Originally Posted by
SMT Member
For the same reason the Nordic arm of TC is back up and flying: They're running a profitable shop, TCUK was not.
Actually the day-to-day operational side of all the parts were similarly OK. The issue is where the huge unrepayable loans were. These all appear to have been with the UK company, despite that part of the big borrowing stemmed from money to buy the German and Scandinavian operations. Of course, they had done the same to buy UK companies as well.
It's actually not possible to lose the sums being bandied around here on your daily operations. It comes from big loans to buy out other companies, and being unable to pay them back. There's been a lot of inter-group trading and exchange of cash (or not), it seems that the German and Scandinavian operations have not been remitting their cash back to the UK parent (part of the investigation of the directors' actions will focus on this), could be for a number of reasons, even a hope to sell them off as going concerns (which may still happen) but this has allowed them to remain legally solvent and continue trading, although surely their bookings must be taking a hit.