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UK Bankruptcy Tzar On Verge Of Bankruptcy

Tyler Durden's picture





 

Despite around $135 million in bailouts, the UK government's Insolvency Service disputes its own insolvency. The FT reports that one British MP summed it up - "it is fair to say that if this was a company it would be in deep trouble." The group, which polices bankrupt companies, liquidates failed businesses and disqualifies unfit directors, would be bankrupt were it not for the government's cash injection. Dependent on fees and recoveries from bankrupt companies, the agency over-estimated its ability to recover assets from collapsed businesses. It dismisses the insolvency claims against itself however, noting the service is "living within its means" and expects to be deficit-free by 2015 (though it is unclear how unless they expect recoveries to rise dramatically or bankruptcies to increase significantly) as it is forced to provide services even when there is no prospect of recovering fees from bankrupt people or companies. Their rate of prosecution has dropped from 40% to 21% and even the creditor community has lost faith arguing that the agency's model was "unreliable in the current economic climate" and required urgent reform.

Via The FT,

The UK government’s Insolvency Service is all but insolvent.

 

Experts suggest the group, which polices bankrupt companies, liquidates failed businesses and disqualifies unfit directors, would be broke had it not received an emergency injection of cash from the government.

 

...

 

"It is fair to say that if this was a company it would be in deep trouble,” said Adrian Bailey, chair of the parliamentary business committee.

 

The Insolvency Service is dependent on fees and asset recoveries from bankrupt companies and the annual number of bankruptcies has fallen sharply over recent years. Official receivers dealt with 43,594 new cases in the 2011-12 fiscal year compared with 77,898 received in 2009-10.

 

The agency overestimated its ability to recover assets from collapsed businesses through its receivers, known as the Official Receivers.

 

...

 

The Insolvency Service said it was having to “live within its means” because of the drop in case numbers. It has merged its regional offices and cut its headcount by 500, with up to 400 more job cuts in the next three years. “With this strategy in place the service anticipates to be deficit-free by 2015,” it said.

 

While costs at the agency have been slashed by £60m since December 2009, it is hamstrung by its obligation to provide services even when there is no prospect of recovering fees from bankrupt people or companies.

 

The Insolvency Service disputes that it is “insolvent” given that it holds £14m of cash on its balance sheet. It has, however, required £89m of rescue cash from the business department (BIS) between 2008 and 2012.

 

...

 

“My concern is that the rate of prosecution, which was 40 per cent of those reported a decade ago, is now down to 21 per cent because the IS is under-resourced,” he said.

 

“The creditor community is upset because usually, if they don’t get their money back, at least they have the satisfaction that the person has been banned as a director for a number of years... that’s now less likely.”

 


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Wed, 03/13/2013 - 22:50 | Link to Comment greased up deaf guy
greased up deaf guy's picture

bullish... cue bob pisani...

Wed, 03/13/2013 - 22:57 | Link to Comment ACP
ACP's picture

Exactly. A double negative is a positive, right?

Is there no financial news that isn't just a fucking joke nowadays?

Next thing you know, they're going to be offering 3% down mortgages again...oh wait, oh shit!

 

Wed, 03/13/2013 - 23:29 | Link to Comment WayBehind
WayBehind's picture

And who is not BK in this country? He is just practicing to gain more experience for his job.

Wed, 03/13/2013 - 23:52 | Link to Comment SafelyGraze
SafelyGraze's picture

check out fdic asset sales 
http://fdic.gov/buying/historical/loans/index.html

book value = 2 x appraised value (overall)

book value = 6 x appraised value (2011 nonperforming loans)

frankly, mark-to-market creates a much higher number than the actual market does

if only we could sell to someone who would pay book value rather than appraised (actual) value. but who would do *that*?

keep eating your vegetables!

Thu, 03/14/2013 - 00:15 | Link to Comment knukles
knukles's picture

I don't understand the problem.
They'd be setting a bad example if profitable.

Insolvency Service.... see...

Thu, 03/14/2013 - 00:24 | Link to Comment Pure Evil
Pure Evil's picture

The only profit a government program is supposed to make comes out of taxpayer pockets.

