CMCs’ Claims Standards Council faces Winding-up Petition
September 02 2012
A winding-up petition (No 5765 / 2012) has been presented against The Claims Standards Council Limited, the organisation which represents the interests of Claims Management Companies in the UK.
The Claims Standards Council (CSC) was established in 2004 in an attempt to allow voluntary regulation of the claims management industry. This aim was not achieved when in July 2006 the Compensation Act became law and the Department for Constitutional Affairs was formally announced as operating the regulator (now the Ministry of Justice).
The CSC’s net worth is calculated as Shareholders Funds minus Intangible Assets and the figure from the latest (2010) filed accounts at Companies House is £-135,116. [Key Financials – Cash at Bank : £3,223; Net Worth : £-135,116; Total Current Liabilities : £140,969 (the sum of Trade Creditors, Bank Overdraft and Miscellaneous Current Liabilities in 2010); Total Current Assets : £5,852 (the sum of Stocks, Trade Debtors, Cash and Miscellaneous Current Assets in 2010].
CSC’s current remit appears to be to represent its members to the Regulator, government, the legal sector, the insurance industry, banking sector and consumer group and ensure a balanced view of the sector is fully promoted. It has, according to it’s website, been encouraged to become the recognized trade body for the sector and appointed an executive to sit on the Government’s Regulatory Consultative Group.
The petition is due to be heard not before 11:30 am on Monday 3 September by Registrar Derrett. An update will be provided here after the first hearing of the petition. [Update: We are informed by the Court that CSC was wound up by the usual compulsory winding-up order].
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