Mediplacements liquidatedPosted: February 6, 2012
- Has Mediplacements Limited been liquidated and has it defaulted on its creditors?
- Has the sequence of liquidation been contrived to safeguard assets to the detriment of creditors.
- Is JBM Services Limited related to Mediplacements Limited and has it defaulted on its creditors?
- Mediplacements Limited was incorporated on the 19th July 2004. The company changed its name to TM Recruitment Limited on the 17th June 2011.
A new company, Mediplacements Limited, company number 07672917, was incorporated on the 16th June 2011. It’s original name was Simped Limited, it changed its name to Mediplacements Limited on the 21st June 2011. The principal Director and Shareholder of Mediplacements Limited, old and new, is Edward Simpson, and the trading address is:
121 Brooker Road
- JBM Services Limited was incorporated on the 24th March 2009. The principal Shareholder and Director is Benjamin Thomas Bartlett.
This company filed no annual returns and no accounts. This trading address is the same as Mediplacements Limited.
The initials JBM stand for Just Bank More. This was an umbrella company set up to increase take home pay for working individuals.
- TN Recruitment Limited (the original Mediplacements Limited) went into liquidation on the 30th September 2011. Its statement of affairs shows that it has no assets (I will come back to this later).
It had unsecured creditors of £1.6 million.
Its main creditors were the Inland Revenue (£742,684) and JBM Services Limited (£745,341).
Apart from the £120,363 owed to Just Physio Limited, which is part of the Mediplacements Limited Group, they were only minor ___________________creditors.
The last set of accounts of Mediplacements Limited filed at Companies House were for the year ended 31st December 2009 and showed the following assets:-
Goodwill 1,449,900 (this was money spent acquiring investments which
are listed below)
Tangible Assets 408,476 This is a mixture of fixtures
and fittings, computers, etc
Trade Debtors 2,060,500
Other Debtors 394,082
Directors Overdrawn Loan Account 625,070
By any stretch of the imagination, this is quite a considerable amount of assets to lose between the filing of these accounts and the filing of liquidation papers.
I would imagine most of the assets have been transferred through to other related companies but one item that does concern me greatly is the fact that Mr Simpson owed the company £625,000, so you have to ask the question as to how he repaid these monies to the company? If not, then certainly the actions of the owners of the companies were contrived to safeguard assets to the detriment of creditors, principally, HM Revenue & Customs.
In addition to these assets and more importantly, I would imagine, if I did a more detailed investigation, the company held shares, (in most cases, 100%) control, in the following related companies:-
Care Placements Limited
Medi Money Limited
Replacement Group Limited
HEC Contracts Limited
First Locums Limited
Healthcare Employment Consortium Limited
I will be very interested to see how these investments have been disposed of.
There was just over a 3 month delay in the change of names/transfer of trade to the new Mediplacements Limited.
In my opinion, this allowed the old Mediplacements Limited which is now called TN Recruitment Limited, sufficient time to collect in its trade debtors and repay its factoring company which surprisingly was owed no money at the date of the statement of affairs.
This is all the proof you need that the liquidation of the old Mediplacements Limited and the transfer of all its assets and contracts systematically transferred to the new Mediplacements Limited.
JBM Services Limited went into liquidation from the 22nd July 2010.
This company shows a liability of £1,785,977.
Its principal assets were £894,409, owed to the company by Mediplacements Limited Limited.
The liquidator noted in his report as late as the 05/09/11, that Mediplacements Limited had agreed to repay these monies at a rate of £74,538.08, in 12 equal instalments – 12 days before the old Mediplacements Limited (now TN Recruitment Limited), went into liquidation.
These two companies are linked, firstly by the manner in which some locums were paid, but mainly due to the fact that the two companies share the same trading address, they share the same accountant and believe it or not, behind it or not, they are sharing the same liquidators, David Reuben & Partners of Pearl Assurance House, 319 Ballards Lane, London N12 8LY.
The Mediplacements Limited company number, 05183160, has been liquidated and it has defaulted on its creditors, principally the Inland Revenue.
I can conclude that JBM Services Limited is directly related to Mediplacements Limited and it too has defaulted on its creditors, principally the Inland Revenue.
I can conclude that the liquidation was managed to enable the assets of Mediplacements Limited to be transferred to a new company to the detriment of creditors, principally the Inland Revenue.