1.1. Douglas MacDonald was appointed as Administrator over the PowerPlan Company Limited ( PPCL ) ( the Company ) on 1 September 2003.
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1 PowerPlan Company Limited (In Liquidation) Company Number: C Liquidator s Third Annual Progress Report Pursuant to Section 232 of the Isle of Man Companies Act INTRODUCTION 1.1. Douglas MacDonald was appointed as Administrator over the PowerPlan Company Limited ( PPCL ) ( the Company ) on 1 September The appointment as Administrator was made in accordance with the UK Insolvency Act The Manchester High Court recognised the Centre of Main Interests of the Company being within the UK and was satisfied the Administration Order and appointment could be made On the 25 February 2011 the Administration Order was discharged by the Manchester High Court who then immediately ordered the Company be placed into Liquidation The Compulsory Winding Up Order was made on the same date and Douglas MacDonald was appointed as Liquidator under the UK Insolvency Douglas MacDonald is licensed in the UK by the Institute of Chartered Accountants in England and Wales An Isle of Man Companies Act Receiver held office at that time. As a result of the Winding Up Order the Receiver resigned his appointment On 23 February 2012 Douglas MacDonald of The MacDonald Partnership Plc was then also appointed as Liquidator of the Company under the Isle of Man Companies Act provisions. The Liquidation is a Creditors Voluntary Liquidation. The UK Insolvency Act 1986 and Isle of Man Liquidation procedures are running in parallel, with the UK Insolvency Act 1986 Liquidation as the lead process There has been no change in office holder since the date of the Liquidation An Isle of Man Committee of Inspection is in place to assist the Liquidator. The members of the Committee of Inspection are the same members of the Liquidation Committee under the UK Insolvency Act Liquidation The purpose of this report is to summon meetings of members and creditors and to lay an account before the members and creditors of the Liquidator s acts and of the conduct of the Liquidation during the preceding year. 2. PROGRESS OF LIQUIDATION 2.1. The history and background of this Company is complex The Company was originally established as a Service Contract Provider.
2 2.3. The Liquidator has been engaged since 2003 in making realisations, investigating the affairs of the Company together with the way in which it operated within the PowerPlan scheme. The Liquidator has recently made additional claims on PPCL s insurer called Powerhouse Realisation Limited ( PIL ). PIL is itself in Liquidation. The PIL Liquidator has accepted this claim Returns made to date At the time of last reporting in 2014 it was reported that following returns to had been made since 2003, during the Administration of the Company. Cashback claims paid 4,624,426 Repairer claims paid 325,816 Repair claims paid 454, As previously reported the Liquidator had cause, in 2010, to commence a detailed second round investigation The Liquidator entered into discussion with various parties, including the Isle of Man Customs & Excise, with a view to making further recoveries into the Liquidation Following further investigation the Liquidator made further recoveries under an approved tax refund scheme. These recoveries amounted to m at the date of this report. During the year under review, the amount reduced by approximately 25k as a result of amounts paid back to Isle of Man Customs & Excise in cases where customers rejected the terms of the distribution mentioned below. There are no further recoveries under the approved tax refund scheme I have been distributing the new funds to all eligible cashback claimants who (a) bought the extended warranty and (b) did not claim for a repair under the extended warranty. The distribution is being done by Tresso Trading, a South African company acting as agent to the cashback claimants Approximately 625,000 customers are now eligible for the new payment. Therefore, making these payments on such a scale will take some time to complete and is unfortunately costly relative to the size of the payment The Liquidator (then Administrator) entered into various settlement agreements during the Administration, prior to his appointment as Liquidator of the Company. For legal and confidentiality reasons, the Liquidator does not believe it is appropriate to include in this report further details of the various recoveries, realisations and certain other matters that have arisen during the insolvencies. 3. RECEIPTS AND PAYMENTS ACCOUNT 3.1. A summary of my Receipts and Payments account from 23 February 2014 to 22 February 2015 is attached to this report Please note that the figures included within the receipts and payments account are stated net of VAT As the UK insolvency is the lead insolvency, sanction has been obtained from the Secretary of State to operate a local bank account for the purposes of trading activity. All other funds are paid into the Insolvency Services Account ( ISA ) in compliance with the Insolvency provisions.
