Updated
Martha
H Thompson and Dermot Power of BDO LLP, Kings Wharf, 20-30 Kings
Road, Reading, Berkshire, RG1 3EX were appointed Joint Liquidators of Farepak
on 4 October 2007.
This
follows the appointment of Martha H Thompson and Shagun
Dubey of BDO LLP, Kings Wharf, 20-30
Kings Road, Reading, Berkshire, RG1 3EX as Joint Administrators over the assets
and business of Farepak on 13 October 2006.
The Insolvency Act 1986 states that the Joint Liquidators should report to all known creditors within three months of each anniversary of their appointment on 4 October 2007. Because of the costs involved in reporting to all the creditors, the Joint Liquidators applied to Court to ask if they could issue a shortened version of this report to all of Farepak's agents. The Court ordered that the Joint Liquidators could do this and this shortened report ("the 2009 Agents' Report") has been posted to all of Farepak's agents. If you are not an agent you will not have been sent a copy of the 2009 Agents' Report and you should either speak with your agent to get an update or, alternatively, the report is available to download below.
The full version of the report ("the 2009 Creditors' Report") is also available to download below.
Creditors’ Guide To Liquidators’
Fees
Policy of BDO LLP in
respect of fees
PLEASE NOTE THAT NO FURTHER MONEY SHOULD BE SENT TO FAREPAK. ANY ORIGINAL DOCUMENTATION SHOULD BE RETAINED AT
THE PRESENT TIME AND NOT SENT TO FAREPAK
If you have not already submitted a claim but wish to do so, please write to:
Claims Management Team, Farepak Food & Gifts Limited
- In Liquidation, PO Box 3404, Swindon, SN2 9EQ
We are not able to deal with changes of address over
the telephone for security reasons. If you have moved since submitting your original claim, please register your change of address by sending details of your name, your agent's number, the amount of your claim, your old address, your new address and your signature to:
Claims Management Team, Farepak Food & Gifts Limited
- In Liquidation, PO Box 3404, Swindon, SN2 9EQ
In May 2008, with the agreement of the Liquidation Committee, the Liquidators issued proceedings against a number of parties in an attempt to secure further monies for the benefit of creditors, which includes customers and agents. The action issued by the Liquidators of Farepak Food and Gifts Limited against the directors of Farepak has been settled with no admission of liability by the directors. An amount of £4 million (inclusive of costs) has been received by the Joint Liquidators. The terms of the settlement are confidential and no further comments will be made.
Trust Monies
Please click here for information about the Trust monies ruling on 31 July 2009.
Please see below for answers to certain questions you may have.
1.
What is the report dated 14 October 2009?
This is the report by the Joint Liquidators
summarising what has happened in the second year of the Liquidation. A shortened version of this report (“the 2009 Agents’ Report”)
was posted to all of Farepak’s agents. If you are not an agent you will not
have been sent a copy of the 2009 Agents’ Report and you should either speak
with your agent to get an update or, alternatively, the report is available
to download from this website.
2.
Why are there two versions of the report?
The Court allowed the Joint Liquidators
to send a shortened version of the report (“the 2009 Agents’ Report”) to Farepak’s
agents because of the numbers involved and the costs of postage. Both the
2009 Agents’ Report and full length version (“the 2009 Creditors’ Report”)
are available to download from this website.
3.
Why wasn't there a meeting of creditors?
The Insolvency Act 1986 states that
the Joint Liquidators should hold a meeting of the creditors within three months of each anniversary
of their appointment. On 5 September 2008, the Court ordered that such meetings should not be held,
following the Joint Liquidators' application. The Joint Liquidators were concerned that agents and
customers who had already suffered a loss might have to take time off work and spend money on travelling
to a meeting and that the costs of hiring a venue large enough to hold the number of creditors would be
significant.
4.
Why haven’t I heard anything?
Due to the large number
of claims received and in order to keep administration costs as low as possible,
the Joint Liquidators (previously the Joint Administrators) are unable to
acknowledge each claim received at the present time.
5.
When will I get my money?
It is not yet possible
to confirm when a payment will be made to creditors, including agents and
customers.
6.
How much will I be paid?
On present information, the
estimated dividend is likely to be in the region of 15p in the £.
7.
I have received a refund from my card provider - what should I do?
Please write to the Claims Management Team to
inform them of how much you have received and when. The address is Claims
Management Team, Farepak Food & Gifts Limited - In Liquidation, PO Box 3404, Swindon,
SN2 9EQ.
8.
Will I get my commission?
You will have a claim against Farepak
in respect of your commission and the Joint Liquidators will be working to calculate
this claim. You should include details of this claim when completing a claim form.
9.
I've still got some Choice vouchers, what should I do?
Please notify the Claims Management Team,
Farepak Food & Gifts Limited - In Liquidation, PO Box 3404, Swindon, SN2 9EQ as soon
as possible.
10.
A Farepak agent/customer has died. How do I notify you?
We are not able to deal with these notifications over the telephone for security reasons. If you wish to notify us of the death of an agent or customer, please send a copy of the death certificate and the new address for correspondence together with the agent's number (if known), to:
Claims Management Team, Farepak Food & Gifts Limited - In Liquidation, |