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Creditors’ report estimates TMO debts at £1.3m

Creditors of defunct packager The Mortgage Operation stand to lose more than £1.3m.

The packager went into administration in April and director Bob Roche said at the time that up to £200,000 of the packager’s debts were owed to mortgage brokers in unpaid commission.

The creditors’ report by administrator Carter Backer Winter reveals a total shortfall of £1.3m between the estimated value of assets and debts.

The report shows that one adviser firm, Siemens Financial Services, is owed £64,454. Other creditors include employees who are owed £102,000, Countrywide Surveyors which is owed £139,000 and Trigold which is owed £20,000.

The report says TMO traded profitably until 2007 when directors sought outside investment and Roche was appointed director in November 2007.

The report states that Roche tried to generate investment in the firm but on March 3 a meeting took place between Roche, John Harradine, Brendan Doyle and Phil Gregory, who were all directors of associated companies owned by Roche’s investment firm BTP Ltd.

The report reveals that after the meeting, Roche resigned and left the building. However, following the threat of legal proceedings from an undisclosed party, Roche regained access to the building on April 4 and four days later placed TMO in administration.

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