holidays 4 uk limited in creditors’ voluntary liquidation ... · holidays 4 uk limited – in...

PricewaterhouseCoopers LLP, 7 More London Riverside, London, SE1 2RT T: +44 (0) 2075 835 000, F: +44 (0) 2072 127 500, www.pwc.co.uk PricewaterhouseCoopers LLP is a limited liability partnership registered in England with registered number OC303525. The registered office of PricewaterhouseCoopers LLP is 1 Embankment Place, London WC2N 6RH. PricewaterhouseCoopers LLP is authorised and regulated by the Financial Conduct Authority for designated investment business.

To all known creditors

26 April 2016 Dear Sir/Madam Holidays 4 UK Limited – in creditors’ voluntary liquidation (the Company) This is our combined fourth progress and final report to members and all known creditors in the above liquidation. If you have any queries in connection with this report, please contact Samuel Capp on 020 7213 8142.

Yours faithfully

Ian Oakley-Smith Joint liquidator I Oakley-Smith and and DC Chubb were appointed as Joint Liquidators of Holiday 4 UK Limited on 29 February 2012. I

Oakley-Smith and DC Chubb are licensed in the United Kingdom to act as insolvency practitioners by the Institute of

Chartered Accountants in England and Wales. The joint liquidators are bound by the Insolvency Code of Ethics which can be

found at: https://www.gov.uk/government/publications/insolvency-practitioner-code-of-ethics.

The Joint Liquidators are Data Controllers of personal data as defined by the Data Protection Act 1998.

PricewaterhouseCoopers LLP will act as Data Processor on their instructions. Personal data will be kept secure and processed only for matters relating to the Liquidation

Holidays 4 UK Limited- In Liquidation

NOTICE IS HEREBY GIVEN, pursuant to Section 106 of the Insolvency Act 1986, that final meetings of members and creditors of the above named company will be held at the offices of PricewaterhouseCoopers LLP, 7 More London Riverside, London SE1 2RT on 30 June 2016 at 10:00am and 10:30am respectively, for the purpose of receiving an account of the liquidators’ acts and dealings and of the conduct of the winding up. If you are not attending the meetings, in order to be entitled to vote, creditors must ensure that proxies are returned no later than midday on the business day before the meeting to PricewaterhouseCoopers LLP, 7 More London Riverside, London SE1 2RT. If you have not already done so, creditors must submit a statement of claim either at or before the meeting. No formal resolutions will be put to the meeting, however, creditors may resolve against the joint liquidators’ release. In the absence of such a resolution, the joint liquidators will automatically be released from any liabilities they may have incurred.

Dated this 26th day of April 2016

Ian Oakley-Smith Joint Liquidator

Rule 8.1

Form 8.5

Insolvency Act 1986

Proxy (Creditors' Voluntary Winding Up)

Notes to help completion of the

form

Holidays 4 UK Limited – In Liquidation

Please give full name and address for communication

Name of creditor ……….............................................................................................

Address ......................................................................................................................

.......................................................................................................................................

......................................................................................................................... Please insert name of person (who must be

18 or over) or the "chairman of the

meeting" (see note below). If you wish to provide for alternative

proxy-holders in the circumstances that your first choice is

unable to attend please state the

name(s) of the alternatives as well

Name of proxy-holder ...............................................................................................….

1................................................................................................................................…..

....................................................................................................................................…

2.....................................................................................................................................

.................................................................................................................................…...

3.....................................................................................................................................

..............................................................................................................…………………

Please delete words in brackets if the

proxy-holder is only to vote as directed ie he

has no discretion

I appoint the above person to be my/the creditor’s proxy-holder at the meeting of creditors to be held on 30 June 2016, or at any adjournment of that meeting. The proxy-holder is to propose or vote as instructed below [and in respect of any resolution for which no specific instruction is given, may vote or abstain at his/her discretion].

Voting instructions for resolutions

Any other resolutions

which the proxy-holder is to propose

or vote in favour of or against should be set

out in numbered paragraphs in the

space provided below paragraph 1. If more

room is required please use the other

side of this form.

……………………………………………………………………………………………..

……………………………………………………………………………………………..

……………………………………………………………………………………………..

……………………………………………………………………………………………..

……………………………………………………………………………………………..

……………………………………………………………………………………………..

……………………………………………………………………………………………..

This form must be

signed Signature…………………………………………………………….. Date………………….

