Author Topic: Rikki is bankrupt - its official. Final FINAL nail in the wi-fi coffin?  (Read 17725 times)

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Offline Steve Wakefield

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Re: Rikki is bankrupt - its official. Final FINAL nail in the wi-fi coffin?
« Reply #20 on: April 14, 2012, 05:53:03 PM »
This is my latest offering to the Adver, I wonder if they will print it as it is so close to the election

Well we shall have to wait and see, as they have published the article.
All posts on this forum are my own opinion and do not represent the views of any council or any political party.  :banana:

Offline Richard Symonds

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Re: Rikki is bankrupt - its official. Final FINAL nail in the wi-fi coffin?
« Reply #21 on: April 14, 2012, 07:30:54 PM »
Just look at the comments against the article about Rikki's bankruptcy in the Advertiser!!

http://www.swindonadvertiser.co.uk/news/9648859.Extended_bankruptcy_for_Digital_City_head/

Everyonecounts says...
10:13am Sat 14 Apr 12

So let's see what's in the accounts when they are published but whatever they do show, it will not take away from the fact that the Council's funding of this company was at best severely misguided (whoever thought this had business legs was off their trolley) and at worst...

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Scott Thunes says...
10:25am Sat 14 Apr 12

I hope that the electorate see this shabby, old pals administration for what it is and ensure the Tories are sent packing in May. Quite how Bluh and Perkins can show their face is beyond me. Funny how there was no mention of this in the glossy toilet paper that came through the door. Tories out.

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Robfm says...
10:30am Sat 14 Apr 12

It seems the Council is getting their Ducks in a row. I got the same answer with regard to the accounts from a follow up FOIA.

So we have Councillor Perkins a Director of the company not willing to speak, Councillor Blur, Council Leader and ultimately responsible for the £400k handed over claiming he doesn't know any details.

Says it all really.

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Knobfm says...
10:30am Sat 14 Apr 12

So..........
Councillor Garry Perkins (Conservative, Shaw Ward) as a director of Digital City, has said he had no problem with the accounts being made public and they would be made public.
(when?)

Councillor Rod Bluh (Conservative, Old Town Ward)
says “The finalisation of the accounts is the responsibility of Digital City and not the council.

Yet they are happy to further donate our taxes for their "venture"

I sincerely hope people can put their national political beliefs to one side when it comes to voting in the LOCAL elections in May

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candid friend says...
10:39am Sat 14 Apr 12

I wondered what was happening with RH.
He is not the only one that should be subject to a bankruptcy order.
What about those that were taken in by him, and gave him the key to Council safe!

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Synergie says...
10:55am Sat 14 Apr 12

"........His financial troubles, which followed a long business history and a spell as Swindon Town chairman, are unconnected to the wi-fi scheme......"
.
They most certainly are connected, they were all dismal failures, with the barrow-boy spiv in the photo holding the reigns.
.
Messrs Bluh, Perkins and the Borough Solicitor MUST be held to account for the blatent misappropriation of Swindon taxpayer's money, and where better than the polling stations on May 5th. Swindon Council chambers are desperately in need of DEEP CLEANSING to remove the smell!!

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bringbackvicbbc says...
11:01am Sat 14 Apr 12

There is only one way for Bluh and Perkins that is out .Idont want Labour voted in but would rather have them than these shady pair . Both should do the honourable thing and resign failing that I do hope the electorate in the wards this pair are standing in see tthem for what they are imho Shady

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bringbackvicbbc says...
11:02am Sat 14 Apr 12

There is only one way for Bluh and Perkins that is out .Idont want Labour voted in but would rather have them than these shady pair . Both should do the honourable thing and resign failing that I do hope the electorate in the wards this pair are standing in see tthem for what they are imho Shady

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bringbackvicbbc says...
11:08am Sat 14 Apr 12

Sorry for the double take , but why does the Adver remove this sort of story from the main page so quickly when there is these two involved , I wonder

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I Too says...
12:32pm Sat 14 Apr 12

People should put their national political sways to one side in May.

This will be a LOCAL election.
Time to observe what LOCAL councillors have been up to and vote out the bad ones.

