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The new administrator's report after 6 months of investigations and management.
More details on Meyado's associate company poor governance on www.forespoke.com
The new administrator's report after 6 months of investigations and management.
More details on Meyado's associate company poor governance on www.forespoke.com
Copyright:
Attribution Non-Commercial (BY-NC)
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The new administrator's report after 6 months of investigations and management.
More details on Meyado's associate company poor governance on www.forespoke.com
Copyright:
Attribution Non-Commercial (BY-NC)
Verfügbare Formate
Als PDF, TXT herunterladen oder online auf Scribd lesen
P Fli V AT E \!if t II LHi M Ill. tIJ PI fH: MEN T
Mr
Dear Mr
Re: Mcretec imited (In Administration)
Further to our email correspondence.please find enclosed the most recent update from SFP Plant relating to Merelec (In Administration). This was posted to everybody in July but T tmdcr::Hand you didn't receive a copy. I have updated our records accordingly so you will receive aU future communicetions ,
Since the last update, we have had many requests £01' information. about Meretee and we would like to SITeS'.s thetas the [ emince, .... ve are only i.n a position to forward on mformation as ViI receive it [Tom the '\dm:inistnllQr~.
Leanne Mawson Administration Manager
Ene.
D ~~:.~oo 1'It.'1IlHoI!3lh M8IlQlrrenl P1!LLl:l 32 ~1K11 Stroli'
1!(13{J1
!i~fI
U~UI1li2
T~; >(;.Ii 6m8 3!>ro r~J.:'~~~~
o ~~lIb Pm-,/lelli\S)1J1 'A:n!~'l!fi'l1d llJll"rl'Ilr U,nd"mlll! 6
Il'll"- n li<ilmlllrJ.ll3i'9Q"~ ~ 1"1' ru-n11'& mmn _ud"'l""'''''l1ii1oftmjJl~.t.ot(J n ·,FItl''1W·,H _·>r<irl2 fIiI:I.laOilJ r:,"IIol ~r"mWol ~~ l.k>Jnl1ll.'hI:100I00' 3
SFP
•••••• •
TO AJL. KNIQWN CREDITORS
Date: ;} June: 20[19
Oort:lact w'I!is TU'mi1(:liJfe
Oir~t Dial: 02[1· 7S:3U 3~'3
Our Ref:
MiER0001/SFP/a03,Q6.0'9. P'S
Dear Sirs
I r,fff;e r t,c my leUsr dated 1'9 December 2008 enclosing a copy of l!he Jo il1 t Admin istralors proposels.
Pursuant to Rulls 204.7 of the Insol~vency R~I'e·.9. 1985 (as .am,end~d), ~ now provfd'e you wilh form 2248 enclosing a. six monthly report in relation 10 the progre.s-g of MER's ,Adminis:traHon.
Should you have any further queries, ple,ase contact the .Administrator dealing with thiis maner, Lewi'$ lunnidiffe or me.
I'or.m 2,.248;
Six mont:llly ~POFI
hi '<l~ll<Qrdam:1li w[t~ paragraJJfF.ll, 45 of S~al!lW'le· Eli ,of true :ins®WOlI'lCY ~t19a5, nlilltii:e lis Ihi)r,eiJ~ '9h'eIiOl~t the .:lff:alrs, biii'Si.!fIe-s.'S ll!1ld pr~ll~n'Y (if Me~etec Lim~edl (in Mmi'lilis-lra-lionl·DJrIl being mamli'!gedl by Simon Frlllfl'kl]n !p~r.lt ilmll Danio'l Plaiilt or SF!P. ac~lllg il!S Joint Mminis.tra!o~r'i. Pluf~ua IlIl tOo p'a·!'a9ra;pb 69 ,aH Sc~,~!fLlh!' 8,1 of tIHlIln~()nvei1CY lI~t 19'Bl6. ~il' Jollnt AdiminJis,1l3tors 3d: ~S. ag0rl,tiO (if tne ,cOmpany and] wiA'hQul ,f,l'trsOl1lillli~bil'it}.' .
