2 te ‘ 1 LIQO3 id In accordance with Rule 18.7 of the Insolvency {England & Wales) Rules 2016 and Sections 92A, 104A and Notice of progress report in voluntary Companies House 192 of the Insolvency Act 1986. winding up WNT TUESDAY priva2018 COMPANIES HOUSE i Company details Company number fo fo lo ielsfafsit Filling in this form Please complete in typescript or in Company name in full | Droflem Limited (formerly Melford Electronics bold black capitals. | Limited) Liquidator’s name Full forename(s) Gareth Surname Roberts 3 | Liquidator’s address Building name/number | c/o KRE Corporate Recovery LLP1st Floor Street | Hedrich House Post town | 14-16 Cross Street County/Region | Reading na Country fei Tse 4 | — 's name o Full forename(s) Rob © Other liquidator Use this section to tell us about Surname Keyes another liquidator. 5 | Liquidator‘s address @ Building name/number | c/o KRE Corporate Recovery LLP1st Floor @ Other liquidator Use this section to tell us about Street | Hedrich House another liquidator. | Post town 14-16 Cross Street County/Region | Reading roads Country [RG [4 | [1 [S|N| | 04/17 Version 1.0 LIQ03 Notice of progress report in voluntary winding up 6 | Period of progress report rmai BA lolly Tot Bie lol felo Mle 7 | Progress report The progress report is attached 3 | Sign and date / [| ; Liquidator's signature | Sse ;1 wef x x / hm PS BB BOAT 04/17 Version 1.0 LIQO3 Notice of progress report in voluntary winding up | Presenter information | Important information You do not have to give any contact information, but if All information on this form will appear on the you do it will help Companies House if there is a query public record. on the form. The contact information you give will be visible to searchers of the public record. Contact name Ben Briscoe EJ Where to send Company name KRE Corporate Recovery LLP You may return this form to any Companies House address, however for expediency we advise you to return it to the address below: —— Address c/o KRE Corporate Recovery LL AAs: hEloor of Companies, Companies House, Hedrich House Crown Way, Cardiff, Wales, CF14 3UZ. DX 33050 Cardiff. —— Post town 14-16 Cross Street County/Region Reading me Country Rie | ft [sint i | Further information For further information please see the guidance notes [> on the website at www.gov.uk/companieshouse [ Telephone 01189 479090 or email enquiries@companieshouse.gov.uk Checklist This form is available in an We may return forms completed incorrectly or alternative format. Please visit the with information missing. forms page on the website at Please make sure you have remembered the www.gov.uk/companieshouse following: O The company name and number match the information held on the public Register. O You have attached the required documents. O You have signed the form. This form has been provided free of charge by Companies House. 04/17 Version 1.0 Droflem Limited (formerly Melford Electronics Limited) (In Liquidation) Joint Liquidators' Summary of Receipts & Payments Statement From 27/01/2017 From 27/01/2015 of Affairs To 26/01/2018 To 26/01/2018 £ £ £ SECURED ASSETS Bank Interest 6.06 6.06 6.06 6.06 ASSET REALISATIONS 96,784.00 Book Debts NIL 93,117.25 VAT Refund NIL 1,500.00 190,907.00 Cash at Bank NIL 190,623.28 Bank Interest Gross of Tax 48.00 524.48 Rates Refund NIL (0.04) Utility Refund NIL 122.25 Bank Refund NIL 409.53 48.00 286,296.75 COST OF REALISATIONS Specific Bond NIL 640.00 Preparation of S. of A. NIL 7,500.00 Office Holders Fees 8,000.00 39,000.00 Pension Agent NIL 3,850.00 Legal Fees (1) NIL 24,707.50 Corporation Tax 97.16 97.16 Website Fees 10.00 17.00 Stationery & Postage 124.91 487.81 Statutory Advertising 84.60 oe 338.40 (8,316.67) (76,637.87) UNSECURED CREDITORS (868,984.00) Trade & Expense Creditors 53,487.21 206,942.37 (42,289.04) HM Revenue & Customs - VAT NIL NIL (34,089.44) HM Revenue & Customs - PAYE NIL NIL 24,209.37 HM Revenue & Customs - CT NIL NIL (53,487.21) (206,942.37) DISTRIBUTIONS (23,357.00) Ordinary Shareholders NiL NIL NIL NIL (656,819.11) (61,749.82) 2,722.57 REPRESENTED BY Vat Receivable 1,643.90 Bank 1 Current 1,078.67 2,722.57 Gareth Roberts Joint Liquidator Page 1 of 1 IPS SQL Ver. 2012.10 26 March 2018 10:04 ANNUAL PROGRESS REPORT DROFLEM LIMITED (FORMERLY MELFORD ELECTRONICS) (“THE COMPANY”) - IN CREDITORS’ VOLUNTARY LIQUIDATION Final account of Droflem Limited (formerly Melford Electronics Limited) - in Creditors’ Voluntary Liquidation Content * Executive Summary e Administration and Planning * Enquires and Investigations © Realisation of Assets e =6Trading * Creditors e Fees and Expenses e Creditors’ Rights © EU Regulations e §=Conclusion Appendices © Appendix | - Statutory Information; * Appendix I!