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Bobby Bee says...
4:55pm Sat 14 Apr 12

Conservatives OUT OUT OUT

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house on the hill says...
5:22pm Sat 14 Apr 12

Whatever happened to taking responsibility for your actions as an eleceted official. Why cant we sue these con men that run our council when they clearly make decisions like this just to benefit themsleves or their shady associates or are just plain incompetant?

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abbotboy says...
5:24pm Sat 14 Apr 12

DONT FORGET ALSO THAT THESE SO CALLED LEADERS, ALSO PAID MR HUNT £82,000 OVER A PERIOD OF THREE YEARS, FOR HIS ADVICE TO STAFF, (NOW THEY ALL CAN APPLY FOR THE BANKRUPT COURT)..

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MrAngry says...
5:41pm Sat 14 Apr 12

If the council hadn't paid £4,000 to avoid Digital City being struck off, would Garry Perkins be allowed to stand for re-election.

Was this the real motive?

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MrAngry says...
5:41pm Sat 14 Apr 12

If the council hadn't paid £4,000 to avoid Digital City being struck off, would Garry Perkins be allowed to stand for re-election.

Was this the real motive?

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TinkeyWinkey says...
5:48pm Sat 14 Apr 12

Dodgy & rotten to the core the lot of them!!!

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Jim Royle says...
6:34pm Sat 14 Apr 12

It's public money so let the public see the accounts. To say it looks very dodgy is an understatement

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Gestiblindus says...
6:52pm Sat 14 Apr 12

Definitely another 'black hat day' for Mr. Hunt.

It is interesting to note that it is known to be more likely for those who fail in managing their personal finance to also fail in managing budgets they are trusted with in business.

I suspect that Cllr. Bluh, Cllr. Perkins, Mr. Taylor, Mr. Hunt, and Mr. Patel, all have fears that will be realised if the accounts of Digital City are made public. However, this is clearly a case where silence and lack of information add significantly to the appearance of deceit.

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All my posts are my own opinion and do not represent any political organization or group

Offline Outoftowner

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Apologies Richard. I completely missed the article but paste it here for everyone to read.

Quote
The businessman at the centre of Swindon’s wi-fi fiasco has had his bankruptcy extended for another four years.

Rikki Hunt was ordered to comply with financial restrictions until January 2016 in a ruling at Swindon County Court.

He stood down as head of the ill-fated Digital City scheme a year ago in a row over its failure to roll out wi-fi.

The firm, which is due to receive a £4,000 bailout by the council to stop it being struck off, was set up to provide coverage for Swindon and Highworth.

But only Highworth was covered and debate rages over the council’s £400,000 investment in the stalled project.

Mr Hunt, 58, also quit his role as chairman of the Swindon Strategic Economic Partnership last August after the Adver revealed he had gone bankrupt.

His financial troubles, which followed a long business history and a spell as Swindon Town chairman, are unconnected to the wi-fi scheme.

Details of the court order, passed in January, emerged as campaigners called for Digital City’s accounts to be made public.

Des Morgan, a retired company director who has been a long-time critic, said: “The accounts should be revealed for three reasons.

“The first is that Coun Garry Perkins, as a director of Digital City, has said he had no problem with the accounts being made public and they would be made public.

“The second is Swindon Council paid for the accounts to be completed and, as such, they have been paid for by the taxpayers.

“The third is that there is a lot of concern over what’s in the accounts in terms of Mr Hunt’s remuneration. We would like to know from those accounts how much of a salary he drew from Digital City’s funds.”

Details at the Insolvency Service list Mr Hunt as ‘unemployed’ under the name John Richard Hunt.

A spokesman for the service said: “When you’re made bankrupt, there are certain restrictions you have to comply with.

“You can’t get credit beyond a certain amount without disclosing that you are bankrupt and you can’t become a director of a company.

“If you already operate a business you have to carry it on in the same name.

“The restrictions also prevent an individual taking up positions including as an MP or a councillor.”

Coun Rod Bluh said: “The finalisation of the accounts is the responsibility of Digital City and not the council. The council has an interest in Digital City as it is a shareholder. The accounts are in the process of being finalised by the Digital City accountants but we understand they have not yet been finalised.

“Once the accounts are filed at Companies House, they will be public documents. It is a matter for the company what other information they make available.”
What's it all about?