3 3.4. As Liquidator I held 15, at the date of this report in the ISA account. These funds will be applied for the immediate purposes of the Liquidation The balance in the local bank account at the date of this report was LIABILITIES 4.1. Secured Creditors No creditors hold security over the company Preferential Creditors There are no preferential creditors Unsecured Creditors As referred to above there are approximately 625,000 unsecured creditors. As the company was a services contract provider the profile of the vast majority of creditors is the same. These creditors are retail customers who purchased extended warranty and cashback products. 5. COMMITTEE OF INSPECTION 5.1. A Committee of Inspection as required by the Isle of Man legislation comprises the same members as the Liquidation Committee under UK legislation Where a Liquidation Committee meeting is held under the Insolvency Act 1986 in the UK proceedings, this is deemed to be as if a meeting of the Committee of Inspection under the Isle of Man proceedings has also been held, unless otherwise specified. 6. LIQUIDATOR S REMUNERATION 6.1. I am required to obtain sanction for my fees and expenses from the Liquidation Committee (Committee of Inspection in the Isle of Man proceedings). The Liquidation Committee has resolved that the Liquidator s remuneration will be the higher of: (a) Fees charged on a time basis, and (b) 30% of any realisations made in the Liquidation In arriving at the determination of my fees, the Committee has given regard to the following matters all of which are relevant in PPCL: The complexity of the case Any type of exceptional responsibility (and therefore risk) The effectiveness in which I have carried out my duties and The value and nature of the assets (and recoveries)
4 6.3. I believe that this has been an immensely complicated case, that the responsibilities of dealing with 625,000 consumer creditors, the successful recoveries I have made from a standing start of having no funds at all (at the commencement of the Administration) and the value of the recoveries have all been very significant and successful A summary of the successful realisations in both the Administration and the Liquidation are: The recovery of the trust (sinking) funds held by The Royal Bank of Scotland Trust Company (Jersey) ( RBST ) as a result my successful application to the Royal Court of Jersey in Realisations in respect of cashback claims The recovery of re-insurance in 2006, and The realisations and distributions under the VAT Recovery Scheme in 2012 and Furthermore, we have dealt with a very large number of creditors: We estimate that we have dealt with approximately 375,000 incoming calls from creditors during the insolvencies of PPCL We have distributed funds to approximately 88,000 cashback creditors under the scheme, generating a return of 45% to them. The total distribution to this class of creditors was 4.6m We implemented a repair scheme, where warranty repair claimants were paid 100% on a capped warranty repair scheme. The total distribution to this class of creditors was 454k We recovered and distributed funds to unpaid repairers so they were paid 100% of their outstanding claims. The total distribution to this class of creditors was 326k; and We are in the process of distributing payments to approximately 625,000 creditors under the VAT Recovery Scheme Appendix 1 includes the Liquidator s Receipts and Payments Account. All amounts are stated net of VAT Appendix 2 includes my firms billing policy and schedule of charge out rates A description of the routine work undertaken in the Liquidation to date is as follows: Administration and Planning Preparing the documentation and dealing with the formalities of appointment. Statutory notifications and advertising. Preparing documentation required. Dealing with all routine correspondence. Maintaining physical case files and electronic case details on IPS case management software. Case review and storage of books and records. Case bordereau. Case planning and administration. Preparing reports to members and creditors.