— Receipts and Payments account for the period 27/01/2017 to 26/01/2018; ° Appendix Ill - Detailed list of work undertaken in the period and KRE Corporate Recovery LLP’s fee policy; * Appendix IV - Time cost information for the period 27/01/2017 to 26/01/2018; © Appendix V - Time costs summary for period and cumulative; e Appendix VI - Expenses summary for period and cumulative. Final account of Drofilem Limited (formerly Melford Electronics Limited) - in Creditors’ Voluntary Liquidation EXECUTIVE SUMMARY Asummary of key information in this report is detailed below. Assets Estimated to Anticipated Total realise per future anticipated Statement of Realisations | realisations realisations Asset Affairs (£) to date (£) (£) (£) Cash at Bank 190,907 190,623 Nil 190,623 Book Debts 96,784 93,117 Nil 93,117 Corporation Tax Refund 24,209 Nil Nil Nil VAT Refund Nil 1,500 Nil 1,500 Bank Refund Nil 410 Nil 410 Prepayments Nil 122 Nil 122 Bank Interest Nil 524 Nil 524 Expenses Anticipated further Expense incurred expense to closure | Total anticipated Expense to date (£) (£) expense (£) Pre-appointment Office 7,500 Nil 7,500 Holder Fees Joint Liquidators’ fees 39,000 2,703 41,703 Solicitors’ fees 24,708 Nil 24,703 Pension agent 3,850 Nil 3,850 Ail other expenses 1,580 Nil 1,580 Dividends Creditor class Distribution / dividend paid to date Unsecured creditors 22.5p in the £ Closure There are no further matters in the liquidation to be progressed and the liquidation may now be concluded. Final account of Droflem Limited (formerly Melford Electronics Limited) - in Creditors’ Voluntary Liquidation ADMINISTRATION & PLANNING Statutory Information Statutory information may be found at Appendix |. The Joint Liquidators are required to meet a considerable number of statutory and regulatory obligations. Whilst many of these tasks do not have a direct benefit in enhancing realisations for the insolvent estate, they assist in the efficient and compliant progressing of the administration of the case, which ensures that work is carried out to high professional standards. A detailed list of these tasks may be found in Appendix Ill. Other Administrative Tasks During the Review Period, the following material tasks in this category were carried out: Case reviews; Computation of the Company’s post-appointment Corporation Tax liabilities; Processing of the post-appointment VAT reclaims; Request for post-appointment tax clearance from HM Revenue & Customs (“HMRC”). ENQUIRES & INVESTIGATIONS During the Review Period, the Joint Liquidators carried out an initial review of the Company's affairs in the period prior to appointment. This included seeking information and explanations from the director(s) (and senior employees) by means of questionnaires (and interviews); making enquiries of the Company’s accountants; reviewing information received from creditors; and collecting and examining the Company’s bank statements, accounts and other records. The directors did provide the relevant books and records and completed questionnaires, as well as a Statement of Affairs. The information gleaned from this process enabled the Joint Liquidators to meet their statutory duty to submit a confidential report on the conduct of the directors (past and present} to the Insolvency Service. This work was also carried out with the objective of making an initial assessment of whether there were any matters that may lead to any recoveries for the benefit of creditors. This would typically include any potential claims which may be brought against parties either connected to or who have past dealings with the Company. This initial assessment has been completed and the Joint Liquidators did not identify any further assets or actions which might lead to a recovery for creditors. REALISATION OF ASSETS Detailed below is key information about asset realisation and strategy, however, more details about the work undertaken may be found at Appendix I. The Joint Liquidators formulated and worked Final account of Droflem Limited (formerly Melford Electronics Limited} - In Creditors’ Voluntary Liquidation through a realisation strategy that sought to maximise realisations net of costs. The financial benefit of those efforts is described further below. Pre-appointment Actions The Joint Liquidators first met with the Company, a specialist manufacturer of bespoke industrial video display units, on 4 December 2014 following