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Old 25th April 2016, 17:44   #1
alanjay
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Default Shades of the Phoenix Four?

Listening to news of the collapse of BHS it would appear that first thing the buyers did after buying it for £1 was, congratulate themselves by giving each other a £2,000,000 bonus.

10,000 loyal workers end up with nothing apart from unemployment and reduced pensions, isn't it about time laws were changed to stop this sort of thing!
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Old 25th April 2016, 17:49   #2
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Listening to news of the collapse of BHS it would appear that first thing the buyers did after buying it for £1 was, congratulate themselves by giving each other a £2,000,000 bonus.

10,000 loyal workers end up with nothing apart from unemployment and reduced pensions, isn't it about time laws were changed to stop this sort of thing!
Absolutely Alan.
The thing is who will change it and when? Successive governments don't seem to care.
At times I think this country stinks!
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Old 25th April 2016, 17:53   #3
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I'm glad it wasn't just me who thought this.

Shady venture capital group buys ailing car company / retailer (delete as appropriate) and proceeds to sell of the property and raid the pension fund while putting on a half-hearted show of actually wanting to run the business.
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Old 25th April 2016, 18:17   #4
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Have I missed something?

As far as I'm aware, BHS went into receivership this morning and no buyer has yet been found.
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Old 25th April 2016, 18:21   #5
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Default Rai the Pension Fund?

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Originally Posted by Tim_Burgess View Post
I'm glad it wasn't just me who thought this.

Shady venture capital group buys ailing car company / retailer (delete as appropriate) and proceeds to sell of the property and raid the pension fund while putting on a half-hearted show of actually wanting to run the business.

I think you will find that the £500 million pension fund deficit was created by the previous owner Sir Phillip Green of Arcadia group, before selling for £1
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Old 25th April 2016, 18:28   #6
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I think that the company's contribution into a pension fund should be paid at the same time as the employees part, ie both at the same time, with no way for anyone to be able to take from it until you retire or change jobs. Most deficits are caused by underperforming funds for final salary schemes, ccompanies should be required by law to top up annually.

Last edited by KWIL; 25th April 2016 at 18:30..
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Old 25th April 2016, 18:40   #7
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Originally Posted by DragonFly View Post
Have I missed something?

As far as I'm aware, BHS went into receivership this morning and no buyer has yet been found.
My OP might explain why they went into administration. Buy a company, legally milk it then put it into administration, just prior to it being declared insolvent or bankrupt.

If you run a company then call in administrators a few days before it's declared insolvent or bankrupt, you can get away with your ill gotten gains, risking a slap on the wrist as your only punishment, although you might be barred from ever holding the position of company director for the rest of your life. However, that does not stop you being a Senior Executive in any future similar ventures.

Mind you, if like the Phoenix Four and the guys who bought BHS, you can find a way of fleecing the workforce and at same time walk away with £2,000,000 you may not care if you can't get another job.

IMHO, that's morally wrong, I'm more concerned for the 10,000 plus workforce with uncertain futures rather than those who exploited them.

Don't pay your TV licence and you could end up in prison, do what these guys did and you might get a telling off but you won't go to prison.
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Old 25th April 2016, 18:41   #8
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The thing is who will change it and when? Successive governments don't seem to care.
At times I think this country stinks!
Yes I agree.

I dont think anybody in 'power' gives a hoot. You work all your life plus more if your my generation and younger (my retirement age is CURRENTLY 68 at the moment) and what do you get for it? as you yourself know.

Send those 'buyers' (thieves) to jail and give that disgracful 'bonus' (stolen money) amoungst the unfortunate employees!

This country has gone to the dogs and then some
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Old 25th April 2016, 18:50   #9
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Quote:
Originally Posted by KWIL View Post
I think that the company's contribution into a pension fund should be paid at the same time as the employees part, ie both at the same time, with no way for anyone to be able to take from it until you retire or change jobs. Most deficits are caused by underperforming funds for final salary schemes, ccompanies should be required by law to top up annually.
It's not just a case of companies having to pay into pension scheme at same time as employees, in some cases employers deduct employee contributions but don't pay those in either.
Pension providers must know what the monthly income for a company scheme should be and should sound alarm bells when the first payment is missed, that way we the tax payers would not have to underwrite failures to pay in by employers.

You'd think that after the way Robert Maxwell defrauded the Mirror group pension scheme Government would have made sure it could never happen again.
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Old 25th April 2016, 19:07   #10
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Quote:
Originally Posted by mac61 View Post
I think you will find that the £500 million pension fund deficit was created by the previous owner Sir Phillip Green of Arcadia group, before selling for £1
yer and he's offered to refund just 40 mill out of the 200 mill he took what a big man he is oh he was also turned down and told to pay more the flickin con man the rich just get richer
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