i. f We (a) S imon PI8![1( and. Da:~ ie! Plal1t of SF]?, 9 Ells ign House, Admiral sWay, Marsh W:'.IlI
from
Dated
YtiL!! d'~) UQ~ have u) >!live <iny ocmtllct inJorrlll1'Jtlol.lin !h~ iboK Q~PCldil': lJiut i.fY(I'u do". it wm heip C(lJI1~pi\,]]k5 HI)USle ill ,cGlH:am },01t if there is i\ CJuery onthe f.O;rlliI. The. ca~l.:.",,;t p'Q.form,i!itiOill tl~&t )'\1(! 1li"'~ 'O'!,'illl be vis;iVi!;l to ~1!.rol~crll' QflJtc rt[I!J:lic ~~{j~d
Me!r'etec UmU~d (iVii Administration) Sb:. MotilVhlly R.eport T (I 4 May .2(J(lS
Mer-ebllC Limited (In Admhlistratlo.n}
Report. to Creditors
SFP
9 EUisirgn House Adm~rais W3J'lj r~aw$h WaU London E149XQ
Tel: *44· {cOin 5382222
Falx: 'f44, (.207) 5383322
Email: sTmoI'lP@s:fplantco,uk dan[eip@'Sfp\~ant.co.u k
This repCf'J1t has beenwnlUefli and pres'€!'Illed f.or ~Ile sd'e purpose of comply1til9 with lim Ir,e1eWlJl'lt provisions 'Of Nlelnlsolvenq ArJ[ '19:86 and the :Ente(prise Act 2002. It !!iIay not be d1Scl,o$€d,. d!iSSl€mirli[it1~d or 'oopied wilhout ffl)1 pnor wnUeli'l p€fmissil']f1l" other thalli 10 t'h!ooe entitled under :sta.k!te or oth€JfwfiSe as ordered by the Court, and no Iii ability wiU be acrepted to aliilY Qthe;r person (If party \vho acts Of refrail1!s rmm acUng onils !ODntents"
M·elf~teC' Limited (.in Adlll1fl'lliisrrati.o<l'I} Six Month [:y ~~porl:
Meretec Lilmite>d (in Adlmillistratiorf) SFx MOf:1lVhly IRe:port 104 Mi'l)j 2(J.C!l8
1. In:trQduclilon
1.1 TllieS f,eportis. prepared pmsuant to Rule' 2 .. 47 of the InsolveJ1i(}¥ RllIles19S16; ("the Ru~es') lin relation to Mer~tec Um~ted (io .Adlministmtion) {Gel. Number 03:o15,9285} ("th~ Company') 1he Rules pfovio@ that a progress report is drafl:ed €'very six: ffiOl")ihs; commencing on the dall€ ~hallhe company entered ii'll(} A.dminiiSlral.iort Further, that the appoinlBd Administralnr(s;) should send a copy of the rBpolil to, inter alia allo.rednors v4lthin one month of the end of the perlod covered by the repon,
1.:2 A repoift was pr:evTollsly cijli'o..!iat,ed on 191 Detember 2008,ef'l!c~o:s~ng tll,e Joint Adminlstra:tors Report and Pro'jJ(JGalS nhe First Reportii). This detailed progress up to' 19 Decemoor 2(108 and eel out 'Ihe ,Joint Aclmi:n:is~ratDrs proposalls. to ,creditors,. A subsequeflt ,1!SUer was carcuiatooro creditors 'On 1'9 January 2009 Illpd,ati:ng them as to the outwme of the moo~irlg: and confifmingthat the pmposals had been ap'p'roved.
