Cabec trading as Cream Club: Concerns raised with Insolvency Service

Concerns have been raised with government agency the Insolvency Service over the firm Cabec Ltd, which traded as Cream Club.

Yesterday, an Insolvency Service spokesperson told EYE: “Concerns have been raised with us and although we cannot prejudge the outcome of the liquidator’s investigation, we will be paying close attention to their findings and will take action if the evidence merits it.”

The firm, which supplies marketing materials to estate agents, went into administration in May owing unsecured creditors £944,967, including £681,000 to HMRC and £151,495 in unpaid wages to staff.

Cabec Ltd was bought in a pre-pack deal on the day it entered administration for £50,000 by a company called Cream Club Ltd.

One of Cabec’s former directors, Craig Cook, is a director of the new company.

Talking to the Hunts Post, Cook has insisted that existing creditors would be paid back.

The Hunts Post articles are here and here

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12 Comments

  1. smile please

    Horrid man. So many comments have come out about him and his businesses.

     

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  2. Rivero

    How is this kind of practice legal!? It is morally indefensible. So Cook can buy the company (and presumably it’s assets) for a third of what the company owes in wages to staff and less than 10% of what it owes to HMRC!….and he’s done it before!

    Surely this guys name is too toxic to go anywhere near now? Guess he’ll be targeting the number 2 agent in every area next time out.

    How will the existing creditors be paid back considering his track record of consistent business failures? Disgusting!

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    1. OverHalfWay

      Nothing new, check on ‘company check’ website – and search some of your estate agent competitors and see if they have changed the company Ltd name slightly, during the last recession. Also check the director names. There might have being a genuine reason for changing the company Ltd name slightly, but also might have not been morally right to do so.

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  3. slipnslide

    Yes, the man must have some very astute advisors, who know the loopholes for him to keep wriggling through…

    Surely someone with legal knowledge, and appropriate powers, should act upon the ability of a man who, (since Craig Cook IS Cream Worldwide, Cabec, Cream Club, etc., etc…) has effectively bought his own company from himself for a bargain price, simultaneously ducking (once again!) all his creditors and unpaid staff and contractors!  One could ask where he acquired £50,000 to enable that?  And whether that £50,000 should have gone straight to all those people, instead of perpetuating his laughable company permutations.  But perhaps that £50,000 didn’t actually change hands, but was just a paper, or electronic theoretical to secure the deal?

    When, when, WHEN will Craig Cook be brought to book?

    He has behaved contemptibly and without conscience, wrecking hundreds of people lives, relationships, and credit ratings, for years…  and then wonders why he gets a bad press, and why his record impinges on his business.  It’s cause and effect, Craig….  All of your own terrible doing…

    The man’s indestructability (and hubristic nerve…) continues to astound….

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  4. slipnslide

    ….in fact, thinking about it….. since Craig has effectively bought his own company from himself, he didn’t need £50,000 in hand – just a bit of clever legal structure to say “I herewith pay myself £50,000 to buy my own company and rename it…!  NOTHING changes hands… It’s breathtaking in its audacity….  But so is Craig Cook….

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    1. Beano

      Except that in these cases the reciever of the old failed company will be taking the money and using it to distribute to any creditors; usually the accountants and recievers first. In other words he does have (at least) 50k of assets sitting around to pay for the old company.

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      1. slipnslide

        Mmmmm…  He never seems, or seemed to have had the odd £50,000 to chuck around.  If he had, he might have been able to pay his staff, and avoid all this. Cream has long been a company struggling from month to month without any working capital – apart from occasional desperately-sought injections to keep the company from going to the wall, as we know – not a position of company viability, nor, I believe, strictly legal, if you cannot pay your staff from month to month….

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  5. Contact Counts

    Cream Club take 4, same branding, same website, same service (although the word service might be misused), same directors, same software, same equipment etc, etc. Just allowed to write off huge debts and start again.

    Due to legal proceedings I cannot provide details of my dealings with Cream and Mr Cook as a supplier unfortunately.

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  6. Contact Counts

    The Cream club blazer Mr Cook is wearing – I wonder if that was ever paid for by the old company? or are the clothing company creditors from the previous failure???

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  7. smile please

    Surprised he has not gone the crowdfunding route!

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  8. wilko

    Do any agents actually still do any business with them?

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    1. smile please

      I know a very prominent agent round our way that does.

      I mentioned a while ago when the last story was published to the owner why he wanted to support such a company, he shrugged it off and said “not my problem” Nice response i thought!

      To be honest i don’t see the point, its more about selling advertising for third parties on the intros!

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