5 Convening and holding meetings of members and creditors. Dealing with HMRC and dealing with VAT and Corporation Tax issues in both the UK and the Isle of Man Cashiering Maintaining and managing the Liquidator s cashbook and bank account. Ensuring statutory lodgements and tax lodgement obligations are met Creditors Dealing with creditor correspondence and telephone conversations. Preparing reports to creditors. Convening and holding meetings of the creditors committee. Maintaining creditor information on IPS case management software. Maintaining cashback creditor information in a dedicated scheme administration system Reviewing, and adjudicating on, if necessary, proofs of debt received from creditors Investigations Extensive investigations undertaken, following previous investigations during the Administration of the Company Asset Realisations Processing and managing the approved tax refund scheme realisation Fees drawn in the Liquidation to date amount to 1,005,264. Please note that the amount drawn during the duration of this Isle of Man Liquidation is less at 880,264 on the basis that the UK Liquidation commenced a year before the Isle of Man Liquidation. In the year from 23 February 2014 to 22 February 2015 the Liquidator s fees amounted to 455, The Committee of Inspection has approved the method under which the Liquidator is to be remunerated in this Liquidation. This mirrors the resolution of the Liquidation Committee in the UK Insolvency Act Liquidation. The Liquidation Committee had previously approved the remuneration of the Administrator of the Company As stated previously, the Committee of Inspection has approved the Liquidator s fees as the higher of (a) fees charged on a time basis and (b) 30% of any realisations made in the Liquidation. The fees of 1,005,264 drawn to date are on a time basis. This is significantly lower than the alternative basis of 30% of realisations, which would amount to approximately 3.35m At the end of the Administration, the Administrator (now Liquidator) had unbilled fees amounting to 847,301. During the Liquidation, an amount of 234,103 of unbilled Administrator s fees has been drawn by the Liquidator. These fees have been separately itemised on the Receipts & Payments Account as Administrator s Fees. Please note that the amount of the unbilled Administrator s fees drawn during the duration of this Isle of Man Liquidation is less at 146,855 on the basis that the UK Liquidation commenced a year before the Isle of Man Liquidation.
6 7. LIQUIDATOR S DISBURSEMENTS 7.1. Category 1 disbursements (payments to independent third parties that do not require creditors consent are as follows): Description Total amount incurred from 23/2/14 to 22/2/15 Amount reimbursed Amount still to be reimbursed Bordereau Fee Room Hire 4, , Statutory Adverting 5, , Travel 1, , Postage 1, , Conference Call Charges Website Maintenance , , , During the Liquidation the following professional advisors, including subcontractors, were used: Name Services Provided FFee Basis Bird & Bird Legal Services Hourly rate & disbursements Chan Fiduciary (Isle of Man) Legal Services Fixed annual fee Corbridges Receiver s Services Hourly rate & disbursements Paul Downes QC Legal Services Hourly rate & disbursements DWF Legal Services Hourly rate & disbursements Gough Advocates Legal Services Hourly rate & disbursements J Garrad & Allen Legal Services Fixed Fee KPMG Corporation Tax Services Hourly rate & disbursements Mark Phillips QC Legal Services Hourly rate & disbursements Emily Saunderson Legal Services Hourly rate & disbursements Simcocks Advocates Legal Services Hourly rate & disbursements Spring Law Legal Services Hourly rate & disbursements Stewart Barnes Tracing Agent Fixed Fee Taylor Vinters Legal Services Hourly rate & disbursements 7.3. Category 2 disbursements are those which, whilst being in the nature of expenses or disbursements, include elements of shared or allocated costs. In the year from 23 February 2014 to 22 February 2015 the Category 2 disbursements amounted to 4,511.70, of which 1, of these disbursements were charged to the Liquidation during the reporting period and 3, remained unpaid The Committee of Inspection (and Liquidation Committee) has also approved the basis for recharging all categories of disbursements I have attached additional information in relation to the firm s policy on staffing, use of subcontractors, disbursements and details of our current charge-out rates by staff grade in Appendix MEETINGS OF MEMBERS AND CREDITORS 8.1. I am required to summon meetings of members and creditors in compliance with the Isle of Man Companies Act The purpose of the meetings of members and creditors is to lay a copy of this report to the meetings and respond to queries that may be raised For the purposes of creditors convenience and cost I propose holding the meetings at AMBA Hotel Charing Cross, The Strand, London WC2N 5HX on Wednesday 29 April 2015 at 14:00hrs.