Name in CAPITAL LETTERS………………………………………………………………

Only to be completed if the creditor has not

signed in person

Position with creditor or relationship to

creditor or other authority for signature: .…………………………………

Please note that if you nominate the chairman of the meeting to be your proxy-holder, he/she will either be the current liquidator or a member of their staff.

Remember: there may be resolutions on the other side of this form.

CVL640H

Holidays 4 UK Limited - in liquidation

1


Combined fourth annual for the period 1 March 2015 to 28 February 2016 and draft final progress report for the period 29 February 2016 to 30 June 2016

www.pwc.co.uk/h4uk

26 April 2016

Our ref: IOS/MW/BV/SC


2

Definitions used in this report

Definition used Term

the Company Holidays 4 UK Limited

the Liquidators

we

our

Ian Oakley-Smith

and

David Christian Chubb

the Rules Insolvency Rules 1986

the Act Insolvency Act 1986

the Committee Liquidation Committee / Creditors Committee

Consisting of the following members:

Air Travel Trust;

Barclaycard; and

Onur Air Tasimacilik A.S.

I Oakley-Smith and and DC Chubb were appointed as Joint Liquidators of Holiday 4 UK Limited on 29 February 2012. I Oakley-Smith and DC Chubb are licensed in the United Kingdom to act as insolvency practitioners by the Institute of Chartered Accountants in England

and Wales. The Joint Liquidators are bound by the Insolvency Code of Ethics which can be found at:

https://www.gov.uk/government/publications/insolvency-practitioner-code-of-ethics

The Joint Liquidators are Data Controllers of personal data as defined by the Data Protection Act 1998. PricewaterhouseCoopers LLP will act as Data Processor on their instructions. Personal data will be kept secure and processed only for matters relating to the

Liquidation

–

https://www.gov.uk/government/publications/insolvency-practitioner-code-of-ethics


3

Table of contents

1. Introduction 4

1.1. Why we’re sending you this report 4

1.2. Appointment of Administrators 4

1.3. Dividends 4

2. Progress made during the period/to closure 5

2.1. Assets realisations 5

3. Outcome for creditors 6

3.1. Secured creditors 6

3.2. Preferential creditors (mainly employees) 6

3.3. Unsecured creditors 6

4. Liquidators’ fees and other financial information 7

4.1. Our fees 7

4.2. Our disbursements 7

4.3. Creditors’ rights 7

4.4. Receipts and payments account 7

4.5. Statement of expenses 7

5. Final meetings of members and creditors 8

Appendix A. - Statutory and other information 9

Appendix B. - Receipts and payments account for the period 1 March 2015 to 28 February 2016 10

Appendix C. - Receipts and payments account for the period 29 February 2016 to 30 June 2016 (date of final meeting) 11

Appendix D. - Details of our remuneration and disbursements and other professional costs 12

Appendix E. - Statement of expenses for the period 1 March 2015 to 30 June 2016 (date of final meeting) 17


4

1. Introduction

1.1. Why we’re sending you this report

This is the Liquidators combined fourth and final progress report to members and creditors. It will help if you read this alongside our previous progress reports which can be found at www.pwc.co.uk/h4uk. This report provides a summary of:

The steps taken during the fourth year;

The steps to be taken during the final period of the of the liquidation; and

Details of the outcome of the liquidation for creditors.

By law, we have to give you certain statutory information, this is included in Appendix A.

1.2. Appointment of Administrators

On 3 August 2011 Ian Oakley-Smith and David Christian Chubb of PricewaterhouseCoopers LLP were appointed Joint Administrators of the Company. The administration concluded on 29 February 2012, being the date the Company moved into creditors’ voluntary liquidation. Ian Oakley-Smith and David Christian Chubb were appointed Liquidators on that date in accordance with the Proposals approved by creditors.

1.3. Dividends

Actual

For preferential creditors: i.e. former employees (for unpaid wages up to £800 and holiday pay only) and unpaid pension contributions in certain circumstances:

100 pence in £

For unsecured creditors: i.e. all other creditors who are neither secured nor preferential: 15.86 pence in £


5

2. Progress made during the period/to closure

2.1. Assets realisations

The only realisation since the last report was the retention of the first and final dividend payable to the director of £873 which was offset against his directors’ loan account. No further realisations are expected and a summary to the realisations achieved during the liquidation are set out below.

