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    Bankers to Bankruptcy
    Bankers to Bankruptcy
    Bankers to Bankruptcy
    Ebook42 pages34 minutes

    Bankers to Bankruptcy

    By James Lingard

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    About this ebook

    Memoir of extraordinary events during the career of an insolvency practitioner, giving a glimpse of life in the City of London. The book shows how 'innocent' banks became caught up in the banking crisis.
    LanguageEnglish
    PublisherM-Y Books
    Release dateAug 8, 2012
    ISBN9781908372024
    Bankers to Bankruptcy

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      Book preview

      Bankers to Bankruptcy - James Lingard

      BANKERS TO BANKRUPTCY

      PREFACE

      This book is a Memoir of true but extraordinary events which occurred during the career of an insolvency practitioner. It gives a glimpse into life in the City of London and also demonstrates how ‘innocent’ banks became caught up in the banking crisis.

      The names of the people involved have been changed and authentic events are presented in the form of a collage rather than in chronological order.

      Artistic licence has been taken with the dialogue as, naturally, none of the conversations were taped! This may come as a disappointment to any readers accustomed to newspapers which engage in phone tapping!

      CHAPTER 1

      ALL AT SEA

      Accountancy may be considered dull; but insolvency work is not. It is challenging and exciting – a world full of drama and emotion where jobs are lost or saved. Take, for example, the Sea Trader (not its real name) Group, which defaulted on its loans but refused to cooperate with the bankers who held charges over several ships.

      Tom, a partner in a major firm of chartered accountants, was appointed to enforce the security. He needed to take control of the ships immediately and instructed a specialist solicitor, who earlier in life had held a master’s certificate, to assist.

      ‘We will need Court orders which should be obtainable tomorrow,’ he was advised, ‘but it would be a good idea to speak to the captains by ship to shore radio now.’

      The solicitor busied himself accordingly and discovered a problem. The Sea Trader had been ordered by the owner to dock in Sicily. That would be disastrous for the banks because court processes in Sicily are cumbersome and competing local creditors might obtain priority.

      The captain was asked to divert to Gibraltar from where he and his crew would be flown home, but pointed out that he had express orders to dock in Sicily and Tom had no authority to revoke those orders.

      The solicitor took the phone and introduced himself. ‘Do your orders stipulate how fast you should steam?’

      ‘No.’

      ‘Then, I suggest the slower the better until we obtain a court order.’

      ‘The problem is that I can see Sicily; I will be there in half an hour.’

      ‘Suppose you stop engines and just hold your present position. Explain to the crew that there are no funds to fly them home unless you make Gibraltar. Presumably you have enough food and beer to keep them content and the weather down there is calm and sunny?’

      This idea found favour and the necessary Court authority was speedily obtained. But the following morning, the captain of the Sea Trader spoke directly to Tom. ‘We are on course for Gibraltar, but the owner is furious. He has sent two helicopters and winched off all the French members of the crew. We now have no electricians and they have sabotaged the electrics in the ship.

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