7 8.4. I have attached hereto, copies of the relevant notice summoning the meeting of creditors You are not required to attend in person. If you wish for another party to represent you at the meeting you are required to complete the attached Proxy form and submit it to me by 12:00 noon on 28 April 2015, which is one working day before the date of the meeting You may wish to attend in person in which case I would also ask you to submit the attached Proxy form and return it to me by 12:00 noon 28 April 2015, which is one working day before the date of the meeting. In the meantime if you have any queries please do not hesitate to contact my office on Douglas MacDonald Liquidator 16 April 2015
8 Appendix 1 Receipts and Payments Account
9 PowerPlan Company Limited (In Liquidation) Summary of Receipts & Payments RECEIPTS From 23/02/2012 From 23/02/2014 Total To 22/02/2014 To 22/02/2015 ( ) ( ) ( ) Brought Forward 452, , VAT Recoveries (net) 11,171, (24,745.95) 11,147, Third Party Funding 845, , ,345, Bank Interest Net of Tax VAT due from administration 8, , Funds due from IOM Receiver Funds from Administration Petitioners Deposit Bank Charges refunded , , ,478, , ,955, PAYMENTS Brought Forward 449, , Tresso Trading - Claims Processing 11,147, (24,745.95) 11,123, Liquidation Administration Fee DTI Cheque Fees Sec of State Fees 23, , , Bordereau 1, , Administrator's Fees 146, , Liquidator's Fees 425, , , Creditors' Committee Expenses 3, , Room Hire Agents/Valuers Fees 6, , , IOM Receiver's Fees 4, , Legal Fees 185, , , Company Searches Irrecoverable VAT 4, , Website Maintenance 3, , Postage Travel 4, , Storage Costs Stationery & Telecomms 6, , , Statutory Advertising 8, , , Bank Charges , , Cashback Claims ,422, , ,939, Net Receipts/(Payments) 56, (40,213.60) 15, MADE UP AS FOLLOWS HSBC Bank - Trading Account ISA NIB 55, (40,258.40) 15, , (40,213.60) 15, Douglas MacDonald Liquidator
10 Appendix 2 TMP s Billing Policy and charge out rates
11 THE MACDONALD PARTNERSHIP PLC CHARGE OUT RATES Effective date The charge out rates are effective from 1st October Charge out rates Title Grade Rate ph Partners Managers Administrators Support Staff S:\INSOLV\GENADMIN\STANDARD\FILE\FEES-10.DOC
12 THE MACDONALD PARTNERSHIP PLC FEES, DISBURSEMENTS AND EXPENSES POLICY INTRODUCTION The MacDonald Partnership Plc is a specialist firm of licensed Insolvency Practitioners. As a result, we have very specific and specialist billing structures. This schedule sets out our terms and conditions of billing to clarify the position. GENERAL PHILOSOPHY It is important to stress that the general philosophy of the firm s billing structure is as follows 1. To provide (i) The highest possible quality in terms of (a) technical excellence (b) delivery of service. (ii) The highest possible level of integrity and professionalism. (iii) A personal service. 2. To provide value for money and to reflect the need for a reasonable profit and return in providing our services. Given this, it is important to set a basic and reasonable pricing and billing structure to maximise the combined interests of our clients, third parties (such as banks and creditors) and the firm. VARIATION FROM OUR BILLING STRUCTURE The billing structure has been created to reflect the economic substance of providing the quality of service that we give. To charge lower or different fees would be unprofitable for the firm. We will therefore only allow variations from our billing structure in extreme circumstances. Any such variation must be approved by either one of the managing or finance directors. tasks on an assignment is charged. All activity on cases is charged and recorded in six minute increments. In corporate recovery and insolvency cases fees can be charged on a time cost basis, a set fee basis, on a percentage of the assets realised and distributed or a mixture of the above. The fees charged are based on the Scale Rates charges (which are detailed below). A schedule of Charge Out Rates applies to each grade of staff and is available for inspection at any time. PROFESSIONAL ADVISORS We use professional advisors on some of our assignments. The basis of our fee arrangements with advisors, which