A Lost Weekend Announcement 27th July 2012
It is with regret that unfortunately, due to the cancellation of the event, the Company is not financially able to repay all of its creditors and therefore after taking professional advice from Licensed Insolvency Practitioners, Bridge Newland Limited, the Company will shortly be placed into Creditors Voluntary Liquidation.
All creditors of the Company, including individual ticket holders, will shortly be written to by the nominated Liquidator, being Mr. Ben Robson of Bridge Newland Limited, who will provide further details as to how ticket holders may be able to claim a refund. However it should be noted that the Company has been advised not to action any refunds to ticket holders through PayPal as it is believed that the monies they hold are not held on trust as a deposit for each ticket holder therefore any refunds made would be considered a preference payment and would need to be recovered by the appointed Liquidator.
It is currently unclear as to whether PayPal will use the monies that they hold to action refunds themselves, or whether these funds can be recovered as an asset of the Company for the general body of creditors however this is currently being reviewed and a further notification will be made regarding this once know.
It should however be noted that any trade creditor or ticket holder who paid the Company by way of a credit card may be able to receive a refund directly from their card provider based on the credit indemnity insurance that credit card's provide and therefore these creditors should contact their card provider to request a refund (on the basis that they did not receive the service).
Should you wish to discuss this position further, then please feel free to call Ben Robson of Bridge Newland on 01788 544 544.