delays the Company had experienced in a potential share sale in spring 2014, and the subsequent dispute over a major contract the Company held to manufacture taxi-top advertising products for their customer, Eyetease Limited (“Eyetease”). The Joint Liquidators, along with the Board, quickly determined that the Company was insolvent and that a buyer for some of all of the Company’s business and assets should be sought. KRE Corporate Recovery LLP was formally instructed on 9 December 2015 to assist with this and on 10 December 2015 a Notice of Intention to Appoint an Administrator was filed at the High Court by the directors to allow the Company a period of protection from creditor action. A further Notice of Intention to Appoint an Administrator was filed on 23 December 2015 but it should be noted that no Administrator was appointed. A comprehensive marketing exercise was undertaken which resulted in four separate offers from unconnected third-parties. | commenced an evaluation of these bids in anticipated of being appointed Administrator but, given the pressures on trading and ongoing risk of deterioration to the value of the Company, the directors took the decision that they could not wait for my due diligence to be completed and proceeded to accept their preferred offer and a sale to BLA 2052 Limited (now renamed Melford Technologies Limited) was completed on 8 January 2015. Full details of the sale were provided to creditors in my first report of 3 February 2015. Following the sale, the Board formally instructed KRE Corporate Recovery LLP on 12 January 2015 to place the Company into Creditors’ Voluntary Liquidation (“CVL”). Book Debts At the date of our appointment, the Company’s records showed that the sum of £136,084 was owed to the Company by way of outstanding book debts with a provision of £6,600 being made for a known contra and a further provision for £32,700 made for a disputed debt which left the estimated to realise sum of £96,784. The sum of £93,117 has been collected to the date of this report. | am not expecting any further realisations from the remaining £3,667 outstanding as these debts are subject to disputes and uncommercial to pursue further given the debtors are based in foreign jurisdictions. Cash at Bank The sum of £190,623 was realised from the following sources: * £25,250 held in the Company's current account with National Westminster Bank PLC (“Natwest”); e £91,342 credit balance held by the Company's invoice discounting Company, RBSIF; * £74,026 held in a client account controlled by KRE Corporate Recovery LLP. This represents the proceeds from the sale of certain business and assets to BLA 2052 Limited (now renamed Final account of Droflem Limited (formerly Melford Electronics Limited) - in Creditors’ Voluntary Liquidation Melford Technologies Limited) alongside a small balance previously held in the Company’s client account prior to the Liquidation. The slight differences in the figures from those supplied in the Statement of Affais as at the date of Liquidation are explained by final interest applied and fees charged to the current account and invoice discounting facilities. VAT Refund The Company received a VAT refund of £1,500 from HM Revenue & Customs (“HMRC”) which | was unaware of prior to the liquidation meetings. Bank Refund The sum of £410 was received from Natwest in relation to erroneous pre-appointment charges applied to the Company’s bank account. Prepayments The sum of £122 was received from Thames Water in respect of a water rates refund. Other Issues Dispute with Eyetease As outlined in the Joint Liquidators’ previous reports, in mid-to-late 2014 the Company ran into a contractual dispute in respect to its contract (“the Contract”) with Eyetease to produce taxi-top advertising products. After extensive negotiations with Eyetease lasting several months, alongside comprehensive legal advice from Herrington Carmichael LLP, a settlement was reached on 5 June 2015 which resulted in the Liquidators assigning to Eyetease all such rights and interest they may have in the Company’s assets and the handover of the relevant IPR as defined by the Settlement Deed. Eyetease, in turn, agreed to drop all claims it may hold against the Company. Pension Schemes As part of my statutory duties, | identified five separate pension schemes associated with the Company. t instructed an independent agent, Clumber Consultancy Limited (“Clumber”), to advise and assist in the necessary steps to wind-down the schemes and discharge the Company from any further liabilities. Asummary of