Actually it was the Great Brother Leader (the Kings of Kings) that first spoke of his opponents as 'cockroaches'. Mahmoud was only quoting him in the infamous webinar. I expect he will blame all of this on a NATO-Zionist conspiracy to steal his money from him.
Mike Baghdady - should I take a course or not?
- Thread starter Digbyarbuthnot
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Actually it was the Great Brother Leader (the Kings of Kings) that first spoke of his opponents as 'cockroaches'. Mahmoud was only quoting him in the infamous webinar. I expect he will blame all of this on a NATO-Zionist conspiracy to steal his money from him.
Wasn't there a Minder episode where Arthur Daley bought a container full of Royal Wedding plates and they turned out to have pictures of Andrew and Fergie and they'd just got divorced?
StockHunter
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that chick is hot
Glad I wasn't a Director of TMZF Ltd:
"If your company eventually goes into a formal insolvency procedure, your conduct and your company’s transactions would generally be investigated and the investigation could go back 3 years.
You can be held personally liable and be ordered to pay money to the company for the benefit of its creditors if a court believes you have been wrongfully trading, it can order you personally to make a contribution to the company without financial limit. It can also disqualify you from acting as a director for up to 15 years. "
I hope Ben Tuckey has made provisions as I do not see this going away, do you?
"If your company eventually goes into a formal insolvency procedure, your conduct and your company’s transactions would generally be investigated and the investigation could go back 3 years.
You can be held personally liable and be ordered to pay money to the company for the benefit of its creditors if a court believes you have been wrongfully trading, it can order you personally to make a contribution to the company without financial limit. It can also disqualify you from acting as a director for up to 15 years. "
I hope Ben Tuckey has made provisions as I do not see this going away, do you?
Directors of companies in financial trouble who wish to avoid allegations of wrongful trading should take the following steps:
Ensure they always have adequate and timely financial information.
Be alert to danger signs, such as pressure from creditors.
Draw conclusions from the circumstances that a reasonably prudent business person would have drawn.
Hold regular board meetings to discuss/review the company’s situation.
Ensure they consider the interests of creditors as well as comply with their statutory directors’ duties.
If there is a prospect of insolvency, do not incur new liabilities as if there was nothing wrong.
Record conclusions.
Take specialist, professional advice, consider it carefully and follow it unless there are very good reasons not to.
Consider stopping trading and starting appropriate insolvency proceedings before creditors do.
hmmm. How many of these actions did the directors of TMZF take?
If you were a director, how would you be feeling?
This doesn't look like an insolvent company: Welcome to SpyGlass Trading Solutions
To me it looks like a company trying to sell courses and trade planning sessions.
Ensure they always have adequate and timely financial information.
Be alert to danger signs, such as pressure from creditors.
Draw conclusions from the circumstances that a reasonably prudent business person would have drawn.
Hold regular board meetings to discuss/review the company’s situation.
Ensure they consider the interests of creditors as well as comply with their statutory directors’ duties.
If there is a prospect of insolvency, do not incur new liabilities as if there was nothing wrong.
Record conclusions.
Take specialist, professional advice, consider it carefully and follow it unless there are very good reasons not to.
Consider stopping trading and starting appropriate insolvency proceedings before creditors do.
hmmm. How many of these actions did the directors of TMZF take?
If you were a director, how would you be feeling?
This doesn't look like an insolvent company: Welcome to SpyGlass Trading Solutions
To me it looks like a company trying to sell courses and trade planning sessions.
NVP
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Directors of companies always know well in advance when the sh*t is hitting the fan......they are not stupid.....
I am still trying to sue the accountants who signed off a Developers books as a Going concern when it was clear to me that the audited accounts were in dire dire trouble.....even before they started building a property I bought years ago
the receivership accountancy firm has closed ranks and supported them ......funny that
always get a copy of the accounts of a Developer before you buy a property...........never thought I would have to do that in the UK...oh well !
N
I am still trying to sue the accountants who signed off a Developers books as a Going concern when it was clear to me that the audited accounts were in dire dire trouble.....even before they started building a property I bought years ago
the receivership accountancy firm has closed ranks and supported them ......funny that
always get a copy of the accounts of a Developer before you buy a property...........never thought I would have to do that in the UK...oh well !
N
-_cerberus_-
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Mike G - can you contact our rep for tomorrow pls , I think he might be able to help us both ... Grant Pegg on [email protected]
Cerberus - I have emailed him and am awaiting his call.
Also, just spoke to HMRC again. Very interesting.
And to think this all could have been avoided...... nevermind.
Now let me see, what other questions should I answer about my time working for Mike Baghdady and Ben Tuckey.
Also, just spoke to HMRC again. Very interesting.
And to think this all could have been avoided...... nevermind.
