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maxrothbarth's profile
Oliver Rivers
Oliver Rivers
Oliver Rivers
@maxrothbarth

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Oliver Rivers

@maxrothbarth

Be not afeard; the isle is full of noises

London
Joined April 2009

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    Oliver Rivers‏ @maxrothbarth 3 Jan 2019

    As of 30th April 2018 (the date of the most recently available accounts) Seaborne Freight had reserves of negative £374k. That means it was balance sheet insolvent. That may not be a problem.pic.twitter.com/GWMCcQNa5Y

    3:22 AM - 3 Jan 2019
    • 10 Retweets
    • 16 Likes
    • Iona Brand Luke Alder Jo Williams Darran McLaughlin Ged Tim Jeeves Priya #BSBDNA Spannered Books Joel McInally
    4 replies 10 retweets 16 likes
      1. New conversation
      2. Oliver Rivers‏ @maxrothbarth 3 Jan 2019

        The really important insolvency test is cash flow - specifically, do directors of a company have a reasonable expectation that the company will have cash available to meet liabilities as they fall due. The balance sheet won't tell you that.

        1 reply 0 retweets 2 likes
        Show this thread
      3. Oliver Rivers‏ @maxrothbarth 3 Jan 2019

        Although questions are raised by the fact that at the balance sheet date Seaborne had liabilities due within 12 months of £417k and only £799 in the bank. I'm sure that when Mr Grayling was doing his DD he asked the directors to clarify its cash flow position.

        1 reply 1 retweet 3 likes
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      4. Oliver Rivers‏ @maxrothbarth 3 Jan 2019

        Another moderately interesting thing about Seaborne is its directors. It currently has 7. For 4 of these Seaborne is their first directorship. The other 3 are all also directors of Albany Shipping (also, as it happens, balance sheet insolvent).

        1 reply 0 retweets 2 likes
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      5. Oliver Rivers‏ @maxrothbarth 3 Jan 2019

        And of those 3, 2 have held multiple directorships. Keith Jones has had 6 aside from Seaborne & Albany: 2 residents' associations, 1 (I think) a school, 1 I can't figure out what it does, but it only files micro accounts, and 2 insurance brokers.

        1 reply 0 retweets 2 likes
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      6. Oliver Rivers‏ @maxrothbarth 3 Jan 2019

        John Sharp has had 5 directorships aside from Seaborne & Albany, all with companies involved in various ways with shipping. Of those, 3 never filed accounts (of those 3, 2 were struck off voluntarily, 1 compulsorily) and 2 went bust.

        1 reply 0 retweets 3 likes
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      7. Oliver Rivers‏ @maxrothbarth 3 Jan 2019

        There are at a minimum 2 things you'd look at when doing due diligence as part of a procurement exercise: the financial health of your potential supplier, and the fitness of capabilities of the executive team. There are quite a few if not red, then certainly amber flags here.

        1 reply 1 retweet 4 likes
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      8. Oliver Rivers‏ @maxrothbarth 3 Jan 2019

        Seaborne accounts here https://beta.companieshouse.gov.uk/company/10709921/filing-history …

        2 replies 0 retweets 2 likes
        Show this thread
      9. Oliver Rivers‏ @maxrothbarth 3 Jan 2019

        Albany Shipping here https://beta.companieshouse.gov.uk/company/08891537/filing-history …

        1 reply 1 retweet 2 likes
        Show this thread
      10. Oliver Rivers‏ @maxrothbarth 3 Jan 2019

        And list of directors here https://beta.companieshouse.gov.uk/company/10709921/officers …

        2 replies 1 retweet 3 likes
        Show this thread
      11. Oliver Rivers‏ @maxrothbarth 5 Jan 2019

        Yeah, but no. Can only assume that the induction for the work experience kids at S&M, Deloitte and Mott MacDonald who actually did the DD didn’t include “how to use the Companies House search function.”pic.twitter.com/jd2cmBg5aA

        2 replies 0 retweets 2 likes
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      12. Oliver Rivers‏ @maxrothbarth 5 Jan 2019

        https://www.ft.com/content/2e51c74c-1035-11e9-acdc-4d9976f1533b?fbclid=IwAR32dZA0_6cP7sStoUS0R3y7n5IWzP2VU88xEoAED6Xy90fdOvSjsRpjdh0 …

        1 reply 0 retweets 1 like
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      13. End of conversation

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