imutual.co.uk

The liquidator of Rpoints Limited has today sent out an email to creditors entitled "Notice of intended dividend". If you still have a claim for a lost rpoints / cashbackkings balance when rpoints limited went into liquidation back in 2010 and haven't claimed for it, you should complete a claim form and send it to F A Simms before 15th Feb

If anyone has any questions about this, strictly speaking you should contact the liquidator. But given that will just result in more charges (and hence less for creditors) I'm happy to try and answer them

Hey!

I was just looking thru the progress report and on the second page, it says Bank Interest was: £894.77.

Yet, it 'Abstract Receipt & Payments' from 02/12/11 to 02/12/12 it says the total was: £4.75 total from previously reported and £0 this year with a total of: £4.75.

I do note that there is a Department Of Trade Interest, but it says that £894.77 under 'Bank Interest'

Do you mind explaining? I'm not great at this - but on such a large amount, I would expect more than £5.

Okay, how about this part of the report:

"Unsecured Creditors: The Director's Statement of Affairs indicated that the unsecured creditors had claims totalling £1,042,793.12. To date, claims totalling £58,903.50 have been agreed."

Any idea what happened to the other £983,889.62 (94%) of unsecured creditors? The total of the agreed claims (preferential plus unsecured) would appear to come to less than the cash balance of the company. How did the company end up in liquidation in that case? And what happens to the remaining cash after all the agreed claims have been paid? I note that the liquidator's costs exceed the agreed claims somewhat.

JD

probably people like me who didn't bother putting in a claim - probably only owed about £5

so if there was about another 196,777 in a similar position

expressman33 wrote:probably people like me who didn't bother putting in a claim - probably only owed about £5

so if there was about another 196,777 in a similar position

Make that 196,776. Put my £1.50 in the charity box if the liquidators are reading this.

jdobb wrote:Okay, how about this part of the report:

"Unsecured Creditors: The Director's Statement of Affairs indicated that the unsecured creditors had claims totalling £1,042,793.12. To date, claims totalling £58,903.50 have been agreed."

Any idea what happened to the other £983,889.62 (94%) of unsecured creditors? The total of the agreed claims (preferential plus unsecured) would appear to come to less than the cash balance of the company. How did the company end up in liquidation in that case? And what happens to the remaining cash after all the agreed claims have been paid? I note that the liquidator's costs exceed the agreed claims somewhat.

JD

From what I've read the Taxman never claimed his due which is really strange But what does happen to any money left over?

jdobb wrote:Any idea what happened to the other £983,889.62 (94%) of unsecured creditors?

Over half of that is HMRC. After that, most of the non-claiming creditors probably consist of individual members who either:
- Had forgotten about their accounts, even before the liquidation
- Were owed so little they haven't bothered claiming
- Didn't realise they could claim

Over 2 years ago I supplied the liquidator with a list of the email addresses of all members with outstanding balances, and I believed they emailed all of them at least once, asking them to claim

jdobb wrote:The total of the agreed claims (preferential plus unsecured) would appear to come to less than the cash balance of the company. How did the company end up in liquidation in that case?

HMRC. They alone were owed more than the company had in cash assets, and they (along with the office landlord, who ultimately issued the winding up order) refused to accept a Creditors Voluntary Arrangement proposal that I put to them on behalf of other shareholders. For a fuller account of all this, see here

My understanding is that any surplus funds go back to the original shareholders Which, although beneficial to me, would be galling, given that Wells et al would also benefit That's why I'm alerting anyone who has yet to claim to this last opportunity

jdobb wrote: I note that the liquidator's costs exceed the agreed claims somewhat.

my thoughts exactly - wish I was a liquidator!! Can't we get any cashback on becoming a liquidator??

richard@imutual wrote:
HMRC. They alone were owed more than the company had in cash assets, and they (along with the office landlord, who ultimately issued the winding up order) refused to accept a Creditors Voluntary Arrangement proposal that I put to them on behalf of other shareholders. For a fuller account of all this, see here

My understanding is that any surplus funds go back to the original shareholders Which, although beneficial to me, would be galling, given that Wells et al would also benefit That's why I'm alerting anyone who has yet to claim to this last opportunity

I would like to think any money left over after the members were paid would go to HMRC.

Split over this normally, creditors are usually other businesses owed for services or goods supplied. Not getting the money can lead to them going into liquidation as well. But on the other hand the country is in a mess and needs all the money HMRC can lay its hands on. At least in this case I am happy for members and then HMRC to get what is left in the bank.

blythburgh wrote:

richard@imutual wrote:
HMRC. They alone were owed more than the company had in cash assets, and they (along with the office landlord, who ultimately issued the winding up order) refused to accept a Creditors Voluntary Arrangement proposal that I put to them on behalf of other shareholders.

I would like to think any money left over after the members were paid would go to HMRC.

Split over this normally, creditors are usually other businesses owed for services or goods supplied. Not getting the money can lead to them going into liquidation as well. But on the other hand the country is in a mess and needs all the money HMRC can lay its hands on. At least in this case I am happy for members and then HMRC to get what is left in the bank.

I wonder why HMRC did not put a claim in in the first place.