is subject to review on a regular basis, is generally on an hourly rate basis plus disbursements. Fixed fee arrangements will be disclosed where applicable. Our choice of professional advisors is based on our perception of their experience and ability to perform the type of work required, the complexity and nature of the assignment and the basis of our fee arrangement with them. DISBURSEMENTS & EXPENSES For the purposes of compliance with Statement of Insolvency Practice 9 (SIP 9) and R3 s best practice guidelines, disbursements and expenses are split into two categories. Category 1 Disbursements Generally comprise those external supplies of incidental services specifically identifiable to a specific job or case. (including agents, insurances, as well as other outsourced services such as room hire, statutory advertising, court fees, couriers, postage, printing, travel and document storage). Category 2 Disbursements Generally comprise costs, which whilst being in the nature of expenses or disbursements, include elements of shared or allocated costs. Such disbursements are listed below. DEFINITIONS FEES Fees are the time charges that reflect the time spent on a case by a partner, director or staff member of the firm. Our general approach to resourcing our assignments is to allocate staff with the skills and experience to meet the specific requirements of the case. The exact constitution of the case team will depend on the anticipated size and complexity of the assignment. With regard to support staff, we advise that time spent by cashiers and other support staff in relation to specific 1 Binders 1.15 Per item 2 Car 0.50 Per mile 3 Copies (black) 0.15 Per page 4 Dividers 1.00 Per item 5 Envelopes Per item 6 Files 6.00 Per item 7 Labels 0.25 Per sheet 8 Letters 2.20 Per letter 9 Printouts 0.20 Per page S:\INSOLV\GENADMIN\STANDARD\FILE\BILLING 10
13 AGREEMENT OF FEES, DISBURSEMENTS AND EXPENSES CORPORATE RECOVERY AND INSOLVENCY For corporate recovery and insolvency work, the following fee structure applies. For this specialist type of work, fees can either be charged on a time basis or on a scaled percentage charge of assets realised and distributed. Unless otherwise stated, all corporate recovery and insolvency work is done on a time basis. 1. Pre-appointment work Pre-appointment work includes (for example) (1) Nominees fees in individual and company voluntary arrangements. (2) Assistance and preparation in holding a section 98 meeting. (3) Assistance in placing a company into administration. (4) Investigation work prior to a formal insolvency procedure, or general advisory work. Pre-appointment work will be charged on the following basis (1) Fees will be agreed with the firm s client in advance. (2) A standard engagement letter will be produced and it will refer to the fees, disbursements and expenses policy, as a source of reference. (3) In cases where (due to urgency or unusual circumstances) no engagement letter has been drawn up, all fees will be charged according to this schedule. The realisations scale (i) On the first 5,000 or fraction thereof 20% (ii) On the next 5,000 or fraction thereof 15% (iii) On the next 90,000 or fraction thereof 10% (iv) On all further sums realised 5% The distribution scale (i) Of the first 5,000 or fraction thereof 10% (ii) On the next 5,000 or fraction thereof 7½% (iii) On the next 90,000 or fraction thereof 5% (iv) On all further sums realised 2½% 4. Realisation and distribution for secure creditors The realisation and distribution fees for any secured creditor (other than an appointing debenture holder) are based on the Official Receivers scale charges as detailed above. MAINTENANCE OF RECORDS The MacDonald Partnership Plc maintains complete records on both time recording, disbursements and expenses to ensure accuracy of charges. 2. Post appointment work Post appointment work includes all work done as required by the Insolvency Act 1986 (as amended) and by the Insolvency Rules 1986 (as amended). All post appointment fees and disbursements must be approved by (1) a general meeting of creditors, or (2) a meeting of a creditor or liquidation committee, or (3) both of the above, or (4) where there is a disagreement on the level of fees, by the procedure available in the Insolvency Rules 1986 (as amended). (5) in the case of an administrative receivership, by the debenture holder. 