"~.3 ;11il1 view of the inforl1l'il8i~iotli that has already been irnparted to the oreditors, tl1ns Report simply provides an update as ~o U18'general progress, of the Coll1pacny's Adlmil1istratl:on sir1looth€F~rst Report,~(J 4 May 2(!l09., This R€porl.also sets out: certain additicmal infOlTrnliiltion whfid1 mlJlst be provided to orecii,tors, pumualilt to the Rulle,s,
.2. Gener,al Background
2.1 On 5 lNovernber 2'008, Notioe of A:ppoil1tmen~. O'f an Adlmini:strato:r by Holder of a OuaUfyirl9 F~Gating Charge r"tM NoticeQf Appo~ntmenn was pres€,ntM b) tner@gh Court of Jusruice by ttie Company's Security Tn.l!Etee, Zenith Trustees Limited,. pIUWSU;~lint to a security trUjst amdinl'€!<r·cred~tor dJeeci,
2.2 The Notioe o:f A\'Jpointment was endorsed wi.~h Ul€: INo. 86m cf 200B. Bo~h Simon IFraJl1k~in Plant and Da~ie! Pilant ·off SFP, 9 Ens~QiI1i HOUIse, Aclm~lri3Jl:s liVay. Ma;sh Walt London El4 9~Q 'were appoirl~ed JOlint Admiirr]lf~trato:rs ("lh.e JO~l'!t Ad miin istrall)it'$"). PUffilMilnt to Schedule 81, Pamgl"".:1ph 100(2} of th~ Ac~, IheJoirlt Adm~ni~[}tors act jo~ntiy and sevemUy.
3.1 As d:etailed in the FTrs:l Report, t~1e Camp8Jny receljvoo a VAT refund QfE162,231.75. Thts has, been pa:id ,into the! Company's estate a«;ouuwL NO' fU!rltfwu real[tsations, are anlicipa.ted from Ulissour.ce:.
CMAOMdend
3,,2 As det8Jfllecl fir! the First Report,. an aJpplrca.tion tor the pay.mi$nt ota divldend from CMA Olrporation Um~ted rCMA") o·f £1B7,SO[) was made by ~he Company prior ~o the Joint Admlil11slrators appoin!mervl. al1ia Vilas expected imminel1ltly,.
3.3 CM.A. has since' advised~hat a mlstake:1i1J paym!lSnt of AUSD 1:2.0,000 was made to 1he Compal'!Y r:wior ttl the Joint Admil1ii~.;tmtDws appointment alldlh,81'11e SQ1ughl to ofifsetag;1[inst ~he divid~t"I!d p~yment
3.4 The Joint .Admill'lis.lrators have silloe ins,tflllG1:edtNJabarf(l LUP ("Nabarro") to advise Whether or not CMA is e:ntitledl to set oft and the op;ti:ol1lsgo:ill1{J forw-ard. Nabarro are currenUy' In correspond:ernoo wHh C MA's solfdtows :in order to atl.ffi1npt to r:each a. resolutiolfli 11 relation to th~s mail!ter. Ilf~hig canlllot be reached,
proceedln:gls may be the IQllly optibrt In tile eV'enl. of a set iQff taking place it shollid 1l€l:ave ,8 balance of AUSD 67,5'010. However, G~ has alSo refused to pay this amount.
3,$ The only remaillingass.stin the Comp8!rl1s. Adminis{fation is, the 37)y[)OJOOCI shares held in CMA ("the CMA. Shla:nes.~l Aa cletailie{j!in the fiifst !Rep>ort. thes€: are subtect to a lock out 8f1 reelneflt which is d ue to el:8ips,e illl A!lIg 2009" The Joint Administrators havllinslruded speciaJist valuers and. strategists to assist them in fellation to the reaUsation of the shares,
3.6 The Joijn~ Adm.itnls:trators shaU ]cmmulate a strategy in relaijo:n to the rea~isatiol'l iQf the CMA Sihares andit is anlidpat"€d that ilis wml imro,lv€ intStru:ctung Austrralian solPcilofS in order to dee.! with ~his iin the most ,effective ma;nner..
