MIKE SIMPSON CAN BE FINED FOR NOT PROVIDING THIS......

  • tsunamivictim
  • 11/10/08 n/a (free)
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Posted: Thu, 05/03/2009 - 13:29

COMPANIES ACT 1931

175 Statement of company's affairs to be submitted to official receiver
(1) Where the court has made a winding-up order or appointed a provisional liquidator, there shall, unless the court thinks fit to order otherwise and so orders, be made out and submitted to the official receiver a statement as to the affairs of the company in the prescribed form verified by affidavit, and showing the particulars of its assets, debts, and liabilities, the names, residences, and occupations of the creditors, the securities held by them respectively, the dates when the securities were respectively given, and such further or other information as may be prescribed or as the official receiver may require.

 (2) The statement shall be submitted and verified by one or more of the persons who are at the relevant date the directors and by the person who is at that date the secretary or other chief officer of the company, or by such of the persons hereinafter in this subsection mentioned as the official receiver, subject to the direction of the court, may require to submit and verify the statement, that is to say, persons-

 (a)     who are or have been directors or officers of the company;

 (b)     who have taken part in the formation of the company at any time within one year before the relevant date;

 (c)     who are in the employment of the company or have been in the employment of the company within the said year and are in the opinion of the official receiver capable of giving the information required;

 (d)     who are or have been within the said year officers of or in the employment of a company, which is, or within the said year was, an officer of the company to which the statement relates.

 (3) The statement shall be submitted within fourteen days from the relevant date, or within such extended time as the official receiver or the court may for special reasons appoint.

 (4) Any person making or concurring in making the statement and affidavit required by this section shall be allowed, and shall be paid by the official receiver or provisional liquidator, as the case may be, out of the assets of the company, such costs and expenses incurred in and about the preparation and making of the statement and affidavit as the official receiver may consider reasonable, subject to an appeal to the court.

 (5) If any person, without reasonable excuse, makes default in complying with the requirements of this section, he shall be liable to-

 (a)     on information, a fine;

 (b)     on summary trial, a fine not exceeding £5,000.

[Subs (5) amended by Companies Act 1982 Sch 2.]

** (6) Any person stating himself in writing to be a creditor or contributory of the company shall be entitled by himself or by his agent at all reasonable times, on payment of the fee prescribed under section 283A, to inspect the statement submitted in pursuance of this section, and to a copy thereof or extract therefrom.

[Subs (6) amended by Fees and Duties Act 1989 Sch 2 and by Companies (Transfer of Functions) Act 2000 Sch 2.]**

 (7) Any person untruthfully so stating himself to be a creditor or contributory shall be guilty of a contempt of court and shall, on the application of the liquidator or of the official receiver, be punishable accordingly.

 (8) In this section the expression 'the relevant date' means in a case where a provisional liquidator is appointed, the date of his appointment, and in a case where no such appointment is made, the date of the winding up order.

WE have asked for this information and not received it. Apparently he can be fined for not providing it!!!

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Mike Simpson

  • Wombat761
  • 30/01/09 20/03/15
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  • Sat, 07/03/2009 - 04:34

There is a Statement dated 8/10/2008 attached as Exhibit MS1 to his Affidavit dated 20/1/2009 . See http://www.kaupthingsingers.co.uk/Pages/4034

There is also a Statement in the 2nd Affidavit of Aiden Doherty dated provided to the court dated 30/9/2008 in the attachement dated 24/10/2008 at http://www.fsc.gov.im/ViewNews.gov?page=lib/news/fsc/kaupthingupdate2.xml


this was missing from Tsunami's posting

  • KA
  • 14/10/08 29/06/09
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  • Thu, 05/03/2009 - 13:39

(6) Any person stating himself in writing to be a creditor or contributory of the company shall be entitled by himself or by his agent at all reasonable times, on payment of the fee prescribed under section 283A, to inspect the statement submitted in pursuance of this section, and to a copy thereof or extract therefrom.


London Team, can you submit a

  • jkk
  • 10/10/08 31/05/09
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  • Fri, 06/03/2009 - 13:32

London Team, can you submit a written request for the "Statement of company's affairs" as described in tsunamivictim's post above?


jkk, another simple question for you

  • skintagainnow
  • 10/10/08 31/05/09
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  • Fri, 06/03/2009 - 14:42

jkk, another simple question for you, when was the winding up order passed by the courts and an "official receiver" appointed.?

As a creditor and if "you think" the LP can be instructed to supply a copy to any creditor / or group of creditors now, go right ahead do it yourself. (6) Any person stating himself in writing to be a creditor or contributory of the company shall be entitled by himself or by his agent at all reasonable times, on payment of the fee prescribed under section 283A, to inspect the statement submitted in pursuance of this section, and to a copy thereof or extract therefrom.

But you may wish to take another read of the ACT first.