Realisations £

Funds from Administration Estate (including Administration period VAT refund)

1,696,103

Trade debtors including pipeline monies 72,093

Pre Administration - Corporation Tax Refund 29,226

Pre Administration - VAT Refund 192,310

Computer Equipment 400

Directors Loan Account 3,413

Creditors should refer to the Liquidators’ previous reports for further details on the realisations achieved during the liquidation.


6

3. Outcome for creditors

3.1. Secured creditors

Following the secured creditors utilising the funds that were held subject to their fixed charges, any shortfall which they suffered ranked as unsecured claims against the Company.

3.2. Preferential creditors (mainly employees)

Preferential claims totaling £21,370 were paid in full during the liquidation,

3.3. Unsecured creditors

The director’s statement of affairs estimated the total unsecured creditor claims at circa £12.4 million, inclusive of an estimated shortfall to fixed charged creditors. Following the claims adjudication process conducted by the Liquidators of the 126 claims received totaling c£12.3m, claims with a total value of c£10.3m were agreed for dividend purposes. The remaining claims were withdrawn, rejected either in full/part or were subordinated claims which did not rank for dividend purposes. On 27 February 2015 the Liquidators declared a first and final dividend of 15.86p in £ to the non-preferential unsecured creditors. Any unclaimed dividends will be paid to the Insolvency Services unclaimed dividend account. There being no floating charge, the Prescribed Part provision of Section 176A IA86 and the Insolvency Act 1986

(Prescribed Part) Order 2003 have no application in this matter.


7

4. Liquidators’ fees and other financial information

4.1. Our fees

In accordance with resolutions passed by the Committee, the former Administrators’ fees were fixed under Rule 2.106 IR86 by reference to time properly given by the Administrators’ and their staff in attending to matters arising. In accordance with Rule 4.127 IR86, the remuneration basis agreed in the administration will continue in the liquidation. During the 12 month period to 28 February 2016, the Liquidators have incurred time costs of £32,944. This represents 117 hours at an average hourly rate of £283. Further time costs of £1,327 have been incurred in the month to 31 March 2016. These figures include a change in charge out rates effective from 1 July 2015 for both insolvency and specialist staff. Since their appointment the Liquidators have incurred total time costs of £264,185, against which £197,214 plus VAT has been drawn in accordance with the Committee’s approval to date. A further £42,950 plus VAT will be drawn prior to the final meeting, bringing the total fees drawn by the Liquidators to £240,164 plus VAT. Details of the time costs incurred from in the 12 month period to 28 February 2016, month to 31 March 2016, and cumulative time costs for the duration of liquidation, are included in Appendix D.

4.2. Our disbursements

We’ve incurred disbursements of £8 during the 12 month period to 28 February 2016. These have not been drawn. Further details are provided in Appendix D.

4.3. Creditors’ rights

Creditors have the right under Rules 4.49E and 4.131 of the Rules to request further information about, and to challenge, the Liquidators’ fees and expenses. You can get a copy of “A creditors’ guide to liquidators’ fees – England and Wales”, explaining creditors’ rights, on the ICAEW website at: http://www.icaew.com/~/media/corporate/files/technical/insolvency/creditors%20guides/creditors%20guide%20liquidators%20fees%20final.ashx You can ask for a copy free of charge by calling Samuel Capp on 020 7213 8142.

4.4. Receipts and payments account

A receipts and payments account for the period 1 March 2015 to 28 February 2016 is provided in Appendix B. A receipts and payments account for the period 29 February 2016 to 30 June 2016, being the final meeting date is provided in Appendix C.

4.5. Statement of expenses

A statement of final expenses incurred for the period covered by this report is provided in Appendix E.


8

5. Final meetings of members and creditors

The work we need to do has now finished and we’re required to hold final meetings of members and creditors. Attached to this report is a notice of these meetings and a proxy form. The purpose of the meetings is to present this report and for the creditors to consider our release. No formal resolutions will be considered but creditors may propose a resolution against our release. If there is no such resolution, we’ll be released from any liabilities that may have been incurred. If you require further explanation of any aspects of this report, but don’t wish to attend the meeting, please telephone or write to Samuel Capp. If you wish to attend the meeting, please telephone Samuel Capp so that arrangements can be made. We must have regard to the convenience of creditors when convening any general meeting. From experience, creditors don’t often attend such meetings and so this meeting is being convened at PricewaterhouseCoopers Limited, 7 More London Riverside, London SE1 2RT in order to reduce costs. If you wish to attend the meeting but think the venue is inconvenient, it can be reconvened at an agreed venue if you contact us within the next 7 days. This is to ensure all other creditors can be told about the revised arrangements. If you want to propose a resolution against our release the following paragraphs will apply: Individual creditors (i.e. not limited companies): You can vote by simply attending the meeting, provided a proof of debt has been lodged at the address stated in the notice of the meeting before 12.00 noon on the working day before the meeting. If you don’t attend the meeting you may complete a proxy form to nominate:

someone else to attend and vote for you; or

the chair to vote on your behalf. The proxy form needs to be signed by you. Limited companies: A company is not physically able to attend meetings, so it must appoint someone to attend on its behalf by:

completing and returning a proxy form (even if you’re a director); or

producing at the meeting a sealed or certified copy of a board resolution authorising you to represent that company at the meeting.

A company can also complete and return a proxy form to nominate:

someone else to attend and vote as its representative; or

the chair to vote as its representative. The proxy form needs to be signed by someone authorised to sign on behalf of that company and the nature of that person's authority should be stated. A proof of debt also needs to be lodged at the address stated in the notice of the meeting before 12.00 noon on the working day before the meeting. Important information if you are submitting a proxy: A proxy holder can vote either on your instruction or at their discretion as indicated on the completed proxy form. The proxy form must be lodged at the address stated in the notice of the meeting before 12.00 noon on the working day before the meeting.


9

Appendix A. - Statutory and other information

Name of company: Holidays 4 UK Limited

Registered number: 02909570

Registered office: 7 More London Riverside, London SE1 2RT

Former company names: Holidays 4 UK Limited

Trading names: Holidays 4 UK Limited; Aegean Flights

Trading address: Unit 4, Gordon Mews, Portslade, BN41 1HU

Names of liquidators and their address(es):

Ian Oakley-Smith and David Christian Chubb of PricewaterhouseCoopers LLP, 7 More London Riverside, London, SE1 2RT

Date of liquidators appointment: 29 February 2012

Details of change in liquidators: N/A

Details of prior administration: Ian Oakley-Smith and David Christian Chubb were appointed Joint Administrators of the Company on 3 August 2011. The administration concluded on 29 February 2012.

Dividend for preferential creditors: 100p in £

Dividend for unsecured creditors: 15.86p in £

Values of the Company’s net property and prescribed part:

N/A - the Prescribed Part provision of Section 176A IA86 and the Insolvency Act 1986 (Prescribed Part) Order 2003) have no application in this matter

Whether and why the Liquidators intend to apply to court under Section 176A(5) IA86:

N/A


10

Appendix B. - Receipts and payments account for the period 1 March 2015 to 28 February 2016

29 February 2012 to

28 February 2015

1 March 2015 to

28 February 2016

29 February 2012 to

28 February 2016

£ £ £

Receipts

Funds from Administration Estate 1 ,601,385.68 - 1 ,601,385.68

VAT - Administration Estate Refund 94,7 16.88 - 94,7 16.88

Trade debtors incl pipeline monies 7 2,093.02 - 7 2,093.02

Pre Administration - Corporation Tax Refund 29,226.00 - 29,226.00

Pre Administration - VAT Refund 192,310.03 - 192,310.03

Computer Equipment 400.00 - 400.00

Bank Interest 8,188.66 - 8,188.66

Directors Loan Account 2,539.7 0 87 3.69 3,413.39

Third Party Funds 0.00 7 99.33 7 99.33

VAT 17 ,104.50 30,67 1.45 47 ,7 7 5.95

T otal Receipts 2,017 ,964.47 32,344.47 2,050,308.94

Pay m ents

Administrators Remuneration 7 1,343.99 - 7 1 ,343.99

Administrators Expenses 2,366.55 - 2,366.55

Liquidators Remuneration 197 ,213.41 - 197 ,213.41

Legal Fees & Expenses 15,504.10 - 15,504.10

Statutory Advertising 5,425.18 - 5,425.18

Postage & Stationary & Printing 814.56 - 814.56

Agents Fees & Expenses 1,7 7 4.7 1 147 .30 1 ,922.01

Storage Costs 1 ,7 09.21 186.46 1 ,895.67

Statutory Fees 99.17 40.83 140.00

Bank Charges 15.00 841.05 856.05

Corporation Tax 37 9.58 - 37 9.58

Third Party Funds 0.00 414.25 414.25

VAT 59,101.15 60.92 59,162.07

T otal Pay m ents 355,7 46.61 1,690.81 357 ,437 .42

Distributions

Preferential Creditors - Div idend 100p in £ 1 21,118.93 252.10 21,37 1.03

Non-Preferential Creditors - Div idend 15.86p in £ 2 - 1 ,638,480.42 1,638,480.42