Offline Outoftowner

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Re: Rikki is bankrupt - its official. Final FINAL nail in the wi-fi coffin?
« Reply #23 on: September 04, 2012, 09:02:36 AM »
It looks like there is some movement on the part of Companies House concerning Rikki's consulting company, "Avidity Consulting".

A recap. We believe that Avidity Consulting acted as an advisor to Digital City (UK) and also to Swindon Council and was paid for such.

Rikki Hunt resigned his position from the company in December 2010 just before he went on his expedition to Mount Everest. (When he returned from this trip we remember that he declared himself bankrupt. Well, its an expensive trip see.)

Rikki's wife, Laura, was appointed the Secretary of Avidity Consulting at about the same time as he was made bankrupt in March 2011, coincidently, at the same time, the company's international headquarters was moved to a family home in Kingshill Road.
 
In August 2011 the company applied to be struck off the Companies House register but for some reason it and Digital City (UK), which was in a similar position, were not struck off.

On the 28th August 2012,  it seems that the "first gazette for voluntary strike off" for Avidity Consulting has again  been registered. Normally the second gazette will appear three months after that and the company will cease to exist. (There is still no action on the Digital City (UK) front, either for the accounts being filed or for strike off.)

What's it all about?

Offline Richard Symonds

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Re: Rikki is bankrupt - its official. Final FINAL nail in the wi-fi coffin?
« Reply #24 on: September 04, 2012, 10:18:48 AM »
It looks like there is some movement on the part of Companies House concerning Rikki's consulting company, "Avidity Consulting".

On the 28th August 2012,  it seems that the "first gazette for voluntary strike off" for Avidity Consulting has again  been registered. Normally the second gazette will appear three months after that and the company will cease to exist. (There is still no action on the Digital City (UK) front, either for the accounts being filed or for strike off.)

Does that mean that the interest from a 'Government Agency' (Source Companies House) has now ceased OOT and the way is now clear for Strike Off?
All my posts are my own opinion and do not represent any political organization or group

ph1lc

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Re: Rikki is bankrupt - its official. Final FINAL nail in the wi-fi coffin?
« Reply #25 on: September 04, 2012, 01:03:40 PM »
Crucially the shares in Avidity were registered in Rikki's name. Hence on his bankruptcy their control passes to The Official Receiver.

Clearly the OR is now happy they are worthless - hence Avidity can be struck off.

Offline Outoftowner

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Re: Rikki is bankrupt - its official. Final FINAL nail in the wi-fi coffin?
« Reply #26 on: September 04, 2012, 01:44:03 PM »
Richard said,
Quote
Does that mean that the interest from a 'Government Agency' (Source Companies House) has now ceased OOT and the way is now clear for Strike Off?

I guess so Richard.
What's it all about?

Offline Des Morgan

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Re: Rikki is bankrupt - its official. Final FINAL nail in the wi-fi coffin?
« Reply #27 on: September 05, 2012, 08:08:37 AM »
Quote
I guess so Richard.

Not so with Digital City which Coun Perkins advises is still functioning although unbale to pay its debts - I suppose it's a fine judgement as to what constitutes 'insolvent'

The soon to be held board meeting - I hear it may be tomorrow - is deciding anumber of things


1. The level of detail and presentation for the accounts wait for Coun Perkins to state that aQovia will not allow them to be as full and transparent as he would like them to be

2. Whether the firm should continue operating or be shut down only a year ago he proclaimed that the business was to be saved and that it was of value to the new partner

3. Determine the value of the Highworth infrastructure which is thought to be worth in the region of £200k this is part of the softening up process as we all know that the 'assets' in Highworth are rubbish

4. Which shareholder should own it so at last we have proff of the lie told by offciers and councillors who claimed that the assets would be transferred to SBC in the event of a default on the loan payment, interest payments or a failure of DC to provide the WiFi service

5. Whether he is personally liable for the £1,500 late filing charge as he is only a council representative why should he not be liable - the fine was absolutley avoidable. The accounts should have been presented on time something which given DC only actually traded for a limited few months, had revenue from so few streams

 