Now let me see, what other questions should I answer about my time working for Mike Baghdady and Ben Tuckey.
I am no lawyer. But I am willing to help any turtle that would like the inside story of the whole process, how they were chosen, etc.
I am particular keen to help any turtle that paid to be there.
pipsplease
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That might depend on what was in the contract that you entered into with them.
Who was the contract with?
Who were the other parties apart from the Turtles?
Do you have it?
Last edited:
How would you feel about a company that stored your credit card details, including the CVV2 number and full address and postcode on a piece of A4 paper. Then filed it in a simple ring binder and left it in an office.
Would you like to do more business with them or recommend them to your family and friends?
Just a question as I know a company that did that?
Would you like to do more business with them or recommend them to your family and friends?
Just a question as I know a company that did that?
alphadude
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If they do sue; they will make a joke of themselves in court.
The judge and juror (if any) will find it hard to comprehend how could a turtle pay TurtlePoopy 50K for the privilege.
R.Charnock
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If they do sue; they will make a joke of themselves in court.
The judge and juror (if any) will find it hard to comprehend how could a turtle pay TurtlePoopy 50K for the privilege.
So you think the naive and trusting deserve to be defrauded?
alphadude
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not really. what am saying is the Naive will shy away from suing. they dont want to be reminded about taking bad decisions.
Digbyarbuthnot
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What happened with the Listing of the creditors meeting on Friday?
Did Magic Mike turn up an step on the moronic cockroaches? Or did he run away like a big girl as usual?
Maybe he's with his mommy? He's like the gay son for his mum as he'll never leave her (until he's swindled her out of all her cash). I wonder if they go shoe shopping together
Did Magic Mike turn up an step on the moronic cockroaches? Or did he run away like a big girl as usual?
Maybe he's with his mommy? He's like the gay son for his mum as he'll never leave her (until he's swindled her out of all her cash). I wonder if they go shoe shopping together
-_cerberus_-
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Here's the Creditors' List... We know of other people who are owed substantial amounts of money by Baghdady, who are not listed in this document...
-_cerberus_-
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I confirm my attendance at the meeting of creditors of the Company pursuant to s.98 of the Insolvency Act 1986 at 3.30pm at the offices of OWG Corporate Recovery, 41 Skylines Village, Docklands, London E14 9TS on 28 September 2012.
I would report as follows:
Attendance
The director, Mr Mahmoud Baghdady, attended the meeting by use of SKYPE and was located in the United States of America at the time of the meeting.
He was identified by Ms Kelly, as the director and Ms Kelly as Liquidator (appointed by a general meeting of shareholders earlier in the day was also in attendance).
No other creditors were present in person at the meeting.
Report to the Meeting and Conduct of the Meeting
I enclose a copy of the report presented to the meeting and I confirm that I personally examined the statement of affairs signed by the director on 27 September 2012 which reflected the figures contained in the report.
The meeting of creditors was advertised in the London Gazette on 21 September 2012.
On 12 September 2012 the director decided to convene a meeting of creditors and notices were despatched on 18 September 2012.
I will specifically comment on the contents of the report and questions that I raised at the meeting:
• The Company ceased trading in May 2012. Further to information that I had received via yourself in respect of the continued trading, I asked specifically about the position in this regard. I was advised that [email protected] was a separate trading entity unconnected with the Company.
• The Company employed 5 employees and turnover rose from £128,000 to £532,000 over 5 years.
• At the end of 2010 the Company selected 15 people to train as proficient market traders in a project known as “The New Turtle Traders Programme”.
• A £100,000 credit line for this programme was provided by the director personally.
Assets
• The uncertainty of the book value was queried and this was explained to be because the Landlord has distrained over the assets and as access cannot be obtained, the director is uncertain as to what assets still remain in the Company.
• The position is similar with the rent deposit and the Liquidator will investigate the position in respect of both categories of assets.
• The book debt is believed to be realisable from one individual debtor whose identity was not revealed. The position of the book debts reflected in the balance sheet was queried and I was advised that these had been collected over the trading period.
Creditors
Secured Finance Creditor
RBS are the only finance creditor and they finance the IT equipment.
Unsecured Creditors
• The director stated that he has never drawn any remuneration from the Company.
• The director’s loan account claimed in the liquidation was queried and I examined his proof of debt form which was broken down as follows:
o Software £192,715.68
o Director’s current account £ 95,615.80
o Director’s current account £126,882.30
o Payment made to Turbervilles on behalf of Company £ 79,117.13
o Injection of funds to Company £ 43,750.00
__________
£538,080.91
• The H M Revenue & Customs liabilities accrued over 3 months for PAYE and from an assessment in respect of corporation tax.
• The trade and expense creditors accrued over the last 6 months.