Thu, 03/14/2013 - 00:56 | Link to Comment ACP
ACP's picture

Or to elaborate:

Step 1: Government creates program funded by taxpayers to blow bubble,

Step 2: Bubble pops, cratering the economy,

Step 3: Government uses this as an excuse to suck more money out of taxpayers' pockets.

...just wanted to provide the standard Economic Destruction Project Manager outline.

Thu, 03/14/2013 - 01:07 | Link to Comment prains
prains's picture

UK Dentistry Czar on the Verge of Dentistry

 

 

Wow, that's good news

Thu, 03/14/2013 - 03:09 | Link to Comment Wile-E-Coyote
Wile-E-Coyote's picture

My wife is a self employed book keeper in the UK, She has many clients. The sentiment is the same they are all exhausted just trying to survive. These firms have cut labour to the bone, used up all their cash reserves and are praying for a miracle. The only sector booming is TV and film work. Must keep the peasants distracted.

There is a big entitlement shake up from the 1 April in the UK, I expect rising social unrest. Bring it on!!

Thu, 03/14/2013 - 16:00 | Link to Comment e-recep
e-recep's picture

i expect lootings but i dunno where on earth or when. many innocent people will be affected. at first the police will suppress the first or few waves of riots but at some point things will spiral out of control. expect copycat riots to break on various locations like falling dominoes.

Thu, 03/14/2013 - 00:18 | Link to Comment JustObserving
JustObserving's picture

UK fears rise as cost of living soars four times faster than earnings

By   Last updated: March 13th, 2013

Household bills have risen four times faster than average earnings since the credit crisis began, according to the Office for National Statistics(ONS), leaving many families fearing worse to come from Budget 2013.

No wonder nearly three quarters of those questioned by comparison website uSwitch.com said they feel poorer since the Coalition Government came to power. Worse still, 85pc of respondents claim Chancellor George Osborne “does not understand the real fears of ordinary people”.

http://blogs.telegraph.co.uk/finance/ianmcowie/100023337/budget-2013-fea...

 

Thu, 03/14/2013 - 08:14 | Link to Comment uranian
uranian's picture

Household bills have risen 25% since 2008. The cost of car insurance, gas, electricity and petrol have seen the highest increases at 67%, 52%, 32% and 33% respectively.

British workers have seen their wages plummet faster than any other workforce in a developed economy, a new study reveals today. Real wages dropped by 4.5 per cent between 2007 and 2011.

Wed, 03/13/2013 - 23:05 | Link to Comment newengland
newengland's picture

Is this like Fanny and Freddie incest, bailed out by U.S. taxpayers? Or perhaps like the SEC and Treasury?

Dear Crook,

Send your bill to our government department. The invoice will be paid by the taxpayer...after we get our wages.

Thank you, not.

Our Dear Leader must buy votes from nimbys, and newcomers. This is a one time offer (until the next time).

Send the check soon. Think of the children...forward...to the gulags, eventually.

PS

Uncivil servants and career politicians fear that they may one day live in the economy occupied by most people.

Wed, 03/13/2013 - 23:02 | Link to Comment Hulk
Hulk's picture

Anybody interested in starting a new planet ???

Wed, 03/13/2013 - 23:06 | Link to Comment newengland
newengland's picture

We're stuck with this one, and c'mon, you know you love it. For better or worse. Family, kith and kin, right or wrong.

Wed, 03/13/2013 - 23:07 | Link to Comment Cdad
Cdad's picture

Yes please.

Wed, 03/13/2013 - 23:12 | Link to Comment newengland
newengland's picture

You first, space cadet. Meanwhile, pay attention to your own part of the universe first.

Wed, 03/13/2013 - 23:25 | Link to Comment pashley1411
pashley1411's picture

Enjoy it while you can.   We are in that small space-time continium between "out of money", and "wots money?"  Obummer is already to the other side.

