Cash4phones - creditors meeting - 13th Jan Please retweet - https://cag.tw/tf7

[Chipmeister]

Well I advised action fraud yesterday that it would be appropriate for them to attend the meeting and arrest the director. they haven't replied to me as yet!

 

However as I am planning to attend, how about people filling in their proxy form and nominating me? I don't want to put my personal details on here though, but if you post your willingness to do this then Bankfodder can probably get them to you (unless any of the CAG admins are also planning to attend?)

 

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

[Chipmeister]

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.

[Chipmeister]

Attached - Thanks!!

 

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

[Chipmeister]

I have reported to my local police. I have received the forms, can someone post a copy of their completed proof of debt form to assist me in completing mine?

 

Please see post #45 of this thread where you will find proxy completion guidance.All the best,CM

[Chipmeister]

I'm not sure how these meetings are conducted - but if you are a creditor, then I expect that you would be entitled to ask for full bank account details, bank statements, names of previous bank accounts and statements - as well as accounts.

I think that it would be reasonable to require all of this information to be given by sworn affidavit.

Might be an idea to give Cap Books notice that you require this.

 

Any material you get, please do let me have a copy and I will make sure that it is sent on to the appropriate recipient.

 

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.

[Chipmeister]

All advice on this is helpful, I am not a practitioner of any of the black arts and do not pretend anything other than a desire to see this through and a reasonable grasp of English and basic consumer law. I have a lot to learn before the meeting on Monday!

 

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

[Chipmeister]

Will the bill really turn up and nick him?! ****ing sweet, Id like to see that. He might end up a door or two away from his compatriot Asil

 

I don't know the name of the name of the guy you are looking for and I'm not sure if it's prudent to post it on this thread.

 

However, you can see from Companies House that Yemonia Limited has had more directorship changes in the last 18 months than most people have had hot dinners!!

 

You will also note from Companies House that it has had 2 company name changes.

 

But do not fear, the appointed liquidator not only investigates the current directors (who have only been in office since 31 October 2013)

but any person who has been a director in the three years prior to the liquidation,

 

so in a nutshell, any director who was in office from 13 January 2011 to 12 January 2014.

 

I bring this up as it is likely the director who turns up for the meeting Monday may not know anything about the company's trading practices

and even if he does, may plead ingnorance as he's only officially been in office as director since 31 October 2013.

 

Also, only one director is required to represent the company at the liquidation meeting so it may not even be the guy you are after :@(All the best,CM

[Chipmeister]

Hi,

Does anyone know who is going to the litigation hearing on Monday

 

Hello,It's not a litigation hearing on Monday, but a meeting to place the company into liquidation.All the best,CM

[Chipmeister]

I would be interested to know how many people got a letter advising them of the creditors meeting? The liquidator should I believe advise all known creditors in writing, in advance. I did not get a letter. If you were owed money by C4P please confirm if you did, or did not, get advised by Capital Books, in advance. This information might be very useful.

 

The directors are obliged to provide the proposed liquidators with details of all known creditors, ie all creditors known to them, so if a creditor hasn't had a letter it's because the directors haven't provided that information. Or because that creditor isn't known to them.

 

Hope that helps.

 

All the best,

CM

[Chipmeister]

Then I suggest that you complain to the liquidator - update the police and Trading Standards. It may be that the liquidation so far has not been properly conducted.

Also refer to Apriumben who I am sure will be looking at this thread later.

 

This is nothing to do with the liquidator - the liquidator can only work with the information he is given by the directors before he is appointed. Once he is appointed he then has the authority to take possession of the company's books and records, whatever they may be, or indeed if there are any. You'd be surprised! :@oAs for the list of creditors, there are probably so many that the directors lost track and a full list may very well not exist but this is not the fault of the liquidator. The liquidator is the person who will be carrying out the investigations, he was instructed by the directors but now he is appointed his job is to work for the creditors. Please try and stay focused on that point and try and form a liquidation committee as soon as you have the requisite 3 to 5 people willing to act.Hope this is of help.All the best,CM