UK Landlord Forum / Life

The Sunday Telegraph has been taking a closer look at Kielder Property Management... a company set up on June 27 last year, just before Northern Rock's fell to pieces. Kielder - apparently - has one share, and it's owned by Northern Rock. Its directors are Northern Rock managers. Its business? Buying its own repossessions in auction, and letting them out.

From the telegraph:

QuoteIndustry insiders called the arrangement "opportunistic" and unusual, as lenders normally want to avoid appearing to profit from customers' woes.

source: http://www.telegraph.co.uk/money/main.jhtml;jsessionid=2DM5N4P4KIOTNQFIQMGCFFOAVCBQUIV0?xml=/money/2008/01/20/cnrockprop120.xml

Northern Rock buys up its own repossessions. Nice

Very clever but there must be a conflict of interest here? On the one hand they must want all mortgages homoured, for the benefit of NR shareholders, on the other, they have access to a very lucrative market!!

I agree.

I think they're being clever, in a real "fuck you" kind of way

Insolvency practitioners, its a dirty job.  Only thing with this kind of stuff is they are business orientated only and don't care about who gets hurt.
Step by step guide to become a director of a huge company or rich from one.

Find one that is in debt
Put in an order for a lot of there stock
Buy 7% of the companies debt
Now that you are a creditor to the company file for receivership, cos of debt and outstanding invoices.
Don't pay the stock invoice
And boom there we go.
Company goes under.
Sack all the staff and pilfer all the assets out of the place and sell
Job done.

This goes on people.  What the directors of NR are doing is something simlier !.

Sounds like you've done a bit of this, B

Lol no way man, im a peoples person and wouldnt sh1t on people just for cash gain.  I have thought about it and even had my own I T guy ready to do the dirty for me, but i bottled it at the last.

There we go im to nice for my own good me old faggy poos

Now that does make me resent them using my tax revenue to buoy up their business.


V

Its cost everybody £2000 to shore up NR - did you get value for money ?:-)

cheers

simhar

email: simhar@talk21.com
web: Properite Landlord Software - http://www.properite.co.uk