Network Data Directors Feeling Heat

Commercial debt collection agency, Opus Agency, are reportedly putting together a case against the former directors of Network Data as they attempt to recover some of an outstanding debt to creditors, reports Introducer Today.co.uk.

According to Introducer Today, Opus, who have employed a large selection of international solicitors to handle the case, began collating evidence back in March, and to this day continue to investigate the behaviour of directors, including the chief exec of Network Data Holdings (Network Data’s Parent Company,) Richard Griffiths for the purposes of debt recovery.

It is unclear at this point as to whether Ivan Elliot and Grenville Folwell, other listed directors of Network Data, are also being investigated in this commercial debt collection issue, due to the matter only extending to ‘active and responsible’ directors, claims Introducer Today.

The website also claims that administrators Baker Tilly have declared that Network Data Appointed Representatives (ARs) will be unlikely to recover any unpaid commission payments back in a report released on the 16th of July. In the same report Baker Tilly also claimed that creditors had put in claims for £5,172,836 of unsecured debt unpaid by Network Data Holdings. However, unsecured creditors are still second in line for any payments after Bank of Scotland is paid the  £3,856,440 in secured payments it is still owed.