First Solution Money Transfers Limited Review

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First Solution Money Transfer Limited 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 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.

First Solution Money Transfers Ltd

First Solution's Money Transfers accounts show that it served more than 120,000 customers since July 2006. Which was handling £87 million worth of transactions. But management failures lead to a backlog of payments. And the company subsequently received complaints. Picked up by Compare money transfer as well as newspapers and television stations.

If you lo?t money using first solutions let us know if they made good on their promise to refund everyone their money?

First Solution Money Transfers Ltd has now forced FCA to create new regulations by the FCA this should not happen again. According to Companies House, First Solution Money Transfer set up as a Limited Company with a share capital of GB£100 on 14 April 2004.

Of these 35 shares held by Dr Fazal Mahmood, 35 by Mr Ghulam Rabbani. 25 by Shah Mohammed Abdul Hadi, and 5 by Mohammed Nazrul. All four named as Directors of the Company Also Ghulam Robbani as the Company Secretary. A further 40,000 shares of GB£1 each issued during the accounting year 2005-06. But the documents provide no indication as to how or to whom the shares distributed to.

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