3.7 AsadvLlSoo in the Fjrst Report, tile Company did not occupy a tl'adl~ng premises, !nor,d,er to deal with any UK ope rations ~l utiUsoo :3: serutced office address at 2:3 BerKe:ley Square, tondon There lis no agreeme:f1It ~11 plaoe in lFellaHon kiltiiis and lheywBr;e ~~~dI to be used some j me prior to the Joint A.dmini~trato',rs appointment Them is there·fore 110 p:roperty to deal with,
4. II:nvestiga1~on:s
4 .• ~ ~l1Iaocornartce 'I!;!Hh the Jioil'1!tAdiminris:~rab):rs dut~s" lf1v¢sltiIQaIUof1!S we:r~ made ilnto the conduct of the Company's c,urrenl and 'Jo.rmer ,diirectom by a oompanYaJssoci'arted toruhe JO~llilt Ad'miniiStrators~ffi'I, SFP ForernsiG Umiled ("SfP' Forensic"). The rajuisite ID Fonm was sl.lbmiUedl to the lf1:Soh,lIency Praditio:rrJers Comp[lianoe Unit ("IPCU") on 14 April 2(J;(I9. All infoliTNli81tion lDontaJn:ed i:n the Dform ~s s:tr1ct[y confiid\en~jaJ ana tneJoinl Adm~ni'stm~()lis. am not p:EHrm[Ued to divu~ge detaHs of their recommendatioills to th'8IPGU,
4.2 ·S:FP Forensic is cUlrren:~yirJ the precess of c;arry~ng out a geneml irrvestigatio:n into the demise of the business, In th'e eV6!nt Ulal their~n(1rngs tligh~rght any wrongdoing' tM Joint Adm]n~stratDrs will take an appmpirrate course of 8.GUort
Pr'!ef'el1entia II :Credutors
5.1 As:srolt'8idl inltie pn:iY\,Iiio1us report. the C:omp.any did not have any employee's at the date oil wh~dl lit. was placed ~nto AdministratiDn!" In light of~his.the Jorrllfr Administrniol"S do Imot arrucipal18 ~herre bei:ng any' preferelnltiai ciaims,
5.:3 Oi1 present info:rmatiofil, anry potential dividend dlslrio!.Jtiotl to unsseursd creditors i.s dependent upon malisatiorl::S achieved from .any reooverles made from SFP For:ensilJ:i5irlr\iestig~8!tioos. These 'I.'VOuld also be subject to anyfurtMr 9SSQci:;l;tOOl costs. Based IlJlpOI"i current fe!Qjlis;aMns, it is unillikely tilers v.!m be suf:fi\crrent fl!.lRlds to· pa~ a dividend to luniSecuredi credhors ..
61,1 At Appendix I is th~ Company"S Income and ExpendilAlln~ AOCOlJlril as at O~ May 2009. These are in the mail1selff ffxplanatory.
6.2 At Appendix II US a bll'eak.dU';Iffl Qf ~he time that. has booll it)Cunred by the Joint Adlministrators'firm to (tate, together wilt! defails of charge OU~ rates 1 adnvity' slIJmmaries. At Aplpendb:. VH~isaGu.ide to Adr::tMniistrmors Fees., heing! ~t o'll!tin Sl~temefiit Orf II'l~o~vency Praotice 9. The Join:t Adm~n~strntom fees have prevllously been ElUJIUlmised by the c:redllltorK
6.3 The firs~ Report de:taiJoo' th.e posiHoll in relation to dlltsbllrsemen~s and CSutailll types of e'xpeJyJijtuJ'le .. To ensulreh3it crediio:rs are· aware of how tlils operates, ~l1~s RelPDrt we~.emtes the position. Disbullrseme-nts an.-d $peC[~ic ex.penditl!.Iloo re~IB1il1g to. the ,Etdm:inistration of aninsolven~. ,es,tate and payable to an il1d€!'penijr&nt thir-a party are recoverablE! WiU10LIt creditor approval. SUlCh expertc:lilur.ij is made, rirrufilds are a'i,l'.ai~ll@!ble from the it1lsolvsnt.estate. if funds ale not aV2i!il,ab~e the payment ls made fromthe Joint Admink:;Uatom' firm's offic€' arommtwhich ~s reimburseD from ~heinsol\l@iI'lIt €'S[allB l{ ood Wheirlirunds beoomeaV(l!lJaiINe.
