Berry Birch & Noble Financial services ltd

I have an endowment mis-selling complaint being investigated by this company. After 5 months, they had told me twice they needed more time to investigate and they would prefer I didn't go the the Ombudsman. Yesterday I received a letter from a company of insolvency practitioners stating I am a creditor of BBN and that I should fill in a proof of debt form and come to the creditors meeting on the 12th March. As they haven't even done the investigation, I can't see how I can be a creditor if I don't know whether I had a valid complaint in the first place, and if I did, how much they would of offered? As I am quite cynical, I think this as a scam by the parent compant, Berkeley Berry Birch PLC, that enable them to get out of compensating the

1000's of people who were given rotten advice by them. Thanks in advance for any advice. Andy

Of course they would prefer it, that doesn't mean you have to believe them.

Bad luck. Because they're a limited company the liability for debts is limited to the company. However if BBNFS have professional indemnity insurance or directors liability insurance you may, depending upon your circumstances, be able to sue them under this.

The IPs are taking a conservative line & assuming all complaints will be upheld. The IP needs to get a handle on the total liabilities. I'd try to find out whose best interest the IP is working in (they will be working more in your interest than BBN were) and where complainants such as yourself rank in repayment terms.

Keep details of all communication.

I'd agree looking at the official announcement -

Berkeley Berry Birch PLC

26 February 2004

For Immediate Release

Berkeley Berry Birch To Transfer Financial Services Business

London 26 February: Berkeley Berry Birch, ('BBB'), the financial services distribution group has transferred the current trade and certain assets, including clients and advisers from Berry Birch & Noble Financial Services Ltd ('BBNFS'), to Berry Birch & Noble Financial Planning Ltd ('BBNFP'). BBNFS has ceased trading with effect from Monday 23 February 2004 and the Director of BBNFS has instructed Vantis Business Recovery to assist with a winding up of the affairs of the company.

The liability remaining within BBNFS includes liabilities, both current and future (to the extent that there are any), in respect of complaints and pension reviews.

For further information please contact:

Grandfield Matthew Jervois 020 7417 4170

This information is provided by RNS The company news service from the London Stock Exchange

VBR website -

I can't believe that they will be allowed to do this as it would be easy way out for many other companies subsidiaries. Contact the Consumers Association Which? Endowment Action site and the media - Radio 4 MoneyBox, BBC2 Working Lunch and the national papers financial advice pages. If you find that there are sufficient numbers of complainants, you might be able to share the cost of legal action under the PI insurance to recover claims which have been upheld either by BBNFS or by the ombudsman.

You need to get some advice to make sure anything you do doesn't have an adverse impact. The government Insolvency Service, the ombudsman or Which? might be able to advise. Investigate what the ombudsman is going to do about the situation, and if it doesn't have an adverse impact, get the ombudsman to investigate your complaint.

There's loads of information on endowment misselling, organisations and solicitors out there

hth

Daytona