Non-Preferential Creditors - Unclaimed Div idends 3 - (5,098.89) (5,098.89)

21,118.93 1,633,633.63 1,654,7 52.56

Balance of funds held 1,641,098.93 38,118.96

1 Preferential Creditor div idend of 100p £ declared and paid on 31 March 2012

2 First and Final Div idend of 15.86 pence in £ declared on 27 February 2015


11

Appendix C. - Receipts and payments account for the period 29 February 2016 to 30 June 2016 (date of final meeting)

29 February 2012 to

28 February 2016

29 February 2016 to

31 March 2016

Estimated movements

1 April 2016 to 30 June

2016

Estimated Final

Outcome as at 30

June 2016

£ £ £

Receipts

Funds from Administration Estate 1,601,385.68 - - 1,601,385.68

VAT - Administration Estate Refund 94,716.88 - - 94,716.88

Trade debtors incl pipeline monies 72,093.02 - - 72,093.02

Pre Administration - Corporation Tax Refund 29,226.00 - - 29,226.00

Pre Administration - VAT Refund 192,310.03 - - 192,310.03

Computer Equipment 400.00 - - 400.00

Bank Interest 8,188.66 - - 8,188.66

Directors Loan Account 3,413.39 - - 3,413.39

Third Party Funds 799.33 - - 799.33

VAT 47,775.95 - 11,385.95 59,161.90

Total Receipts 2,050,308.94 - 11,385.95 2,061,694.89

Payments

Administrators Remuneration 71,343.99 - - 71,343.99

Administrators Expenses 2,366.55 - - 2,366.55

Liquidators Remuneration 197,213.41 - 42,950.00 240,163.41

Legal Fees & Expenses 15,504.10 - - 15,504.10

Statutory Advertising 5,425.18 - 80.00 5,505.18

Postage & Stationary & Printing 814.56 - 900.00 1,714.56

Agents Fees & Expenses 1,922.01 - - 1,922.01

Storage Costs 1,895.67 - - 1,895.67

Statutory Fees 140.00 - - 140.00

Bank Charges 856.05 - 61.77 917.82

Corporation Tax 379.58 - - 379.58

Third Party Funds 414.25 - 414.25 828.50

VAT 59,162.07 - - 59,162.07

Total Payments 357,437.42 - 44,406.02 401,843.44

Distributions

Preferential Creditors - Dividend 100p in £ 1 21,371.03 - - 21,371.03

Non-Preferential Creditors - Dividend 15.86p in £ 2 1,638,480.42 - - 1,638,480.42

Non-Preferential Creditors - Unclaimed Dividends 3 (5,098.89) - 5,098.89 0.00

1,654,752.56 - 5,098.89 1,659,851.45

Balance of funds held 38,118.96 - 0.00

1 Preferential Creditor dividend of 100p £ declared and paid on 31 March 2012

2 First and Final Dividend of 15.86 pence in £ declared on 27 February 2015

3 Unclaimed dividends paid to the Insolvency Services unclaimed dividend account


12

Appendix D. - Details of our remuneration and disbursements and other professional costs

Background

This section sets out the process that was established for setting and monitoring the Liquidators’ remuneration. The basis of our fees and certain disbursements was agreed by the Committee in the prior administration at the first meeting of the committee held on 7 October 2011, and have transferred across to the liquidation in accordance with the Rules. The basis of our fees is by reference to time properly given. We set out later in this Appendix details of our work, disbursements, subcontracted work and payments to associates.

Liquidators’ charging policy

The time charged to the liquidation is by reference to the time properly given by our staff and us in attending to matters arising. It is our policy to delegate tasks in the Liquidation to appropriate members of staff, considering their level of experience and any requisite specialist knowledge needed and they are supervised accordingly to maximise the cost effectiveness of the work performed. Our junior people have done the routine work in the liquidation to keep the costs down. But we and our senior staff have supervised them and we have dealt with any complex or significant matters ourselves. Matters of particular complexity or significance requiring more exceptional responsibility are undertaken by senior staff or the Liquidators themselves.