3. Scale charges Where fees are taken on a realisation basis (other than a time charge basis) the scale charges are charged on the basis of the Scale Charges laid out in schedule 6 of the Insolvency Rules 1986, which is detailed as follows. DATA PROTECTION Confidentiality of information is an important concern for The MacDonald Partnership Plc. We are registered and comply with the data protection laws of the United Kingdom. Information about clients and creditors are held on databases. If you wish to know what information we hold about you please write to The Data Protection Officer, The MacDonald Partnership Plc, 4 th Floor, 100 Fenchurch Street, London, EC3M 5JD to request details. MONEY LAUNDERING The MacDonald Partnership Plc is required, by law, to assist the authorities in eradicating the laundering of proceeds of illegal activity. We may therefore ask certain questions in respect of the source of funds or other monies provided, as well as the identification of clients. We may also be required, in certain circumstances, to report to the relevant authorities on any suspicious activity. We are not required to inform any party of any report made about them. S:\INSOLV\GENADMIN\STANDARD\FILE\BILLING 10
14 Appendix 3 Notice of Meeting of Creditors
15 POWERPLAN COMPANY LIMITED (Compulsory Liquidation under UK Insolvency Act 1986) (Creditors Voluntary Liquidation under IOM Companies Act 1931) Company Number: C Nature of Business: Provision of Service Contracts Principal Trading Address: The MacDonald Partnership Plc, 4 th Floor, 100 Fenchurch Street, London, EC3M 5JD NOTICE IS HEREBY GIVEN pursuant to section 232 of the Companies Act 1931 that a Meeting of Creditors of the above-named company will be held at AMBA HOTEL CHARING CROSS, The Strand, London WC2N 5HX on Wednesday 29 April 2015 at 14:00hrs for the purpose of laying an account before the creditors of the Liquidator s acts and of the conduct of the Liquidation during the preceding year. Forms of proxy are available. Creditors wishing to vote at the Meeting should lodge their proxy, with The MacDonald Partnership Plc, 4 th Floor, 100 Fenchurch St, London, EC3M 5JD not later than 12:00 noon on 28 th April April 2015
16 121 No. 80 (Rule 124) GENERAL PROXY POWERPLAN COMPANY LIMITED (COMPULSORY LIQUIDATION) I/We, of, a creditor [or contributory] hereby appoint (1) to be my/our general proxy to vote at the Meeting of Creditors [or Contributories] to be held in the above matter on the day of 20, or at any adjournment thereof. Dated this day of 20 [Signed] (2) NOTES (1) The person appointed general proxy may be the Official Receiver, the Liquidator, or such other person as the creditor [or contributory] may approve, and the proxy form when signed must be lodged by the time and at the address named for that purpose in the notice convening the meeting at which it is to be used. (2) If a firm sign the firm s trading title, and add by A B, a partner in the said firm. If the appointer is a corporation, then the Form of Proxy must be under its Common Seal or under the hand of some officer duly authorised in that behalf, and the fact that the officer is so authorised must be stated thus-: For the Company (duly authorised under the seal of the Company) Certificate to be signed by person other than Creditor [or Contributory] filling up the above proxy I, of, being a (a) hereby certify that all insertions in the above proxy are in my own handwriting, and have been made by me at the request of the above named and in his presence, before lie attached his signature [or mark] thereto. Dated this day of 20 Signature In a voluntary winding up the Liquidator or if there is no Liquidator the chairman of a meeting may but the Official Receiver may not be appointed proxy. The proxy form will be altered accordingly. (a) Here state whether clerk or manager in the regular employment of the creditor or contributory or a commissioner to administer oaths.
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