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p>After trading in the market for 15 years, an industry brokerage has recently gone into liquidation.
The Financial Conduct Authority (FCA) announced yesterday that since the Corporate Advances Ltd with the principal trading address of Nuffield Road, Poole, Dorset BH17, ceased trading on the 30th September this year, customers who used a debit or credit card to pay fees to the broker, may be able to get a refund from their card provider.
The regulator stated that if the broker “did not arrange a loan as expected,” clients may be able to claim a refund, where they have been advised to claim “as soon as possible” to avoid time limitations.
Corporate Advances Ltd offered assistance with bridging finance, business loans, secured homeowner loans and commercial mortgages before it tipped into liquidation. On its site, it stated: “The team at Corporate Advances offer immediate decisions in principle, on all Business Finance, whatever your business, whatever your status, whatever your security, our aim is always to say yes.”
The Director of the firm, Michael Lee Thommes, used to be the Director of the now-dissolved company, General Finance Centre limited. The Financial Services Authority (FSA) banned Mr Thommes from performing any exercise relating to regulated activity, after deeming he was “not a fit and proper person”. The prohibition came into effect from the 15th January last year.
Media sources inform B&C that as Corporate Advances was unregulated, it did not fall under the scope of the FSA. Ultimately, this decision from the authority did not affect Mr Thommes’ ability to hold his position at Corporate Advances.
The Corporate Advances was incorporated in 1999 and was a well-known firm within the industry. Previously teaming up with leading personal asset lender, Borro.
The firm also at one point featured recognised industry faces according to Linked-In including Huw Oddy, Head of Sales at Redrock Commercial Finance and ex-Bridgebank Capital BDM as well as Andrew Meikle, an ex-Think Money consultant, who worked as a Commercial Finance Manager at Corporate Advances.
The FCA noted that Michael Fortune of Portland Business and Financial Solutions Ltd was appointed as liquidator last month.
The brokerage was wound up voluntarily on the 16th October this year.
According to Company Check, since the liquidation, it seems that a Mr Thommes has become the Director of a new firm, called Child Okeford Consultants Limited, which was incorporated just last month.
After trading in the market for 15 years, an industry brokerage has recently gone into liquidation.
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