UK: Statement from First Solution



E-Bangladesh is a News/Headlines service and a group blog aimed at bringing the news and analysis from Bangladesh to its readers.

[Press statement] It gives us a great pleasure to make this statement that after 4 months of tireless effort by a good number of the company’s agents and the former directors of First Solution Money Transfer Ltd. with the support from the Official Receiver’s office in London, a deal has been struck to ensure that the creditors of the company receives as much of their hard earned cash as possible which they have lost due to the unfortunate collapse of First Solution in June 2007.

Although the former directors and shareholders, by virtue of their limited liabilities, do not have any legal obligation to pay the creditors of the company, however, they strongly feel that consistent with their moral, social, religious beliefs and obligations, they will pay up to


E-Bangladesh is a News/Headlines service and a group blog aimed at bringing the news and analysis from Bangladesh to its readers.

3 Responses to “UK: Statement from First Solution”

  1. Author Image

    Last Solution

    In the Official Receiver’s press statement, he mentioned that the former directors had signed a legally binding contract to pay back 300k over a period of 24 months, why have you failed to mention this precise timescale in your statement. The Official Receiver gave a figure of 445k to be payed back but you are giving the creditors hope of receiving double that amount. How and why? The Official Receiver in his statement made it quite clear that he is duty bound to investigate the cause of the failure after the winding up petition is heard this week. Yet you declare in your statement that no evidence of wrongdoing has been found. Who is right?

    Also, you have merely spoken of how much you will be paying back to the creditors but no precise details of how the creditors will get their money back. Can you please publish more information on exactly what the creditors need to do to get some of the money back, i.e. what is the official process?

    Below is a link to the Official Receivers press statement, which will confirm my points.

  2. Author Image

    Dr. Shamsul Alam

    You’ve emphasised of no wrongdoing by First solution, in your press release. You have said that the collapse was due to a propaganda on a TV channel. I wonder if that is the case, where is our money gone? We paid you the money just to send it back home. You have taken the money from us and (arguably) sent it to Bangladesh. You have not done any business with the money! So, if the money has not gone to Bangladesh, it must be lying with you. Why do you (ex-branch directors) and the ex-first solution directors need to do voluntary contributions on the basis of your moral, social and religious duty to pay our money? We want our own money, not your sympathetic contributions. And you need to clarify how you are giving the money back to the creditors.

Comments are closed.