6,4 Paymen~s made out off a fltms office account and r~c:harged to an Ttlisolvent estate are defined as r'Category 1 Disbw'Semerutsr. This disbursement is expla~ned fmtJner under the ExtP8rureS aM Disbur8!€'melilts heading IrQ the GuJde to. Admillilistmtors fBesr at ,Ap-pem:Hx Villi. TneJolnt Admilflistralms have incurred the fclllOrwnng Ca~€9(In;r 1 Disburseme'nts: tD dO;J.t~:
Mise
Bordereau Courier Charges Maiil! Redi rection Company Search Expenses
£:
E £ £ £ .£
276A9 125.00 'jOfi5G
49.80 46J)O 27.00
fL5 Expel1ldtIDre [l1cidiental to the admill!11stra1ion of the ifilsolw:l'nll case, whiCi'h try ~ls natllre inclll[jd~s ani elementof shared 01" ;allocated C;OiSl$ are ret{}1;iI€rrab~e witllcredit.or approvaL The'S9 !p.ayments .a~ defined as 'Catego:ry 2 Disbrur:5emellll's;' amd, once ~a,.gainr this disbursement is explainedfurtll,er in the (3u:[d;e to Administrat.ms fees, atAJppendix Vll The Joint Ad IfI'l in ilStratoliS. It9rv·ei:n.curr€d the follo\!!'ing Category 2 D~sbLJrsGmellts to date:
A.s detailed in the Flrst R€'pmt. SFP Fon:J:n:slic and SFP Dalaslore Um~too ("SFP DB.ltrasrore'r) remuneration will be tmat.ed as a Cate!;J:ory:2 DisOlWs€!menL Gred.~lDrs. have prelJuousily provided sancnon to recover d~sburs.ements of thils Wpe.
6 .• 6 .A.t Appendix !U I is a breakdown of tlhie time that has boon illOUITleci bySfP Forensic to date, together with de:iai;ls 01 c;:h8lrge out rares.
.........
Melfetec Limit,ed (ilrl M ministration) Six MMthly Re-port T o 4 M.ay 2Q'U8
16.7 AJt Appendix iV is: a breakdov;!Ii1 of the: time th:arl has b€enincuffted by SFP Recoveries to dai'H. tOtg,&ther W[a1 details ofchargle out moos
6.8 At Appendlix Vis a bma~.dl()wnof tne tim@tll:athatSooen jMun-ed by SFP Property to d8JEJ togeh3f w;ith detaUs of charl1,e out rates,
6.9 At .A:p!pentlix VII is a breakdoWit:l of the-Lime that has been incurred by SFP Dalaslore to dale. toge~,hef with de.t21i1s of charge out ral€ls 81M disburs~lIflIellts. Details conOOHl~fiIg SFP Dat8JStore are Bet out in IpSJr8.g r:aph ofU1.
6.111 The fe€>s incurred] by SFP Forensic, ariel SfP IDatas1oro and th'E! 'Solicitors 8Jssis~ng iii thiis majtler, NabaFro LlP and CI!arke Wdm{}~t are calculal.ed ona time east. basis. SFP Datastore has ooen. empkYy'ed by th'e Joint Adim~lilii:st.r-.at0W$ to store U~e CompMY's books and records, i~:srees forhs ifA?l'kare on a fixed fee basis and on a time' cost basis feW' any add itronal wo.rk.Garr~ed out,
7".11 Sh.Qu~d ·any cr"€!ditor have any qu~stions or queries, in relation to. the above, plsase contact either the Ad m~nBstrator dealir.g with this marfil,er, LewHs, Itlnnidffe or the Joi nt Ad mil'i~s;lfators on 020 7538 2222.