the schemes and their individual statues is as follows: « Melford Electronics Ltd Group Pension Scheme (107728) — this is a pension scheme with 6 members. The Company was not required to wind-up the scheme as there was no trustee and individuals within the scheme can transfer to their new employee as desired. Clumber did identify a potential claim with the Redundancy Payments Office for unpaid contributions but given the short period in question and the transfer of employees to BLA 2052 Limited (now renamed Melford Technologies Limited) under the TUPE regulations, this claim was not pursued; Final account of Droflem Limited (formerly Melford Electronics Limited} - in Creditors’ Voluntary Liquidation Melford Electronics Ltd 2001 Pension Scheme (23185e) — this is a pension scheme with Clerical Medical that had 2 members (both retired) and where the Company was the Trustee. Clumber were instructed to take the necessary steps to wind-up the scheme as well as to handle the other statutory obligations which included formal correspondence with the 2 affected members; Melford Electronics Pension Scheme (13020 & 14021) — this is a pension scheme with Clerical Medical that had one retired member and where the Company was the Trustee. Clumber were instructed to take the necessary steps to wind-up the scheme as well as to handle the other statutory obligations which included formal correspondence with the affected member; Melford Electronics Ltd Retirement Benefits Scheme (13020) — Clumber assisted in identifying this scheme but confirmed that it had been previously wound up and therefore no further work was required. individual Director SIPPs — As both Company directors had individual StPPs that were not Company schemes, Clumber advised that we should ensure there are no loans outstanding either to or from the Company. Clumber have sent the necessary letters on our behalf and no further action is anticipated. The Joint Liquidators believe that all pension matters have now been resolved. CREDITORS Irrespective of whether sufficient reatisations are achieved to pay a dividend to creditors, the Joint Liquidators has/have had to carry out key tasks which are detailed in the list at Appendix Ill. The following sections explain the anticipated outcomes to creditors and any distributions paid. Reporting The Joint Liquidators have met their statutory and regulatory duties to report to creditors, as listed below. In consideration of the need for transparency and engagement with creditors, care has been taken to ensure that reports and other communications with creditors have provided useful details of the strategies pursued and the outcomes anticipated. During the period since our appointment, the following key documents have been issued: Report presented to the $98 meeting of creditors; Annual progress reports, including this annual & final report. Final account of Droflem Limited (formerly Melford Electronics Limited) - in Creditors’ Voluntary Liquidation Secured Creditors The Company had granted the following security: - Type of charge Date created Beneficiary Fixed and Floating charge 24/10/2011 RBS Invoice Finance Limited There was no debt due to RBS Invoice Finance Limited at the date our appointment. Unsecured Creditors HMRC submitted an interim claim for £94,972, and no final claim was submitted despite requests. The claim received from HMRC is higher than originally identified due to a missing VAT return that was provided to us following appointment alongside a miscalculation of both a corporation tax refund and research & development rebate due to the Company. The trade and expense creditors as per the Statement of Affairs totalled £868,984, with the final agreed claims amounting to £920,543. Dividends The following distributions have been declared to unsecured creditors: « 17.0pin the £ on 11 December 2015; ° 5.5p in the £ on 13 July 2017. Where a floating charge is created after 15 September 2003 a prescribed part of the Company's net property shall be made available to unsecured creditors. As outlined above, the secured creditor’s debt was satisfied in full prior to out appointment, and therefore, the Joint Liquidators have confirmed that there will be no prescribed part in this Liquidation. FEES & EXPENSES Pre-Appointment Costs Fixed fee agreed with the Directors and ratified by members and creditors The creditors authorised the fee of £7,500 for assisting the directors in calling the relevant meetings and with preparing the Statement of Affairs on 27 January 2015. The fee for assisting with the Statement