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On Brink Of Repossession, Dominic Chappell Used £1.5M Bhs Loan To Pay Off Family Mortgage

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The Guardian: Dominic Chappell used £1.5m BHS loan to pay off family mortgage

The family home of Dominic Chappell, the former owner of BHS, was on the brink of being repossessed before cash from the department store chain was used to pay off the mortgage.

The Guardian has learned that financial company Amicus initiated legal proceedings against the Chappell family to repossess the property unless their debts were repaid. The debt was settled when the parent company of BHS paid out £1.5m. The money came from BHS and was paid out as an interest-free loan. It has not been repaid.

The saga raises further questions about Chappell’s management of BHS and highlights the chaos behind the scenes as the chain headed for collapse.

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And how will it work for those who've lost their job and their pension?

Little people. Oikes.

Dom went to private school.

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If that's a loan, the BHS administrators will chase it. Including repossessing the house in question if necessary.

And if it was interest-free then he'll have paid tax on the benefit-in-kind. Or if he hasn't, the taxman takes a very unforgiving view.

Edited by porca misèria

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Compared to what Sir Philip Greedy got out of BHS that's small change, what an amateur....

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Yesterday, Chappell on the verge of 4th bankruptcy

https://www.telegraph.co.uk/business/2018/09/21/former-bhs-owner-dominic-chappell-facing-fourth-bankruptcy-losing/

What I'd like to know is what happened to the £1.5m loan and the 'family' home. Was the loan paid back, the house sold? I take it the 'family' adjective means he doesn't own it or own all of it.

I really struggle to see how people can go bankrupt multiple times. I guess they make sure they've got all angles covered, which kind of indicates they know they are probably going to go bust. I guess it's all just a big punt for these types.

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56 minutes ago, Captain Kirk said:

Yesterday, Chappell on the verge of 4th bankruptcy

https://www.telegraph.co.uk/business/2018/09/21/former-bhs-owner-dominic-chappell-facing-fourth-bankruptcy-losing/

What I'd like to know is what happened to the £1.5m loan and the 'family' home. Was the loan paid back, the house sold? I take it the 'family' adjective means he doesn't own it or own all of it.

I really struggle to see how people can go bankrupt multiple times. I guess they make sure they've got all angles covered, which kind of indicates they know they are probably going to go bust. I guess it's all just a big punt for these types.

And thats the natural order for idiots who borrow too much for fanciful ideas.

Lowering IRs to bail out the idiot banks and their idiot borrowers isnt.

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The fact he has was bankrupt three times before being allowed to take over a high street name like BHS speaks volumes about current state of British capitalism. We used to place value on character in the past but now we are just a country full of spivs. 

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2 hours ago, Maximus Skepticus said:

Couldve gone to Wonga....or sold his soul to the CoE!! 

8.3 Billion fund....incredible....8.3 Billion....biggest franchise ever....

https://www.bbc.co.uk/news/uk-45611563

 

 

And no tax.

People in glass houses...

Talking bout the homeless from the bishops palace.....

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2 hours ago, nothernsoul said:

The fact he has was bankrupt three times before being allowed to take over a high street name like BHS speaks volumes about current state of British capitalism. We used to place value on character in the past but now we are just a country full of spivs. 

No.

Green to lawyer I need a moron to flip bhs to.

Lawyer to findamoron ....

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On ‎21‎/‎08‎/‎2016 at 20:06, porca misèria said:

If that's a loan, the BHS administrators will chase it. Including repossessing the house in question if necessary.

And if it was interest-free then he'll have paid tax on the benefit-in-kind. Or if he hasn't, the taxman takes a very unforgiving view.

Exactly this, this isn't a class struggle.

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