Headway Trading / James Woodhead

DionysusToast said:
Well - trading the day before you go up the wall is not illegal. Everyone does it. Larger companies will be taking in payments up to the day they go into liquidation and beyoned. They do it the days before liquidation because most of the accounting staff and AR staff won't know the company is going under. They do it the days after because if anyone is daft enough to send them a cheque, then it goes into the pot which the liquidators distribute - plus if you owe a company money, you still have to pay regardless of whether they went under or not.

What is illegal is taking money out of the company in anticipation of the liquidation. For a small company like this, it is inexcusable to take advance payments by the owner when he knows it's going under.
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Yes but directors are personally liable for debts incurred whilst knowingly trading whilst insolvent - see companies act 2006

If it could be proved that he knew he was insolvent he'd likely be up sh1ts creek unless he had some really good legal advice
 
scose-no-doubt said:
Yes but directors are personally liable for debts incurred whilst knowingly trading whilst insolvent - see companies act 2006

If it could be proved that he knew he was insolvent he'd likely be up sh1ts creek unless he had some really good legal advice
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Well - he didn't actually incur a debt did he ? He took a payment, he didn't take delivery of goods or services he knew he couldn't pay for.

Not sure about taking payments for services you know you can't render though...

Interesting stuff. Personally, I'd send someone round to his house to break his kneecaps.

Same thing happened to me when I was younger, a company had me travel down to Alton, Hants to do some hand-over at the end of my contract. They owed me $17k. The day after my trip there, they went bankrupt. Their parent company tried to pick up their main customer but I had been the interface guy. The end result was I made a little over $100k - and this was when $100k was a lot of money.
 
All conjecture, could be a failed trader/traders with a grudge, you know the drill by now;

"But, but, but, Mr Expert, you told me I'd be one of them big swinging dick multi-millionaire trader blokes I see off the telly..."

Guys often use this site to ensure their bitter gripes and swipes gets to the top of the Google ranks....

reservoir_dogs-worlds_smallest_violin.gif
 
Black Swan said:
All conjecture, could be a failed trader/traders with a grudge, you know the drill by now;

"But, but, but, Mr Expert, you told me I'd be one of them big swinging dick multi-millionaire trader blokes I see off the telly..."

Guys often use this site to ensure their bitter gripes and swipes gets to the top of the Google ranks....

reservoir_dogs-worlds_smallest_violin.gif
Click to expand...

I think cynicism in this case is misdirected.
 
Black_swan - I agree with you that complaints happen alot on here from novices being stupid enough to believe some course that will teach you to make £5,000 a day for working 10 minutes.

Although my main complaint isn't about the promises he made or the training being up to scratch, I am complaining about the audacity of James Woodhead. He was never promised that he would be a fantastic trader. He simply paid at prop firm for training and if good enough, he would receive financial backing. After paying for 3 months and being told he would go live, then the next day the company closed abruptly. Leaving him and many other genuine trainee's out of pocket and in the dark along with professional traders being owed money - for instance Jel187. The fact that he completely ignored my cousin's emails, phones call etc and never actually got any explanation. Its the whole way this situation has handled and James Woodhead not seeming to care one bit.

I Believe the company was only trading for 6 months! The start-up must have been seriously under capitalized and awfully managed to decide to close within 6 months. It even makes me think maybe James Woodhead was a 'rogue trader' just pissed everyones money and the start-up capital down the drain through his own terrible trading? Lets be honest, if your starting up a company such as a prop firm, surely your going to have more than 6 months capital to keep yourself up and running? Unless this guy is a complete ****ing retard (which is very possible).
 
What your friend should have done:

1> Get a copy of the companies accounts from Companies House - cost £1 (will give you insight to their liquidity as well as financial history)
2> Get a copy of the Annual Return from Companies House - cost £1 (will tell you who the directors are and who owns the company)
3> Do a director search, I use www.ukdata.com, normally about £25 (this will tell you everything you need to know about the director i.e. address, what other companies they are directors of, the status of those companies e.g. trading, insolvent etc)

All the above done online in 10 minutes......cost of £27:clap:

Does not help now. I know...but for next time.


minimal said:
Black_swan - I agree with you that complaints happen alot on here from novices being stupid enough to believe some course that will teach you to make £5,000 a day for working 10 minutes.

