Introduction

I am a long time Albany Contractor as some or most of you ! This makes me one of the biggest losers in both Mirasol and Albany payments.

Most of you are aware that the basis of Albany's business' are ( or at least was ) to assist contractors like ourselves to assist in the administrative process of being paid in the UK or worldwide with the added advantage of using Mirasol to distribute payments as necessary for those who elected to do so for either Tax efficiency or delayed Tax payments as in my case.

Albany as far as I was aware conducted business on this basis and was and could have continued to be a successful business. They had good staff and systems in place to help us out at home and abroad and I had little cause for complaint.

The beginning of the downfall and our problems are yet to be clarified but, it seems, that Albany ( in my interpretation ) wanted to act like a Bank, using what is effectively an overdraft to fund lending to large corporations with extended payment terms. This Bank, RBS immediately pulled the funding on this discovery. They could have slowly wound down this facility but chose not to, this is not in line with what the British Government would like Banks to do, however, it is their right according to contract.

I spoke to Martin Glick ( Albany MD) last Friday and he told me that he stands to lose everything he has worked for to build Albany up over the last 20 years or so and with great emotion. He struck me as an honest and hard working individual. His stance ( thus far ) which I have no reason to disbelieve ) was that he tried his best to keep the company afloat and pay as many people as possible.

This tactic has most likely failed.

That said, I know from the emails received so far we are talking over 1 million Euro's disappeared from Mirasol ( according to respondents ) and many thousands from missed payments and that is so far.


I have contacted one of England's largest Legal Firms ( Irwin Mitchells ) to help me, this does not come cheap at a time where we have been impoverished through no fault of our own. This office based in Leeds has handled very large cases of this type.

I will proceed on my own in any case, anybody else who feels that we should join in this endeavour should consider the following advice. For me only, the cost of an analysis of the situation is about £1000, to go to trial ( should it come to that ) is around 25,000 pounds ( fees paid on success ) . I am advised if it goes to trial, there is money to be recovered anyway. If we decide to work in concert, then fees will be split between us.

We do not need to proceed to Trial and we can start by finding out what has happened to our money and what we can do about it.

DO TWO THINGS :

1) Decide if you want to join me. Then let me know ! ( MirasolAlbany@googlemail.com )

2) Let other INJURED people know that we are acting if you can.


General Notes

There has been much talk about which company has gone into administration, does it matter ! It will not be long before the whole Albany Group in the UK are in trouble. Who is paying them anything?

Mirasol is one of the accounts RBS has seized according to Albany, I have been told that there is little chance of getting money from it by Martin Glick, whether it is registered in the UK or not we can still initiate proceedings to find out the true situation.