of Affairs and meetings was paid from first realisations on appointment and is shown in the enclosed receipts and payments account. The Joint Liquidators’ Fees It is the firm’s practice to ensure that work is conducted by the appropriate staff member at the appropriate level of experience. Final account of Droflem Limited (formerly Melford Electronics Limited) - In Creditors’ Voluntary Liquidation The basis of the Joint Liquidators’ fees was approved by creditors on 27 January 2015 in accordance with the following resolution: “That the Joint Liquidators’ fees will be charged by reference to the time properly spent by them and their staff in dealing with the matters relating to the liquidation of the Company, such time to be charged at the hourly charge out rate of the grade of staff undertaking the work at the time the work is undertaken.” The time costs for the period 27/01/2017 to 26/01/2018 total £10,490, representing 37.5 hours at an average hourly rate of £279.73. The total sum of £8,000 has been drawn in this period on account of time costs incurred. The time costs for the period are detailed at Appendix IV. The total time costs during the period of appointment amount to £42,850 representing 155.9 hours at an average hourly rate of £279.73. The total sum of £41,703 has been drawn since appointment on account of time costs incurred. The time costs for the period are detailed at Appendix IV. Disbursements The disbursements that have been incurred and paid during the period are detailed on Appendix VI. Also included in Appendix VI is a comparison of the expenses likely to be incurred in the Liquidation as a whole with the original expenses estimate, together with reasons where any expenses exceeded that estimate. The Category 1 disbursements paid for in the period 27/01/2017 to 26/01/2018 total £220, and are detailed at Appendix V and represent the simple reimbursement of actual out of pocket payments made in relation to the assignment. The Category 1 disbursements paid for in the period appointment to 25/05/2018 total £30,041, and are detailed at Appendix V and represent the simple reimbursement of actual out of pocket payments made in relation to the assignment. No Category 2 disbursements have been drawn in this matter. Information about this insolvency process may be found on the R3 website at http://www. creditorinsolvencyguide.co.uk/. A copy of ‘A Creditors’ Guide to Fees’ together with the firm’s charge-out rate and disbursement policy may be found at http://krecr.co.uk/creditors/. A hard copy of both the Creditors’ Guide and the firm’s charge-out rate and disbursement policy may be obtained on request. Solicitors Herrington & Carmichael LLP were instructed as legal advisors in relation to the dispute with Eyetease. Their costs have been agreed on the basis of their standard hourly charge out rates, plus disbursements and VAT. The solicitors’ fees for the period since appointment, to the conclusion of the dispute with Eyetease, amount to £24,708. These fees have been paid in full. Pension Agent Clumber were instructed as agents in relation to the winding-up of the various Company pension schemes, as outlined above. Clumber’s fees have been agreed on a fixed-fee basis for each individual schemes, and amount to £3,850 in total. These fees have been paid in full. Final account of Droflem Limited (formerly Melford Electronics Limited) - in Creditors’ Voluntary Liquidation CREDITORS’ RIGHTS An unsecured creditor may, with the permission of the court or with the concurrence of 5% in value of the unsecured creditors (including the creditor in question) request further details of the KRE Corporate Recovery LLP’s remuneration and expenses, within 21 days of receipt of this report. Any secured creditor may request the same details in the same time limit. An unsecured creditor may, with the permission of the court or with the concurrence of 10% in value of the creditors (including the creditor in question), apply to court to challenge the amount and/or basis of the ’s fees and the amount of any proposed expenses or expenses already incurred, within 8 weeks of receipt of this report. Any secured creditor may make a similar application to court within the same time limit. EU REGULATIONS (WHETHER PROCEEDINGS ARE MAIN PROCEEDINGS OR TERRITORIAL) The Company’s centre of main interest was in the UK as their registered office address was Ground Floor Belmont Place Belmont Road Maidenhead SL6 6TB and their trading address was Cressex Business Park, 14 Blenheim Road, High Wycombe, HP12 3RS, and therefore