Details of subcontracted work

No work, which we or our staff would normally do has been or will be subcontracted.

Narrative of key areas of work carried out for the period 1 March 2015 to 31 March 2016

There remain a number of distinct work streams within the work we have done. It should be noted that individuals will have worked in more than one area. The activities of these work streams are summarised below:

Area of work Activities completed

Accounting and treasury – Processing receipts and payments to/from liquidation account, and updating accounting system;

– Processing returned/re-issued dividend payments; – Regular reconciliations of the liquidation account.

Administration and planning – Preparation and periodic update of strategy documents for review by the liquidators

– Review of case financial information in preparation for closing the case

– Sundry tasks not covered under other headings


13

Area of work Activities completed

Creditors, Employees and Distributions

– Declaring and paying the first and final dividend to the agreed creditors;.

– Dealing with creditor queries/enquiries following the dividend; – Dealing with unclaimed dividends.

Statutory and other Compliance

– Providing update to the Committee; – Conducting regular case reviews; – Drafting and issuing annual progress report.

Tax and VAT – Liaising with HMRC regarding VAT submission/refund.

Hourly rates

In common with all professional firms, scale rates increase from time to time over the period of the administration of each insolvency case. PricewaterhouseCoopers LLP, or any successor firm, reserves the right to change the rates and grade structures. During the period covered by this report the charge out rates were increased on 1 July 2015. Set out below are the relevant maximum charge-out rates per hour worked for the grades of staff actually involved on this assignment. All staff who work on this assignment (including cashiers, support and secretarial staff) charge time directly to the assignment and are included within any analysis of time charged. Time is charged by reference to actual work carried out on the assignment in six minute units. The minimum time charged is three minutes (i.e. 0.05 units). There was no allocation of any general costs or overhead costs. Specialist departments with our firm, such Tax, VAT, Property and Pensions were also used where expert advice was required. Such specialist rates do vary but the figures below provide an indication of the maximum rate per hour:

Grade Rate per hour £

Travel Sector Specialists Rate per hour

£ From 1 July

2014 From 1 July

2015 From 1 July

2014 From 1 July

2015 Partner 575 590 Director 480 490 695 725 Senior Manager 415 425 540 550 Manager 330 340 Senior associate – qualified / consultant 250 255 Senior associate – unqualified 180 185 Associate 160 165 Support staff 85 87

Specialist departments within the Liquidators’ firm such as Tax, VAT, Property and Pensions may charge a number of hours if and when the Liquidators require their expert advice. Such specialists’ rates do vary but the figures below provide an indication of the maximum rate per hour.

Grade Maximum rate per hour £ Maximum rate per hour £ From 1 July 2014 From 1 July 2015 Partner 1130 1190 Director 1040 1095 Senior Manager 960 1110 Manager 575 665 Senior associate 420 490 Associate 225 240 Support staff 130 140


14

Our relationships

We have had no business or personal relationships with the parties who approve our fees or who provide services to the liquidation where the relationship could give rise to a conflict of interest.

Payments to associates

No payments have been made to associated in the period covered by this report.

Disbursements for services provided by our firm (Category 2 disbursements) Our firm’s expenses policy allows for all properly incurred expenses to be recharged to the case. Disbursements were charged to the assignment as follows:

Photocopying At 5 pence per sheet copied, only charged for circulars to creditors and other bulk copying.

Mileage At a maximum of 67 pence per mile (up to 2,000cc) or 80 pence per mile (over 2,000cc).

Summary of disbursements for the period 1 March 2015 to 28 February 2016. No further disbursements were

incurred.

The statement of expenses at Section 6 show what we have drawn in total in relation to our disbursements.

Other professional advisors we’ve used

A summary of legal and other professional firms and subcontractors instructed during the liquidation is below:

Name of firm Service provided Basis of fees

Bird & Bird LLP Legal advice Time costs

Marriott & Co Chattel agents and valuers % of realisations

The Liquidators’ choice was based upon their perception of the advisers experience and ability to perform this type of work, the complexity and nature of the assignment and the basis of the fee arrangement with them. The Liquidators have reviewed the fees charged and are satisfied that they were reasonable in the circumstances of the case.

