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Telnic writes off £3,539,443 loan !

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mikeseaton
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Telnic writes off £3,539,443 loan !

Post by mikeseaton on Fri 21 Apr 2017, 8:10 pm

I have just been reading the latest published company accounts for Telnic Ltd and Telnames Ltd, for the accounting period ending 31 December 2015 (filed at Companies House 5 January 2017).

You can see what documents are available to view at https://companycheck.co.uk/company/03555437/TELNIC-LIMITED/documents and https://companycheck.co.uk/company/07471889/TELNAMES-LIMITED/documents respectively.

This doesn't cost anything for the first 5 Companiea House documents you download - just create an account at https://companycheck.co.uk and select the FREE option in the left-hand box of the 4 subscription types.

As we know Telnic Ltd had a NEGATIVE NET WORTH of £-636,500 - see https://companycheck.co.uk/company/03555437/TELNIC-LIMITED/financials - this is known as ACCOUNTING INSOLVENCY - see http://www.recoveryandturnaround.co.uk/news/what-is-insolvency

The reason for this downward shift in an already precarious financial position becomes clear when you read the accounts - Telnic Ltd have written off a loan of £3,539,443 made to their wholly-owned subsidiary Telnames Ltd "due to a new contract which will result in reduced activity in the subsidiary".

The "new contract" is obviously the Telnic Ltd ICANN 10-year .Tel renewal and "reduced activity" is a pretty accurate description of their Telnames Ltd subsidiary these days !

I just wonder if ICANN is aware of Telnic's "Accounting Insolvency" status - If Not Why Not ?

http://MikeSeaton.tel


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mikeseaton
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Location : Dorset UK
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Re: Telnic writes off £3,539,443 loan !

Post by mikeseaton on Sun 23 Apr 2017, 10:21 am



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    Current date/time is Wed 23 Aug 2017, 1:39 pm