Although my main complaint isn't about the promises he made or the training being up to scratch, I am complaining about the audacity of James Woodhead. He was never promised that he would be a fantastic trader. He simply paid at prop firm for training and if good enough, he would receive financial backing. After paying for 3 months and being told he would go live, then the next day the company closed abruptly. Leaving him and many other genuine trainee's out of pocket and in the dark along with professional traders being owed money - for instance Jel187. The fact that he completely ignored my cousin's emails, phones call etc and never actually got any explanation. Its the whole way this situation has handled and James Woodhead not seeming to care one bit.

I Believe the company was only trading for 6 months! The start-up must have been seriously under capitalized and awfully managed to decide to close within 6 months. It even makes me think maybe James Woodhead was a 'rogue trader' just pissed everyones money and the start-up capital down the drain through his own terrible trading? Lets be honest, if your starting up a company such as a prop firm, surely your going to have more than 6 months capital to keep yourself up and running? Unless this guy is a complete ****ing retard (which is very possible).
Click to expand...
 
Most of the new shops are under-capitalized. Most won't be around long enough to file accounts or returns with companies house.

Most of the new shops, probably won't get round to filing their 1st years accounts with companies house, as it is in their currupt business plan to vanish with your cash while you're dicking around on a simulator.

Its likely that all the new shops are probably run by cartels, organised ventures run by career thiefs to rip course fees / commissions time and time again.

Setting up in a serviced (broom cupboard) office in the city is not expensive or difficult.

Futex is the real deal, a good firm, while most of the other shops are designed to churn training fees while you are distracted playing a video / computer game.
 
Futex is reputable as a shop when you know what you're doing but if you think that you can learn to trade there I would be a bit suspicious*... certainly paying for training is daft...

Basically I thinking now prop isn't a business you could train a grad in. Except as an apprentice, which is a totally different style and luckily how I was taught.

Maybe sometime in the distant future I will take on an apprentice. Done running a grad scheme and failed (not to mention sending me into a nervous breakdown and ****ing up trading for best part of a year), the former may work...

*Actually I have some certain knowledge here but can't say in public alas...
 
It has to be said - if this thread is actually a plug for Futex, it's been very well done.
 
Well, Futex is still around, while the others vanish into thin air with the trainees money like boiler rooms, thats the critical difference.

Whether one can be taught or a teacher effectively teach is another subject entirely.
 
Futex....mmmm.....love their website section "Futex Lifestyle"...

Now I swear that the picture of the cars has been posted on T2W before, I think it was Pippy's thread, about a year ago, find that picture and you find one of the Futex boys, was it Rothchild? Can't remember!!
 
Ha I can assure you this isn't an advert for Futex.

I personally think if a 'prop firm' has to charge to for training and gives you access to their capital at the end, its a dead end! Why charge people if you are expecting them to make money for you in the long run. I guess people think its the next best thing if you can't get a paid trainee position. A lot of these firms seem to be popping up and offering these services Futex, GTC, Savi, Amplify, Niche Trading... I am sure there are many more.
 
Just looked at the Futex lifestyle section. The lambo's with the caption 'Some tough choices'.. cocks.
 
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Couple of things.
The post about where to go to find out the details of the Headweay Trading company accounts seems pretty spot on. Also, the guy that took Headway Trading to court did the right thing. All of the "trainees" should have followed this route.

Lastly, if you want to actually chat with this guy, you know where he works........
 
Funny how this James woodhead isn,t even a director of Headway....anyway Headway trading have paid their £10 to companieshouse to be struck off, second posting in government gazette due in the next week. One of the conditions of paying this £10 is that there are no creditors.....if there were these hard done by trainees then there would have been some kind of winding up order issued somewhere long the line..don,t you think??

Maybe Goose was right!!!
 
anyone seen this?

http://www.proptraders.net/

looks like someone has taken the best comments out of T2W and collated them into quite a useful resource.

A very good discussion on the "pay to learn" model (...why you shouldn't!), and quite a robust free training schedule from the looks of it...also incorporates some of the best content/threads from this site
 
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