• The Landlord is alleged to have effected distraint and determination of the lease due to a break in that occurred to the premises and after a “smear” campaign against the director. This apparently occurred during the director’s absence on compassionate leave.
Formal Business of the Meeting
The shareholders at general meeting earlier in the day voted unanimously for the appointment of Angela Kelly of OWG as Liquidator.
The appointment was ratified at the meeting of creditors by the majority of creditors voting by proxy, specifically the director in respect of his proxy valued at £538,081.
As a minimum of 3 creditors are required to form a liquidation committee and I was the only creditor there, no liquidation committee was formed.
The Liquidator was sanctioned to draw a fee of £5,000 plus VAT and disbursements in respect of her fee for convening the meeting of creditors and she will be remunerated on a time cost basis during the conduct of the liquidation.
Investigation
I requested that the Liquidator investigates the conduct of the director with particular emphasis on the following:
• Whether any preference payments were made to creditors,
• Whether there were any assets disposed of prior to liquidation which may form the basis of a transaction at undervalue,
• The Liquidator to investigate the management accounts and results of trading for any irregularities to give rise to wrongful trading or misfeasance.
I would report as follows:
Attendance
The director, Mr Mahmoud Baghdady, attended the meeting by use of SKYPE and was located in the United States of America at the time of the meeting.
He was identified by Ms Kelly, as the director and Ms Kelly as Liquidator (appointed by a general meeting of shareholders earlier in the day was also in attendance).
No other creditors were present in person at the meeting.
Report to the Meeting and Conduct of the Meeting
I enclose a copy of the report presented to the meeting and I confirm that I personally examined the statement of affairs signed by the director on 27 September 2012 which reflected the figures contained in the report.
The meeting of creditors was advertised in the London Gazette on 21 September 2012.
On 12 September 2012 the director decided to convene a meeting of creditors and notices were despatched on 18 September 2012.
I will specifically comment on the contents of the report and questions that I raised at the meeting:
• The Company ceased trading in May 2012. Further to information that I had received via yourself in respect of the continued trading, I asked specifically about the position in this regard. I was advised that [email protected] was a separate trading entity unconnected with the Company.
• The Company employed 5 employees and turnover rose from £128,000 to £532,000 over 5 years.
• At the end of 2010 the Company selected 15 people to train as proficient market traders in a project known as “The New Turtle Traders Programme”.
• A £100,000 credit line for this programme was provided by the director personally.
Assets
• The uncertainty of the book value was queried and this was explained to be because the Landlord has distrained over the assets and as access cannot be obtained, the director is uncertain as to what assets still remain in the Company.
• The position is similar with the rent deposit and the Liquidator will investigate the position in respect of both categories of assets.
• The book debt is believed to be realisable from one individual debtor whose identity was not revealed. The position of the book debts reflected in the balance sheet was queried and I was advised that these had been collected over the trading period.
Creditors
Secured Finance Creditor
RBS are the only finance creditor and they finance the IT equipment.
Unsecured Creditors
• The director stated that he has never drawn any remuneration from the Company.
• The director’s loan account claimed in the liquidation was queried and I examined his proof of debt form which was broken down as follows:
o Software £192,715.68
o Director’s current account £ 95,615.80
o Director’s current account £126,882.30
o Payment made to Turbervilles on behalf of Company £ 79,117.13
o Injection of funds to Company £ 43,750.00
__________
£538,080.91
• The H M Revenue & Customs liabilities accrued over 3 months for PAYE and from an assessment in respect of corporation tax.
• The trade and expense creditors accrued over the last 6 months.
• The Landlord is alleged to have effected distraint and determination of the lease due to a break in that occurred to the premises and after a “smear” campaign against the director. This apparently occurred during the director’s absence on compassionate leave.
Formal Business of the Meeting
The shareholders at general meeting earlier in the day voted unanimously for the appointment of Angela Kelly of OWG as Liquidator.
The appointment was ratified at the meeting of creditors by the majority of creditors voting by proxy, specifically the director in respect of his proxy valued at £538,081.
As a minimum of 3 creditors are required to form a liquidation committee and I was the only creditor there, no liquidation committee was formed.
The Liquidator was sanctioned to draw a fee of £5,000 plus VAT and disbursements in respect of her fee for convening the meeting of creditors and she will be remunerated on a time cost basis during the conduct of the liquidation.
Investigation
I requested that the Liquidator investigates the conduct of the director with particular emphasis on the following:
• Whether any preference payments were made to creditors,
• Whether there were any assets disposed of prior to liquidation which may form the basis of a transaction at undervalue,
• The Liquidator to investigate the management accounts and results of trading for any irregularities to give rise to wrongful trading or misfeasance.
wackypete2
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I see M.A. Baghdady is listed as a creditor for $538,080.91
I guess thats for unpaid wages??
What a ****** dirtbag.
Peter
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