By Tom Winnifrith | Monday 17 October 2016
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Oh dear. Oh dear. The problem with frauds, as with socialists, is that - to quote our greatest ever Prime Minister, the blessed Margaret, eventually they run out of other people's money. And that brings us to Worthington (WRN) which faces a winding up petition in the High Court a week today. Beer & popcorn time!
The petitioner appears to be the professional trustees of the company's pension fund Jerome. You will remember that the company was forced to appoint a professional external administrator after certain irregularities occurred under internal management.
Obviously Worthington has not been paying its bills.
One suspects that the company will find some way to keep the fraud going by removing money from somewhere to pay up. But that any company finds itself facing a winding up order HERE is a sign of what dire straights it is in. Of course if the cash cannot be found Aiden Earley can at least tell his comrades how to get to the Courts as he has been there before when he made the mistake of trying to gag me.
About the only thing running in Worthington's favour is that the other side are using disgraced Pinsent Masons, the lawyers for Jimmyliar Ellerton and a firm that thinks smearing investigative journalists & other vile dirty tricks are morally acceptable. Hmmm Worthington vs Pinsents - one of those battles where you want both sides to lose.
The case details are below:
Petitions to Wind Up (Companies)
In the High Court of Justice (Chancery Division)
Companies CourtNo 005275 of 2016
In the Matter of WORTHINGTON GROUP PLC
(Company Number 00527186)
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above named company Registered number 00527186, registered office 1 The Green, Richmond, Surrey, TW9 1PL presented on 30 August 2016 by PI CONSULTING (TRUSTEE SERVICES) LIMITED (Company Number 04261011) of 2 Allington Close, Wimbledon Village, London, SW19 5AP, as the sole trustee of the Jerome Group plc Retirement Benefits Plan, claiming to be a creditor of the company will be heard at the The Royal Courts of Justice, The Rolls Buildings, 7 Rolls Building, Fetter Lane, London, EC4A 1NL
Date: 24 October 2016
Time: 1030 hours (or as soon thereafter as the petition can be heard)
Any person intending to appear on the hearing of the petition (whether to support or oppose it) must give notice of intention to do so to the petitioner or its solicitor in accordance with Rule 4.16 by 16.00 hours on 21 October 2016.
The petitioner’s solicitor is Pinsent Masons LLP, 3 Hardman Street, Manchester, M3 3AU.
7 October 2016
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