Chipmeister
-
Posts
472 -
Joined
-
Last visited
Content Type
Profiles
Forums
Post article
CAGMag
Blogs
Keywords
Everything posted by Chipmeister
-
Glad to have been of help! The purpose of the S98 meeting is mainly to agree the appointment of liquidators and to form a liquidation committee, which I think in this instance would be a good idea. Once liquidators have been appointed the company will be governed by The Insolvency Act, and no legal action can be brought against the company. Bear in mind that as a creditor you can turn up at the meeting as long as you are clutching a completed proxy form and details of your claim. If you do this you cannot be turned away from the meeting. Personally I think it's a bit sneaky to hold a Section 98 meeting on a Monday as it makes the proxy filing deadline midday on Friday, (being the last working day before the meeting) but doing so is not breaking any law, and being armed with the above info should help if you are in a position to attend the meeting but can't get your proxy to the proposed liquidators before midday tomorrow. Proxies can also be accepted by fax but oddly enough some insolvency practitioners won't accept scanned proxies sent by email, so that is also worth checking. All the best, CM
-
What will happen is that the directors will have provided various information in respect of the company to the proposed liquidators which will be presented to the meeting. Each attendee will receive a copy, and if you aren't able to attend the meeting the appointed liquidators will send you a copy as standard through the post. This information is made up of a history of the company, extracts from the previous 3 years' accounts, a deficiency account, a document called a statement of affairs which shows all the assets and all the liabilities of the company, and details of all the creditors and the amounts that they are owed as per the directors' records. The creditors present should be given time to review the documentation and will be able to raise questions. If the creditors decide they wish to form a liquidaiton commitee they will be given this opportunity at the meeting (please see post #30 of this thread.) The company's bank details, statements etc will not be available to creditors to view at any stage of the proceedings. Once appointed, the liquidators will take possession of the books and records of the company to allow them to prepare their report on the conduct of the company directors and file it with DBIS (again i would refer you to post #30 of this thread.) Please be advised that the contents of this reports remains between the liquidators and DBIS! I hope that this is of help. All the best,CM BTW, I would refer people to post #45 of this thread for proxy completion guidance.
- 174 replies
-
- 1
-
-
- 13th
- cash4phones
- (and 4 more)
-
Please see post #45 of this thread where you will find proxy completion guidance.All the best,CM
-
Please see attached proxy completion guidance. Don't forget to attach proof of your claim or the porxy form will be invalid. Hope this helps.All the best,CM
-
If the creditors' choice of liquidator is appointed that's great, but are the creditors willing to fund his work? Like anybody, a liquidator will need to be paid for the work they need to carry out, and in this case it is going to be extensive investigation work.
-
Apriumben, I don't know anything about you so apologies if this post seems presumptuous. Presumably you are a licensed insolvency practitioner and can provide a consent to act to show the meeting? If you are not an IP, presumably you are a creditor. If you are an IP and a creditor you have a conflict of interest ;@) Colin has already addressed the other points I was going to raise. The best option is to form a liquidation committee at the Section 98 meeting. You need a minimum of 3 and a maximum of 5 proving creditors - there will be a section of the meeting to allow the creation of such a committee. The liquidators will have 6 months from the date of their appointment to prepare and submit a report on the directors' conduct to the Department of Business for Innovation and Skills. DBIS will review this report and make the decision whether to take the investigation any further. Please note that this report is not made public. I hope this post has been of some help. All the best, CM
- 174 replies
-
- 1
-
-
- 13th
- cash4phones
- (and 4 more)
-
Martin Kay's memorial fund - now closed. Total about £3000. Thank you
Chipmeister replied to BankFodder's topic in Martin3030
I hope that the funeral went as well as these things can. RIP Martin. All the best, CM -
Good work. Use this time to review all your paperwork relating to the case to make sure you're ready for Round 2! All the best, CM
-
Great stuff.
-
I am no expert, and I'm sure that the experts who have been assisting you on this thread will be along soon, but here are my thoughts, for what they are worth: The first line of your defence - "I was in debt but managing to meet minimum repayments until I had a 20% pay cut and had to stop paying MBNA. When I told them, they were unwilling to help and eventually sold my debt on." I would say "I was in debt but managing to meet minimum repayments until I had a 20% pay cut, at which point I could no longer make the minimum payments and had to reduce my monthly payments to my creditors. My creditors were sympathetic and agreed to my reduced payments, with the exception of MBNA." Otherwise, it may come across that you favoured your other creditors over MBNA. At least with this revised wording you are pointing out that MBNA didn't want to assist you from the word go. Please don't give up, and try to stay strong - this site has helped so many people, myself included, over the years and we are all here to support you. In the meantime, I have flagged your post as urgent to site admin, so someone should be along soon.All the best,CM
-
-
-
Many thanks for your responses. Happy New Year!
-
Oh, so it really does drop off the cra records! :@o I am making payments against all my defaulted accounts but the 6 years is up on most of them in April this year. Presumably this should improve my credit record?
-
When you say it drops off your credit file, do you mean the whole debt due disappears or it just sits on your credit file not showing as defaulted?
-
Thanks Andy, I really appreciate your time and input. My mind is at rest
-
So I shouldn't even reply then? Hope to watch the footie - apparently its a torrential downpour in Poland at the moment and tkick off has been delayed...! Oh well, there's always Wales v Faroe Islands....! ;@0
-
Evening all, I had a debt with MBNA and agreed monthly payments via Optima Legal under a Tomlin Order. This has been ticking over nicely for well over a year, even when MFS Portfolio Limited took over the debt. MFS advised that I should continue to make my monthly payments to Optima which I have done. Today I received a letter from Optima headed up "Special Settlement - 25% Reduction on your Balance". They say that I should not delay as "this offer will only be open for 10 days" after which I "could miss out on a substantial saving." It goes on to say that if I "choose not to take advantage of this offer, the full debt of £xxx will be due which may be recovered by our client instructing us to proceed with further legal action". Can they pursue me for the same debt with the Tomlin Order in place?
-
Arrow Global - MBNA - Shoosmiths Claim Form arrived..
Chipmeister replied to autol's topic in Financial Legal Issues
Can you base a defence on an agreement not exisiting if you've used the card anyway?? Just a thought! -
I'm glad to hear the Judge at least had the sense not to award the CCJ against you immediately. Good luck with your negotiations. Can you remind me who MBNA are using as their solicitors please?
-
Good luck. :@)
-
You gotta love it!! Oh well, more time to prepare and research! Thank god the judge you had was savy enough to halt proceedings until the original judge could hear the full case.
-
Any news Series3?
-
Help please - court case against mbna ** first ever **
Chipmeister replied to the worm that turned's topic in MBNA
Harsh, especially after all the work you put into it, you must be disappointed. Still, if it works for you you have done the right thing. All the best, CM -
Help please - court case against mbna ** first ever **
Chipmeister replied to the worm that turned's topic in MBNA
Have you received the order yet??
Latest
Our Picks
Reclaim the right Ltd
reg.05783665
reg. office:-
262 Uxbridge Road, Hatch End
England
HA5 4HS