it is considered that the EU Regulations apply. These proceedings are main proceedings as defined in the EU Regulation. CONCLUSION There are no other matters outstanding and the affairs of the Company have been fully wound up. lf you require any further information, please contact this office. — Yebets Gareth Roberts Joint Liquidator 23 March 2018 Final account of Droflem Limited (formerly Melford Electronics Limited) - in Creditors’ Voluntary Liquidation APPENDIX | - STATUTORY INFORMATION Company Name Droflem Limited Former Trading Name Melford Electronics Limited Company Number 968851 Registered Office c/o KRE Corporate Recovery LLP, 1st Floor, Hedrich House, 14-16 Cross Street, Reading, RG1 1SN Former Registered Office Ground Floor Belmont Place Belmont Road Maidenhead SL6 6TB Officeholders Gareth Roberts & Rob Keyes Officeholders address KRE Corporate Recovery LLP, 1st Floor, Hedrich House, 14-16 Cross Street, Reading, RG1 1SN Date of appointment 27 January 2015 Final account of Droflem Limited (formerly Melford Electronics Limited) - in Creditors’ Voluntary Liquidation APPENDIX {i — RECEIPTS & PAYMENTS ACCOUNTS FOR THE PERIOD 27/01/2017 TO 26/01/2018, AND FOR THE DATE OF APPOINTMENT TO 25/05/2018 Droflem Limited (formerly Melford Electronics Limited) (in Liquidation) Joint Liquidators' Summary of Receipts & Payments Statement From 27/01/2017 From 27/01/2015 of Affairs To 26/01/2018 To 26/01/2018 £ £ £ SECURED ASSETS Bank Interest 6.06 6.06 6.06 6.06 ASSET REALISATIONS 96,784.00 Book Debts NIL 93,117.25 VAT Refund NIL 1,500.00 190,907.00 Cash at Bank NIL 190,623.28 Bank Interest Gross of Tax 48.00 524.48 Rates Refund NIL (0.04) Utility Refund NIL 122.25 Bank Refund NiL 409.53 48.00 286,296.75 COST OF REALISATIONS Specific Bond NIL 640.00 Preparation of S. of A. NIL 7,500.00 Office Holders Fees 8,000.00 39,000.00 Pension Agent NIL 3,850.00 Legal Fees (1) NIL 24,707.50 Corporation Tax 97.16 97.16 Website Fees 10.00 17.00 Stationery & Postage 424.91 487.81 Statutory Advertising 84.60 338.40 (8,316.67) (76,637.87) UNSECURED CREDITORS (868,984.00) Trade & Expense Creditors 53,487.21 206,942.37 (42,289.04) HM Revenue & Customs - VAT NIL NIL (34,089.44) HM Revenue & Customs - PAYE NIL NIL 24,209.37 HM Revenue & Customs - CT NIL NIL (53,487.21) (206,942.37) DISTRIBUTIONS (23,357.00) Ordinary Shareholders NIL NIL NIL NIL (656,819.11) (61,749.82) 2,722.57 REPRESENTED BY Vat Receivable 1,643.90 Bank 1 Current 1,078.67 Afledrts 2,722.57 Gareth Roberts Joint Liquidator Page 1 of 1 IPS SQL Ver. 2012.10 22 March 2018 09:18 Final account of Droflem Limited (formerly Melford Electronics Limited) - in Creditors’ Voluntary Liquidation APPENDIX III — DETAILED LIST OF WORK UNDERTAKEN FOR SINCE APPOINTMENT Below is detailed information about the tasks undertaken by the Joint Liquidators. General Description Includes Statutory and General Administration Statutory/advertising | Filing of documents to meet statutory requirements including annual receipts and payments accounts Annual corporation tax returns Quarterly VAT returns Advertising in accordance with statutory requirements Bonding the case for the value of the assets Document Filing of documents maintenance/file Periodic file reviews documenting strategy review/checklist Periodic reviews of the application of ethical, anti-money laundering and anti-bribery safeguards Maintenance of statutory and case progression task lists/diaries Updating checklists Bank account Preparing correspondence opening and closing accounts administration Requesting bank statements Bank account reconciliations Correspondence with bank regarding specific transfers Maintenance of the estate cash book . Banking remittances and issuing cheques/BACS payments Planning / Review Discussions regarding strategies to be pursued Meetings with team members and independent advisers to consider practical, technical and legal aspects of the case Books and records / Dealing with records in storage storage Sending job files to storage Pension scheme Identifying whether there is a pension scheme Submitting the relevant notices if a pension scheme is identified Instructing agents to wind up any pension scheme Liaising and providing information to be able to finalise winding up the pension scheme Reports Circulating initial report to creditors upon appointment Preparing annual progress report, investigation, meeting and general reports to creditors Disclosure of sales to connected parties Circulating final report to creditors Meeting of Creditors Preparation of meeting notices, proxies/voting forms and