COMPANIES ACT 1931

175 Statement of company's affairs to be submitted to official receiver
(1) Where the court has made a winding-up order or appointed a provisional liquidator, there shall, unless the court thinks fit to order otherwise and so orders, be made out and submitted to the official receiver a statement as to the affairs of the company in the prescribed form verified by affidavit, and showing the particulars of its assets, debts, and liabilities, the names, residences, and occupations of the creditors, the securities held by them respectively, the dates when the securities were respectively given, and such further or other information as may be prescribed or as the official receiver may require.


Hate to put the damper on this

  • skintagainnow
  • 10/10/08 31/05/09
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  • Thu, 05/03/2009 - 13:56

But the "official receiver" has not been appointed, (no winding up order in place) therefore PWC are under no obligation to prepare the report "as yet" --

Sorry Tsunami / Ka

Nice work though.

Added, to clarify

175 Statement of company's affairs to be submitted to official receiver
(1) Where the court has made a winding-up order or appointed a provisional liquidator, there shall, unless the court thinks fit to order otherwise and so orders, be made out and submitted to the official receiver a statement as to the affairs of the company in the prescribed form verified by affidavit, and showing the particulars of its assets, debts, and liabilities, the names, residences, and occupations of the creditors, the securities held by them respectively, the dates when the securities were respectively given, and such further or other information as may be prescribed or as the official receiver may require.


we dont need an official receiver.......

  • KA
  • 14/10/08 29/06/09
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  • Thu, 05/03/2009 - 14:09

we dont need an official receiver : it says quite clearly Where the court has made a winding-up order** or appointed a provisional liquidator, **

I have talked this over with others ( though not the lawyer ) and it appers that our reading is correct skintagain now......let's hope so......


KA, The court HAS NOT made a

  • expatfrance1
  • 15/10/08 31/05/09
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  • Thu, 05/03/2009 - 14:24

KA,

The court HAS NOT made a winding up order. It has been applied for but not yet approved.


I can see what you are getting at Ka

  • skintagainnow
  • 10/10/08 31/05/09
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  • Thu, 05/03/2009 - 14:24

I can see what you're getting at - but the report is for the "official receiver" -- who is appointed when the "winding up order" is made by the courts,
The "provisional liquidator" is then charged with presenting the report to the "official receiver", once the "official receiver" has a copy then all qualified creditors can apply to view / or have a copy, but until the winding up order has been made by the court the provisional liquidator has no obligation to produce the report.

He does have one, he will have completed it within days of his appointment but, does not have to produce it.. Yet!

It's a bummer and was one the first things I asked "Frog" on questions to PWC, I also tried circumventing this and asking for a simplistic breakdown - again PWC refused under "individual loans" could be identified.


reply to skintagain...

  • tsunamivictim
  • 11/10/08 n/a (free)
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  • Thu, 05/03/2009 - 14:37

doesn't it say "OR appointed a Provisional Liquidator"?
Between the Mount Murray corruption case (Bell found guilty) and all the rest...we must find somehow the lever to trigger the release of our money from these tricky people....


Yes tsunami,

  • skintagainnow
  • 10/10/08 31/05/09
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  • Thu, 05/03/2009 - 14:49

Yes tsunami, it does say "or" but that report is for "first & foremost" the official receiver - none has been appointed therefore the LP doesn't have anyone to show the report to.

As creditors "in limbo" we rank nowhere.

It's frustrating - to say the least, but until we are given some status we almost have no rights.

Keep digging - elgee also posted some time ago (it's on the site, but can't find it) another little episode with the gang and the Manx Electricity co & a loan... bound to be a hell of a lot more skeletons in the cuboards, it's just finding the right one.


MEA & the IoMG gang - updated

  • skintagainnow
  • 10/10/08 31/05/09
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  • Thu, 05/03/2009 - 15:28

Here's a link to the full report,

elgee's find related to - a summerised version dated 2005 in one of the manx papers (not many I know but still can't find it).

http://www.gov.im/lib/docs/cso//meafinalreport010705.pdf

this link is from the guardian.

http://money.guardian.co.uk/businessnews/story/0,1265,-1517685,00.html

LOL -- and where have heard this one before...

'There was no conflict of interest'

Any inquiry into the Manx Electricity Authority's extra loans taken out with Barclays would look at the role of MEA's chief executive at the time, Mike Proffitt. A local man who had worked in America, he was hired by MEA in 2000 to bring an "entrepreneurial spirit" to the state-owned generator.

At the time the loans were being negotiated, he was also chairman of Barclays Private Clients International, the same division of the bank that loaned the MEA subsidiary - the Manx Cable Company - its two unauthorised loans of £50m and £70m.

Speaking to the Guardian yesterday, he insisted he had not been involved in negotiating the loans, which he said had followed a long tendering process. "As the minutes of the meetings show, I excused myself when negotiations took place, to prevent any conflict of interest. Barclays had provided the original £185m bond to finance the project, and it came up with the best terms. When we needed to raise extra funds, we used our established line of credit."

Barclays confirmed that Mr Proffitt was chairman of the same division: "The loans were subject to Barclays' rigorous approval processes which include a review of appropriate security and that the loans are within the powers of the borrower."