Wed, 03/13/2013 - 23:38 | Link to Comment newengland
newengland's picture

He prefers back sides, according to his former friends in Chicago. Good lil pet, he is. No matter. His psychiatrist handler has him under control ... playing golf...appeasing Michelle...and reading scripts on order.

Wed, 03/13/2013 - 23:27 | Link to Comment chump666
chump666's picture

Meanwhile a nasty fudge on Aussie employment figures:

71.5k increase in jobs in Australia last month

Whilst China sinks (CAPEX)

http://fingfx.thomsonreuters.com/2013/03/01/013449066d.htm

Awesome.

Wed, 03/13/2013 - 23:27 | Link to Comment e_goldstein
e_goldstein's picture

Rule #1. Don't buy into the pigshit you are selling.

Wed, 03/13/2013 - 23:30 | Link to Comment NoDebt
NoDebt's picture

Imagine that- the REAL collateral is not sufficent to cover the bail-out cost.  Color me shocked.

Are we learning yet?  No?  OK.  Carry on.

 

Wed, 03/13/2013 - 23:42 | Link to Comment newengland
newengland's picture

Who funds ZH? Curious, isn't it. Anti-American and Brit. Undecided about the EUSSR. Pro everyone else. Hmmm...

Controlled opposition is the phrase that comes to mind or psy op....or foreign.

Wed, 03/13/2013 - 23:44 | Link to Comment newengland
newengland's picture

The immediate Red Arrow strikes. Nuff said. Pet.

Declare yourself, scoundrel. I challenge you to a duel. Err...can't be bovvered mate, rusky.

Wed, 03/13/2013 - 23:56 | Link to Comment akak
akak's picture

I didn't downarrow you, but I wonder what you mean in implying that ZH is somehow "anti-American".

In case you hadn't noticed, that aspect of the debate we leave to poster AnAnonymous, who travels in his lightning-powered magical time-traveling flying rickshaw to spread the word about his self-created "US Citizenism" to centuries past and even remote islands in the Pacific.

Thu, 03/14/2013 - 00:04 | Link to Comment newengland
newengland's picture

Who funds ZH? Just curious. It's odd that the articles exclude criticism of the oligarchs from the former Soviet Union and Zionists who are big players in world banks and politics...and the ruin of nations.

Never a critical article on ZH about the oligarchs from the former Soviet Union, and current Russia. Those oligarchs, most hateful, robbing, and infesting the West with their ill gotten gains, along with money laundering, drugs, prostitution, the child sex trade, and buying prime real estate to pursue their warped ways in the West.

Who funds ZH?

Thu, 03/14/2013 - 00:11 | Link to Comment Pure Evil
Pure Evil's picture

And, don't forget about the Protocols of the Elders of Zion! Damn, they should be all over that.

What pisses me off is that they aren't all over how extraterrestrials from Planet X (Niburu) are running this country into the ground. Not one word about it mind you. Turning us into wage and debt slaves, those assholes from outer space.

And, how could you miss the fact that Obummer is an alien/human hybrid, lets start covering that.

Thu, 03/14/2013 - 00:12 | Link to Comment newengland
newengland's picture

Gosh!  And to think O'bomba told Putin that he has more 'flexibility' after the election, and drones on....

Who'd a thunk it?

Pet.

Thu, 03/14/2013 - 00:19 | Link to Comment knukles
knukles's picture

I dunno who owns it or funds it but sure are some bat shit crazy ass motherfuckers hangin' out hereabouts

Thu, 03/14/2013 - 00:30 | Link to Comment newengland
newengland's picture

:-) knuckles.

Makes it fun, but I do wonder about who funds it because it herds sheeple. No mention of the bat shit crazy oligarchs of the former Soviet Union who raped and robbed their people, and send their money to the West, and buy blogs to slowly build for  a one world government...so they can steal more from more.

We can still enjoy ZH. But a word to the wise: who funds it?

Thu, 03/14/2013 - 07:03 | Link to Comment max2205
max2205's picture

Whomever

 

Lots of backers 

 

They keep going broke shorting

Thu, 03/14/2013 - 16:10 | Link to Comment e-recep
e-recep's picture

who cares about the funding. i'll hang around here as long as i see the truth being exposed. the one thing i didn't like was the censorship re the comments on the vatican clergy. it left a few question marks but i can live with that. no problem.

