Consumer Debt Collection Agency collapses with huge debts

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Staff owed over £500k in wages

A large Consumer Debt Collection Agency has collapsed with masses of debt owing to its creditors including the HMRC, staff and suppliers.

Experto Credite entered into a voluntary liquidation late last year with accountancy firm Smith & Williamson appointed as the insolvency practitioners to deal with the liquidation and winding up process.

In the company’s statement of affairs submitted to companies house in December, details of their finances showed that employees of the company were owed over half a million pounds in wages and notice pay.

Within the same report, leading Debt buyer Interim Justitia is listed as owed £474,000 whilst there was a debt of £190,000 owing to the HMRC.

Further debts owing from the company include hundreds of thousands of pounds owing to Natwest Bank, Vodafone and Virgin Media.

It is believed that there will be a shortfall once the liquidation is complete. The shortfall is said to be a massive £2.4m  and will leave many wondering how long they continued to trade whilst insolvent.

Many suppliers to the company such as Equifax, UK search and Noble systems also have significant sums owing to them along with property management firm GBR Phoenix which is owed £617,000 alone.

Experto Credite was launched in 2006 and the Chief Executive is named as Staale Aasestrand. Aaestrand is also listed a creditor of the company.

Despite the collapse of Experto Credite, Aaestrand has already taken on a new position with financial solutions company ‘Fifo Capital England’ as the Director of credit and process.

People within the industry are questioning why anybody would employ somebody in such a senior position so quickly given their seemingly massive failure.

Creditors of the company are believed to be requesting an investigation into the conduct of the company’s officers.

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