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Liquidators appointed to Industry RE Limited

Industry RE Limited  (In Compulsory Liquidation) (“the Company”)
Royal Courts of Justice No. 004639 of 2013

Update - 23 September 2014
The most recent committee meeting was held on 2 September 2014 at 32 Cornhill, London, EC3V 3BT.  The chairman (Julie Palmer) reported generally on the progress of the liquidation to date, and the committee was invited to bring to the liquidators’ attention any concerns they have regarding the way the Company’s business was conducted.  The liquidators request that creditors who invested in the Dominica Project provide them with any copy literature/correspondence received from the Company, its director or staff that resulted in them making their investment.  In that respect please email Neil Allen (neil.allen@begbies-traynor.com) or provide the same via fax:  0843 658 5903.  The next committee meeting is due to be held in approximately 3 months’ time.

Update - 28 July 2014
A meeting of the creditors’ committee took place at 12:00pm on 30 May 2014.  As previously advised, the liquidation is now focused on pursuing and realising Company assets.  In that respect, progress to date and next steps were discussed at length during the meeting.  The liquidator present made the point that activity was in no way winding-down but rather it was becoming more focused.  Realisations to date have not been at a level sufficient enough to enable a dividend to be paid to creditors.  However, creditors are advised that dividend prospects can neither be estimated nor ruled out at this time.  The meeting concluded at 1:35pm that same day and it was agreed the next meeting be convened after Summer.

Update - 15 April 2014
The Liquidators have fulfilled their reporting obligations and are now focused on identifying and realising assets specifically in relation to Indsustry Re Limited.  At the committee meeting held on 30 January 2014 a number of potential assets/claims were identified as areas requiring further investigation.  In that respect information will be relayed to creditors by the creditors’ committee, who continue to receive updates from the liquidators and meet on a quarterly basis.  The next meeting of the committee is convened for 25 April 2014.  Please note that Oliver Salt is no longer dealing with this case and Neil Allen (neil.allen@begbies-traynor.com) has taken over administrative duties.  

At a general meeting of creditors held on 28 November 2013, creditors resolved for the formation of a Liquidation Committee.  The membership is as follows:

  • Chris Meredith
  • Anthony Robertson
  • Joy Jackson
  • Clare Budgen
  • Michael Bull
     

It was agreed that the next Liquidation Committee meeting will be held in January 2014 and subsequently on a quarterly basis thereafter. 

The role of the Committee is to act on behalf of the general body of creditors.  The Committee will be updated of the ongoing investigations of the Company at the meetings.  Anyone with any queries in respect of the Company may, therefore, wish to contact the Committee first before the Joint Liquidators office.    

The following resolutions were also approved by the Committee:

1. That the joint liquidators’ remuneration be fixed by reference to the time properly given by the joint liquidators (as liquidators) and the various grades of their staff calculated at the prevailing hourly charge out rates of Begbies Traynor (Central) LLP for attending to matters arising in the Liquidation

The amounts are to be presented to the committee before they are drawn.

2. That the joint liquidators be authorised to draw disbursements including disbursements for services provided by their firm (defined as Category 2 disbursements in Statement of Insolvency Practice 9) in accordance with their firm’s policy, details of which accompanied the information presented to the creditors’ meeting.

The general body of creditors will be provided with the Joint Liquidators progress report in this matter upon the next anniversary of their appointment, this being 11 September 2014 (plus 2 months to prepare and circulate the report).

Should you have any further queries in respect of the meeting and/or the Company, please contact the members of the Liquidation Committee.  The email address to contact the Committee is committee@IREK-Forum.org

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