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Old 12th Jan 2011, 20:30
  #88 (permalink)  
toptobottom
 
Join Date: Jan 2003
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500e
On 24 December 2010, the LOOP directors instructed a firm of liquidators to call a 'creditors meeting
Just to be clear, the directors may have instructed Administrative Receivers on 24th december. Once appointed, the Administrator/s have complete control over the company and its assets; at that point, managing the business has nothing more to do with the directors.

The Administrator/s alone will decide on the best course of action for the business and if and when to call a creditor's meeting - not the directors (see above). The Administrator/s may or may not liquidate the company in due course. As I said, this is usually months after the appointment because trying to sell the business or it's assets, managing any fixed or floating charge holders, debentures, calculate dividends, etc. all takes time.

If you don't want to claim your 30 quid back from your credit card company, I suggest you contact the Administrator in your capacity as creditor and ask what's going on. They'll tell you to go away, but only after checking that your interest has been noted. Once noted, you'll get chapter and verse on progress of the administration, as well as detailed accounts and the circumstances leading up to the unfortunate demise of the business.
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