Thu, 03/14/2013 - 00:26 | Link to Comment Pure Evil
Pure Evil's picture

Last I heard, the Los Zetas drug cartel was funding ZH. But, after reading about Chavez's gold being sold, I now suspect that the Tylers are Russian gold smugglers selling to little old ladies at skilled nursing facilities.

Thu, 03/14/2013 - 00:28 | Link to Comment newengland
newengland's picture

Desperate to divert, aren't you 'pure evil'.

Thu, 03/14/2013 - 00:44 | Link to Comment Pure Evil
Pure Evil's picture

Sorry about that, I had to put on my tin foil hat. I kept getting orders from the CIA/DHS/MIC to go on a secret mission to save the world. They kept saying something about 'active shooters' and stopping all sissor purchases.

Thu, 03/14/2013 - 00:54 | Link to Comment tickhound
tickhound's picture

Not to defend evil in any way wahtsoeva... But I thought "desperate to divert" was ure schtick.

EVeryone's a fucking NAZI until proven otherwise? 

Right?  Pet?

And while we're on the subject of fuck everyone else but King David...

Um... I'm trying to come up with a name for "death camps for ANYONE else" other than NAZIS did it.  Stalin be damned.  Let's not even go there cuz that only leads to a more FUCK JOB to your implied argument.

I find it VERY difficult.

Cuz if I suggest "nazi death camp."..  that's Jews who are slaughtered.  The slavs, gypsies, etc. off topic at this point, or EVerypoint in time to you, but touche here.

Now, "jewish death camp" is also Jews getting slaughtered.

Whew. 

Now, I don't give a fuck.  Ironically enough, it's people like YOU who kill me.  GIB me dis,  GIB me dat. 

NO FUCKING DIFFERENT.  PA-fucking-thetic. 

 

Thu, 03/14/2013 - 00:55 | Link to Comment newengland
newengland's picture

Eh? You are confused, but I guess you had to write.

Thu, 03/14/2013 - 01:04 | Link to Comment tickhound
tickhound's picture

That thing you felt was the nerve I hit.

Thu, 03/14/2013 - 01:25 | Link to Comment bunnyswanson
bunnyswanson's picture

Your name is Buck, and you came here to fuck, right? 

The course you are taking is reminds of the movie of a young man who was hired for as an accountant in Kansas, in early 1900s, after answering a help wanted ad.

As he lived several hundred miles away, it took him 2 months to sell what he had to gather the money for the trip there, via railroad car.  When he arrived at his destination, the position had already been filled; he failed to send a cable and let them know he was on his way there.

This left him to wander the streets destitute.  During this time, through simply being in the wrong place at the wrong time, he was framed for another man's death.  Because he had no verifiable alibi or a witness to prove his whereabouts at the time of the shooting, his lack of involvement,  he had no choice but to become an outlaw, hiding from sight, this 25 yr old accountant in wire frame lens.  Eventually, was befriended by a native Indian who, in the end, died trying to save him.  The accountant injured by now, died as well, a broken man, with no real grasp of what even led to his demise.  This is you and this is all of us.  We walked into this.

 

 

Thu, 03/14/2013 - 09:04 | Link to Comment shovelhead
shovelhead's picture

Shit. Lousy story.

I was expecting to get The Lone Ranger and Tonto out of this.

Hi-yo Silver.

Thu, 03/14/2013 - 00:41 | Link to Comment bunnyswanson
bunnyswanson's picture

http://www.youtube.com/watch?v=7N70rDR9K1A

Anyway you look at it, something is unfolding that they are not telling us about. You cannot deny that.  Only a fool would think that ruling their own kingdom is not every man's dream, if only by "saving the world" from all it's ugliness, in the setting of prayer.

Thu, 03/14/2013 - 00:57 | Link to Comment newengland
newengland's picture

Yep. The Agenda. For the few, paid by the many,

Wed, 03/13/2013 - 23:46 | Link to Comment newengland
newengland's picture

Never a bad word about the oligarchs who robbed and raped the former Soviet Union.

