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Bell Pottinger partners still owe £1.8m Mm11

Bell Pottinger partners still owe £1.8m Regist10

Bell Pottinger partners still owe £1.8m

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Bell Pottinger partners still owe £1.8m Empty Bell Pottinger partners still owe £1.8m

Post by Verdi on 26.11.20 0:54

Bell Pottinger partners still owe £1.8m

James Hurley, Enterprise Editor
Thursday November 26 2020

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James Henderson, the former Bell Pottinger chief, is facing a disqualification proceeding brought by the Insolvency Service
REX FEATURES


Partners of Bell Pottinger have yet to repay £1.8 million in “excess drawings” that they took from the PR business before its collapse, according to liquidators.

An additional significant sum is being pursued against an unnamed partner via litigation, which alleges breach of contract and “significant and related excess drawings,” Matthew Tait and Malcolm Cohen, the joint liquidators from BDO, said in a progress report.

Bell Pottinger, which was founded by Lord Bell, who died last year, and Piers Pottinger, was established in the 1980s and grew to become one of Britain’s best-known public relations firms. It collapsed in September 2017 after a scandal in South Africa, where it was accused of inciting racial hatred on behalf of a client. The affair prompted some of Bell Pottinger’s largest clients, including HSBC and EY, to leave, which precipitated its collapse.

The liquidators said that members of the limited liability partnership had “failed in their duty to act in good faith and in accordance with standards of good governance” and that the “relationship between the actions of these members and the financial failure of the LLP appears strongly correlated”.

Liquidators have been pursuing 44 of 90 former partners for £4 million of profits they received from the partnership before its failure, almost half of which remains unpaid, according to the latest filings at Companies House. Partners have said that the drawings were in lieu of salary payments.

Liquidators did not specify the value of the additional claim for breach of contract, or who it was against. The prospect of a lawsuit against the estate of Lord Bell has been raised previously.

James Henderson, former Bell Pottinger chief executive, Victoria Geoghegan and Nick Lambert, former executives, are the subject of disqualification proceedings from the government’s Insolvency Service which could lead to them being banned from holding directorships for up to 15 years.

The proceedings were issued in court on September 11, the Insolvency Service said. Hearings are expected to take place next year. Mr Henderson has vowed to fight the possible ban.

Mr Henderson, Ms Geoghegan and Mr Lambert declined to comment. A spokesman for the Insolvency Service said: it would not comment further as proceedings had been issued.

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Bell Pottinger partners still owe £1.8m Empty Re: Bell Pottinger partners still owe £1.8m

Post by PeterMac on 26.11.20 9:15

Only £1.8m ?
so that's £1.3m plus the £500,000 the McCanns paid them to keep the story on the front page of all the papers for 6 months. (According to Bell himself)
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