Wednesday, 30 May 2012

Case highlights the need for a bankruptcy law - The National

It's hard to defend the actions of failed entrepreneur Simon Ford, who fled the country three years ago after the collapse of his Dubai-based business Blue Banana. Short-lived, the venture provided vouchers that could be exchanged for adventure "experiences" such as hot-air ballooning and skydiving. Yesterday's news that Mr Ford has started an online venture in the UK, and is involved with two other companies, only serves to rub salt into the wounds of his many creditors, suppliers and former employees here in the UAE.

The moral and ethical issues surrounding the swift departure of Mr Ford and his family can be debated endlessly. At the time, he vowed to repay "every last dirham" of the Dh1 million he owes - although inquiries by The National have failed to establish whether this process has begun.

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