Offline Richard Symonds

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Re: Rikki is bankrupt - its official. Final FINAL nail in the wi-fi coffin?
« Reply #28 on: September 05, 2012, 09:58:18 AM »
Des, I wonder if Aquovia want to be 'bought out' of their relationship with the Council and this is the reason why accounts which could be completed in a working day are not available twelve whole months later?
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ph1lc

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Re: Rikki is bankrupt - its official. Final FINAL nail in the wi-fi coffin?
« Reply #29 on: September 05, 2012, 01:37:36 PM »
Des

There is a vast difference between the "book" vaalue of an asset, which is broadly it's cost and the cost of comissioning it less depreciation to date and it's sale value.
The £200k that Perkins quotes may very well be their book value.

Their sale value is literally coppers.

As to which shareholder "owns" the assets - simple they both do. BUT - only the value of the assets AFTER the creditors have been paid. I don't know what other creditors there are apart fron SBC, there was talk of a bank loan.

ph1lc

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Re: Rikki is bankrupt - its official. Final FINAL nail in the wi-fi coffin?
« Reply #30 on: September 05, 2012, 01:42:50 PM »
It is worth remembering that the legal minimum detail, which must be published, will show the value of creditors at the financial year end. We can deduct what we know is owed to SBC and that will tell us how much is owed to other people. It will also give a very good guide to the options open regarding future ownership of the assets.

Offline Richard Symonds

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Re: Rikki is bankrupt - its official. Final FINAL nail in the wi-fi coffin?
« Reply #31 on: September 05, 2012, 04:18:26 PM »
Didn't someone say the value of the lamp post equipment was available on the commercial market for a mere £30,000, so what happened to the rest of the money?

Is it true that the accounts were being prepared by Price Waterhouse? 

If that is so what an utter waste of money, mind you what is new in this free spending Council?

My fee for accounts is £100 as Peter Mallinson can bear witness and I accomplished that on the basis of limited available records and required a bit of deduction to achieve a balanced result.  It was fun though!!
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Offline Des Morgan

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Re: Rikki is bankrupt - its official. Final FINAL nail in the wi-fi coffin?
« Reply #32 on: September 05, 2012, 05:47:24 PM »
Quote
Is it true that the accounts were being prepared by Price Waterhouse?
 

No it's not true.  The work PWC undertook was a review of the position of DC relative to SBC as confirmed to me by the Borough Treasurer who stated :-

I can confirm that the Council engaged PWC in 2011 to advise us on our future options in relation to Digital City.  We have paid them for this work, which is unrelated to the preparation of Digital City’s accounts.

This is of course a very different state of affairs from Coun perkins claim made on 2 September 2011 when he stated :-

At the moment the financial details of the Company is being put together at the moment, PWC on behalf of the Council have been going through the financial report and the financial report of Digital City will be going through to Companies House in the next couple of weeks”

Now i know that the legal brain of one ST will be working overtime to formulate a perfectly reasonable interpretation of Coun Perkin's claim, but any reasonable person will accept that Coun perkins was being asked about the preparation of DC accounts and he responded with an answer which suggested that PWC were involved.

For the record I believe Haines Watts are the accountants putting together the DC accounts

Offline Richard Symonds

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Re: Rikki is bankrupt - its official. Final FINAL nail in the wi-fi coffin?
« Reply #33 on: September 06, 2012, 12:58:19 AM »
Des, at Cabinet, last night,it was reported that the Accounts are with the Auditors whoever they may be!!
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Offline Des Morgan

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Re: Rikki is bankrupt - its official. Final FINAL nail in the wi-fi coffin?
« Reply #34 on: September 06, 2012, 08:49:46 PM »
Quote
at Cabinet, last night,it was reported that the Accounts are with the Auditors whoever they may be!!

That would be Haines Watts who have had them since February !!!

Offline Richard Symonds

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Re: Rikki is bankrupt - its official. Final FINAL nail in the wi-fi coffin?
« Reply #35 on: September 06, 2012, 10:34:47 PM »
Quote
at Cabinet, last night,it was reported that the Accounts are with the Auditors whoever they may be!!

That would be Haines Watts who have had them since February !!!

So why has it taken that long, it can't be that difficult can it?
All my posts are my own opinion and do not represent any political organization or group