Thu, 03/14/2013 - 00:21 | Link to Comment akak
akak's picture

Perhaps because the focus of ZH is current events and not history?

I am not trying to be flippant, but Russian oligarchs of decades past are pretty small potatoes in the monstrous seething shitpot that the world is today.

Thu, 03/14/2013 - 00:44 | Link to Comment newengland
newengland's picture

akak,

I must disagree, and no disrespect to you, nor anyone.

But it is a fact that the former Soviet Union today is robbed blind by its oligarchs. The people's land, money, food, water, everything has been stolen since perestroika. Drunk Yeltsin was the mob, the gangster banksters choice. And all they stole is now pumping up prices in Western real estate, poisoning the West with their sick ways while ordinary people in the former Soviet Union starve.

ZH never links the Russian mafia to this world blight. That makes me wonder: who funds ZH?

I like the sound analysis of ZH articles, but the absence of criticism for the oligarchs of Russia who ruined their own country does make me question the intention of ZH.

It is an editor's job to select articles. Interesting that ZH chooses to omit articles about the vile, hateful ways of Russian oligarchs.

Thu, 03/14/2013 - 04:24 | Link to Comment Ghordius
Ghordius's picture

newengland, the Russian oligarchs are, in the greater scheme of things, just eastern thugs that sit on resources. meanwhile we have legions of western weasels that have constructed great pyramids of paper bets on top of the whole western financial system until they started to crash and burn - in part

zerohedge, if you remember, started with and around the scandals of the 2008/2009 debacle, and lives on the contributions of people out of the financial world that is still trying to sort out the mess (with an eye on what to bet on) - here, the Russian Oligarchs are part of those who are in danger of being further fleeced

may I point out that it's a sign of your US/UK-centric progressive "globalist" attitude that you judge them? in a different approach you could say that they are the Russian people's problem ;-)

you want to bring them to justice? isn't this the very path to a one-world-government? one that dispenses justice to the whole globe?

Thu, 03/14/2013 - 06:40 | Link to Comment falak pema
falak pema's picture

John Bull in tattered robes just after the London Olympics; what a dream gone wrong that is for Boris of Bullingdon. 

And, now Cameron singing lets have US-EU trade to spread even more the OMG type disease via City betting. 

I think the most iconic picture of UK/US special relationship today, now scotched together by joint and several oligarchy financialista frenzy, is this two towered shangrila imagery which says it all : 

Who Lives In London's One Hyde Park? - Business Insider

Who Lives At 740 Park Avenue In New York? - Business Insider

All based on this ongoing ra-ra hopium to eternity : 

Citi: Long Stocks, Long Dollar, Sell Treasuries - Business Insider

MORGAN STANLEY: Inflection Point Ahead - Business Insider

European Markets Update, March 14, 2013 - Business Insider

Why are we such doomers - gloomers here at ZH?

The faithful have just elected a NEW pope! 

And the rich are getting richer as we talk! 

All we need now is some good herd thinning in those darker regions of the globe for elitist globalisation to triumph truly! 

Gail Tverberg Energy Predicament Charts - Business Insider

Wake up to tommorow's real world! 

I'm going long in feudal suit and armour and looking for templar swords and Ottoman yatagans...Lepanto and <Mongol hordes!

Thu, 03/14/2013 - 07:13 | Link to Comment Ghordius
Ghordius's picture

I see you and raise with this Vanity Fair article: mysterious residents one hyde park london - A tale of two Londons

seems it's also full of various oligarchs, including some Russians

note the references about the City of London Corporation and it's hilarious nickname I did not know before: "the Guantanamo Bay of Finance"

Thu, 03/14/2013 - 10:03 | Link to Comment falak pema
falak pema's picture

Lol, "When did you last finance Ben Laden, you damn no-good Sheikh!"...Too funny. A prison for all the Saud clique. 

