly and get on with trading under a new company then they certainly underestimated many of the creditors.

Merry Christmas

I think you'll find they already are...

Fuse, anyone?

[Town64]

Well done!

Indeed, as a mere foot soldier in the fight against Pendragon, praise certainly needs to be heaped upon those certain few creditors whose battle to see justice more then compensation is much appreciated by the majority of us who are owed in total around £955k

[RichardCranium]

As for the creditors meeting held on Tues 15th Dec, a collective effort by those owed money meant that our proposed liquidator was appointed and not the choice of the directors of Pendragon Information Systems Ltd.

We still won't get our money back but it'll make for an uncomfortable few weeks/months for the directors especially if there's a hint of wrongful trading. If they thought they could get their own man in, wrap things up quickly and get on with trading under a new company then they certainly underestimated many of the creditors.

Well done!

Indeed, have a Merry Christmas despite the buggers.

[Town64]

Yes indeed, many contractors will be thinking of Pendragon as we tuck into our Tesco Value turkey breast on Christmas Day.

As for the creditors meeting held on Tues 15th Dec, a collective effort by those owed money meant that our proposed liquidator was appointed and not the choice of the directors of Pendragon Information Systems Ltd.

We still won't get our money back but it'll make for an uncomfortable few weeks/months for the directors especially if there's a hint of wrongful trading. If they thought they could get their own man in, wrap things up quickly and get on with trading under a new company then they certainly underestimated many of the creditors.

Merry Christmas

[perplexed]

Indeed, a Merry Christmas to Maxine and Rob et al.

May they receive many presents - inserted anally.

I'm sure many contractors are thinking of them over this festive period.

[PinkPoshRat]

Pendragon do like to browse through articles here on the forum

So I would like to wish them all a very happy Christmas, from all your loyal contractors.

[Not So Wise]

Factoring couldn't have been an issue since Pendragon mostly didn't factor payments, they had a policy of only paying contractors once they had received money from the ClientCo.

Which for any sensible contractor is a huge red flag to start looking for a new contract as agency has serious cash/credit flow issues and can go bust any minute (plus you are letting them get their margin for doing pretty much nothing)

[Tarquin Farquhar]

Only if they can be shown to have traded whilst insolvent. They have a limited company for exactly the same reason you do.

tim

Actually I have a limited company because agents will not contract with me otherwise. Not so that other people's money can stick to my fingers and then I can go bust and get away with not paying it back.

[0mega]

Factoring couldn't have been an issue since Pendragon mostly didn't factor payments, they had a policy of only paying contractors once they had received money from the ClientCo.

In the 2008 accounts it shows they managed to minimise interest charges by paying off £1m of debt, then maximised funds owed to trade creditors (contractors) by the same amount... meaning they offset their own loans by retaining money owed to contractors.

It's really no wonder payments stopped.

Fack, Allen, Holden etc managed to take £180,000 in emoluments the same year, up a whooping 600% on the year before. M D C Allen owed £66,240 in linterest free loans, M B Fack owed £17,923.

Wonder how well they are operating the new company?