Category 1 Disbursements £ Category 2 Disbursements £

n/a - Postage 8.00

T otal - T otal 8.00


15

Analysis of our time costs by grade and work area from 1 March 2015 to 28 February 2016

Analysis of our time costs by grade and work area from 29 February 2016 to 31 March 2016

Partner DirectorSenior

ManagerManager

Senior

AssociateAssociate Support

Accounting and treasury 0.10 0.7 5 11.50 13.65 18.7 0 44.7 0 9,7 62.7 5 218

Administration and planning 2.60 0.10 2.7 0 885.50 328

Asset Realisations - - -

Creditors, Employees and Distributions 0.55 20.80 3.80 3.60 28.7 5 8,355.25 291

Statutory and other compliance 0.20 0.60 0.80 33.60 0.7 0 35.90 12,319.00 343

Tax and VAT 0.20 3.80 0.50 4.50 1,621.00 360

T otal hours 0.20 0.7 0 2.30 7 2.30 18.65 22.40 -

T otal cost by grade £ 118.00 495.50 956.50 24,17 2.00 3,591.50 3,610.00 - 116.55 32,943.50 283

Classification of work function

HoursT otal

hoursT im e cost £

Average

hourly rate

£


ManagerManager

Senior


Accounting and treasury 1.00 0.80 1.15 2.95 67 7 .7 5 230

Administration and planning 0.20 0.50 0.7 0 268.00 383

Asset Realisations - - -

Creditors, Employees and Distributions 0.20 0.20 68.00 340

Statutory and other compliance 0.00 0.00 -

Tax and VAT 0.20 0.50 0.7 0 313.00 447

T otal hours - 0.20 1.90 1.30 1.15 - -

T otal cost by grade £ - 98.00 646.00 393.00 189.7 5 - - 4.55 1,326.7 5 292


HoursT otal

hoursT im e cost £

Average

hourly rate

£


16

Cumulative analysis of our time costs by grade and work area from 29 February 2012 to 31 March 2016


ManagerManager

Senior


Accounting and treasury 0.10 5.7 5 21.7 5 45.25 58.65 131.50 26,459.20 201

Administration and planning 0.20 5.20 1.40 33.60 10.10 4.20 54.7 0 17 ,180.80 314

Asset Realisations 20.15 18.60 7 1.10 109.85 30,7 29.40 280

Creditors, Employees and Distributions 0.85 17 0.35 150.7 0 67 .09 388.99 92,7 20.85 238

Investigations and data security 0.50 35.00 5.60 41.10 11 ,7 83.90 287

Property 0.40 6.20 6.60 1 ,161.20 17 6

Statutory and other compliance 0.20 1.10 2.7 0 125.60 25.45 3.7 8 0.30 159.13 47 ,302.06 297

Tax and VAT 0.80 3.7 0 20.7 0 60.5 23.17 108.87 36,847 .60 338

T otal hours 0.40 7 .20 35.05 426.00 37 4.90 156.89 0.30

T otal cost by grade £ 226.00 4,613.20 16,87 6.20 137 ,129.40 80,7 93.60 24,522.61 24.00 1,000.7 4 264,185.01 264


Hours

T otal hours T im e cost £

Average

hourly rate

£


17

Appendix E. - Statement of expenses for the period 1 March 2015 to 30 June 2016 (date of final meeting) The Rules requires this progress report to include a statement of expenses incurred by the Liquidators during the period of the report, irrespective of whether payment has been made or not. This relates to all costs incurred, and not just the Liquidators’ disbursements. Such a summary of expenses is found below:

Expenses incurred by the Liquidators

Incurred to 28 February 2015

Incurred in 12 months to 28

February 2016

Estimated Future Expenses to be incurred to 30

June 2016

Total

£ £ £ £

Administrators Remuneration 71,344 - - 71,344

Administrators Expenses 2,367 - - 2,367

Liquidators Remuneration 229,915 32,944 1,327 264,185

Liquidators Expenses 297 8 - 305

Legal Fees & Expenses 15,504 - - 15,504

Statutory Advertising 5,425 - 80- 5,505

Postage & Stationary & Printing 815 - 900 1,715

Agents Fees & Expenses 1,775 147 - 1,922

Storage Costs 1,709 186 - 1,896

Statutory Fees 99 41 - 140

Bank Charges 15 841 62 918

Corporation Tax 380 - - 380

Total (excl VAT) 329,645 34,167 2,369 366,181

holidays 4 uk limited in creditors’ voluntary liquidation ... · holidays 4 uk limited – in...

Documents