Thu, 03/14/2013 - 04:35 | Link to Comment Ghordius
Ghordius's picture

newengland, from above, "ZH...undecided about EUSSR" - how so? can't remember that ZH had ever and article that was "undecided" about either the EU or the eurozone

on the opposite, it's full of articles that go on bs like "the EU is like the US", followed by further bs like "only worse" and so on

interestingly, when it comes to the US it's usually about "too much spending" and when it comes to europe it's usually about "too much austerity"

compare it with the "Americans are focused on liberty" vs "Europeans are mindless statist drones" dish served on the side

Thu, 03/14/2013 - 09:11 | Link to Comment shovelhead
shovelhead's picture

Relax Ghord.

newengland is just really pissed that his Russian mail-order bride gave him herpes and left him.

He wants his money back from Alexi Gregorovich.

Thu, 03/14/2013 - 09:17 | Link to Comment Ghordius
Ghordius's picture

don't think she would order a bride - nevertheless it's interesting to read how she would like to see ZH's scope expanded ;-)

Thu, 03/14/2013 - 09:24 | Link to Comment shovelhead
shovelhead's picture

Ah, it becomes clearer...

"Hell hath no fury..."

Maybe she and Joyful can start a blog about The Kabal of Kazharian Kleptocrats.

Thu, 03/14/2013 - 10:16 | Link to Comment falak pema
falak pema's picture

Anything south of the mason dixie and east of the great new england Sound is not Kosherrrr! ; I didn't know the NE sound had Tits! 

Titbits of deep sounding Fortress America sound resounding...

Thu, 03/14/2013 - 05:20 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

.

But it is a fact that the former Soviet Union today is robbed blind by its oligarchs.

Sounds pretty 'american' to me.

Cue AnAnonymous babbling about how in Russia, the middle class is the tsar class.

Thu, 03/14/2013 - 18:55 | Link to Comment akak
akak's picture

In USSR 'russian' citizenism, the tsar class is crustiest bit of the mattering thing.

Wed, 03/13/2013 - 23:49 | Link to Comment newengland
newengland's picture

Gotcha. ZH, funded by oligarchs friendly to Russia. The same oligarchs who raped, robbed, and made destitute Mother Russia...and pour their ill gotten gains into Western real estate and blogs. And Zionists.

Thu, 03/14/2013 - 09:26 | Link to Comment shovelhead
shovelhead's picture

Larry Summers?

Wed, 03/13/2013 - 23:46 | Link to Comment World of Debt
Wed, 03/13/2013 - 23:57 | Link to Comment newengland
newengland's picture

And there is no debt bigger than the oligarchs of the former Soviet Union and Zionists who raped, robbed and cheated their own people...and now buy the West, and threaten China. They use the Middle East as just another pawn in their globalist Nazi control agenda.

Who funds ZH? It is the absence of any criticism of the former Soviet Union and Zionists  that is most telling.

Thu, 03/14/2013 - 00:00 | Link to Comment Buckaroo Banzai
Buckaroo Banzai's picture

You can't make this shit up anymore.

Thu, 03/14/2013 - 00:09 | Link to Comment Pure Evil
Pure Evil's picture

I think its time the Tylers start censoring again.

Thu, 03/14/2013 - 00:14 | Link to Comment newengland
newengland's picture

thought the tylers were against censorship?

You reveal your true colors. Pet. Pravda.

Thu, 03/14/2013 - 00:45 | Link to Comment Pure Evil
Pure Evil's picture

The Tyler's are not against censorship. In fact that cheeky bastard is pretty quick on the cut off button. Just today I was maligning my nemisis the pope, as is my nature, and that cheeky fellow cut me off at the pass.

What's a Beelezebub to do?

Thu, 03/14/2013 - 00:50 | Link to Comment newengland
newengland's picture

Really? I doubt it. I commented on the new Pope in a very critical way, and ZH had no problem with that.

The best trick the devil ever pulled was to persuade people he didn't exist.

 

Thu, 03/14/2013 - 00:54 | Link to Comment Pure Evil
Pure Evil's picture

Your right. The devil doesn't exist. The only evil that exists is that which resides in the minds of men.

