We all hear about bad foreign exchange companies well First Solution is one of them.
People lost thousands of pounds when sending funds abroad in the collapse of First Solution Money Transfer Ltd.
The sudden closure of First Solution Money Transfer Ltd on 28th June 2007 was a major blow to the UK Bangladeshi community which used it to send money to relatives in Bangladesh.
Since then, some of the former agents and branch staff of First Solution, who have been working silently but relentlessly for the last few months on a corporate recovery package to resolve this situation and reach a position whereby all creditors can be paid.
It is hoped that £950,000 to £1.2m will be available to creditors as part of this rescue package. This will be made up of capital investments by the new owners, voluntary commitment from the previous directors and funds realised from sales of assets by the Official Receiver.
IF you lost money using first solutions let us know if they made good on their promise to refund everyone their money?
Due to the new regulations by the FSA this should not happen again.
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