Thu, 03/14/2013 - 00:57 | Link to Comment fudge
fudge's picture

I've got some to spare,it might help brighten up ur little pic.

 

Thu, 03/14/2013 - 01:06 | Link to Comment Pure Evil
Pure Evil's picture

I'm sure you do little fudge packer. Now run along and see if you've got shit for brains, cause your head is squarely up your ass and you need god to shine a little light on it.

Thu, 03/14/2013 - 01:45 | Link to Comment fudge
fudge's picture

pure drivel ;) 

not good enough toddler

there's going to be a morning u wake up and find the fairy dust has somehow disappeared from ur internetz

shit! no more forums , all those wasted keystrokes.

.

Thu, 03/14/2013 - 07:05 | Link to Comment Ghordius
Ghordius's picture

"The best trick the devil ever pulled was to persuade people he didn't exist." very good, a theological dispute

please clarify the nature of your devil, first

part of the deity, and so of divine (if evil) essence, and so above (or below) us mere creatures or (just) of (fallen) angelic nature?

if part of the (angelic) creation, what exactly went wrong? or was it according to a divine plan?

and what about evil itself? is it mainly about intent or about consequences? If I do good out of evil intentions, is it good or bad? And if I do evil out of good intentions, am I excused or not?

Thu, 03/14/2013 - 01:05 | Link to Comment DonutBoy
DonutBoy's picture

Ha!  You couldn't make this stuff up

Thu, 03/14/2013 - 01:47 | Link to Comment Dre4dwolf
Dre4dwolf's picture

Why doesn't the Government re-name itself the Suicide Agency and lead by example? ;p

Thu, 03/14/2013 - 02:04 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

The best 'advice' I can offer the Brits, is not to have a stiff upper lip. 

Assuming the British public have not been bred into total lap-dogs -- the way its dogs have been bred into countless mongrel anomalies in the last 200 years -- then they will string up their BOE bankers and House of Lords by their heels, until they've had a factory recall from their Maker.

No other solution will do the trick.  "A fish starts to smell at the head" - Ancient proverb

But I violate the Federation's Prime Directive -- once again -- Mr. Spock informs me.

Thu, 03/14/2013 - 02:10 | Link to Comment q99x2
q99x2's picture

Looks like they don't want to prosecute the crooks and vultures because it might jeapordize the economy. That and Oklahoma City made Eric Holder the most famous attorney general ever.

Thu, 03/14/2013 - 04:19 | Link to Comment AnAnonymous
AnAnonymous's picture

Dependent on fees and recoveries from bankrupt companies, the agency over-estimated its ability to recover assets from collapsed businesses. It dismisses the insolvency claims against itself however, noting the service is "living within its means" and expects to be deficit-free by 2015
___________________________________________

An 'american' story. This agency overconsumes its own environment (bankrupt companies) and cant admit it. Of course, everyone else (especially those who do not overconsume) must admit that they have an overconsumption problem.

This company's employees are just 'americans' who happen to work the sector.

Anywhere an 'american' goes, that 'american' brings 'americanism' and the 'american' ways.

Welcome to an 'american' world. It is a cosy place, you'll see.

Thu, 03/14/2013 - 04:23 | Link to Comment akak
akak's picture

"Before the rise of 'americans', everyone was an 'american'."

-AnAnonymous

Thu, 03/14/2013 - 05:26 | Link to Comment orangegeek
orangegeek's picture

UK government agency is going tits and the FTSE is up over 22 points.

 

This must be an isolated matter in the UK.  Shame on you UK Insolvency Service for getting in the way of broader UK growth.

 

And now for something completely different.....

 

I'm a lumberjack and I'm okayI sleep all night and I work all day.

 
I cut down trees, I wear high heels Suspenders and a bra. I wish I'd been a girlie, just like my dear papa.

 

 

Thu, 03/14/2013 - 09:17 | Link to Comment shovelhead
shovelhead's picture

I don't see the problem...

In America, everybody is bankrupt and everything is going along just fine.

Full speed ahead.

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