advertisements notice of meeting to all known creditors Collate and examine proofs and proxies/votes to decide on resolutions Preparation of meeting file, including agenda, certificate of postage, attendance register, list of creditors, reports to creditors, advertisement of meeting and draft minutes of meeting. Responding to queries and questions following meeting Issuing notice of result of meeting. Closure Review case to ensure all matters have been finalised : Draft final report Obtain clearance to close case from HMRC together with submitting final tax return Obtain final accounts from agents solicitors and others instructed Convene and hold final meetings 7 File documents with Registrar of Companies Investigations SIP 2 Review Collection and making an inventory of Company books and records Correspondence to request information on the Company’s dealings, making further enquiries of third parties Reviewing questionnaires submitted by creditors and directors Reconstruction of financial affairs of the Company Reviewing Company’s books and records Preparation of deficiency statement Review of specific transactions and liaising with directors regarding certain transactions Liaising with the committee/creditors or major creditors about further action to be taken Statutory reporting Preparing statutory investigation reports on conduct of Liaising with Insolvency Service director{s} Submission of report with the Insolvency Service Preparation and submission of supplementary report if required Assisting the Insolvency Service with its investigations Final account of Droflem Limited (formerly Melford Electronics Limited) - in Creditors’ Voluntary Liquidation General Description Includes Realisation of Assets Debtors Collecting supporting documentation Correspondence with debtors Reviewing and assessing debtors’ ledgers Receiving updates from factoring companies and liaising reassignment of ledger Dealing with disputes, including communicating with directors/former staff Leasing Reviewing leasing documents Liaising with owners/lessors Other assets: Liaising with bank to secure release of credit; Cash at Bank; Liaising with solicitors to review & settle contractual dispute with Eyetease; Contractual Dispute; Secure prepayment refunds; Utilities Refund Pursue potential rates refund. Creditors and Distributions Creditor Receive and follow up creditor enquiries via telephone Communication Review and prepare correspondence to creditors and their representatives via facsimile, email and post Dealing with proofs of | Receipting and filing POD when not related to a dividend debt Corresponding with RPO regarding POD when not related to a dividend Processing proofs of Preparation of correspondence to potential! creditors inviting submission of POD debt Receipt of POD Adjudicating POD Request further information from claimants regarding POD Dividend procedures Preparation of correspondence to creditors advising of intention to declare distribution Advertisement of notice of proposed distribution Preparation of distribution calculation Preparation of correspondence to creditors announcing declaration of distribution Preparation of cheques/BACS to pay distribution Preparation of correspondence to creditors enclosing payment of distribution Seeking unique tax reference from HMRC, submitting information on PAYE/NI deductions from employee distributions and paying over to HMRC Dealing with unclaimed dividends Final account of Droflem Limited (formerly Melford Electronics Limited) - In Creditors’ Voluntary Liquidation APPENDIX IV — TIME COST INFORMATION FOR THE PERIOD 27/01/2017 TO 26/01/2018, AND FOR THE DATE OF APPOINTMENT TO 25/05/2018 22°60 8102 YEW ce PI-LO-GE UOISIaA 140 | eBeg 000 PRUIIEID SIUSUUISSINGSHA [810), y'coz'sy powlEyD sey 210) os epe'cy O6'sst t2'6ie oo'o6y'or as'Ze ooo 00'% os'sz oo's SISOD / SANDY JHOL 00°891 020 o0'0 O00 ooo o0'0 00° ooo ooo Sulpeiy 00 262'9 oO Be ooo oo oO 060 000 co'o 000 Slessy jO UOHeSBay 000 000 000 00'0 200 oro coo co’ 000 eiqeebseyg UoN 000 000 ooo 00°0 000 ono 000 ooo ooo SuneseW 00°876 oor 000 000 000 ovo 000 coo 000 SUOITEBYSBAU] OoeaP'Zi oos9 06'S82 OO BrE'Z onde o00 oro ose OBE S1OPSD OO'S10°6 02S o0‘ORE oOely One o0'0 000 ie oke) Os SIOIEW dyads aseg oseee'e os-ze a692 raed 098 ooo 099 ooZ ooo Bujuuelg F uuIpy (uo 1500) (Alu ESOd) (3} ey eis uoddns WINg SyS0Q au BIOL wND suNoH |RIOL Aunoy eBaseay {3) 1809 ew SInO} [B10] y suRsissy s01uas JBYIO. seBeuey, JaUped UOHDUNY YO, jO UONEIIPSSEL) BLOZ/LO/9Z ‘OL ZLOg/LO/Ze :wOs4 LSOd :8p09 ys/04g (payer souo.jo9}y Proyeyy AyaUUO)) pay] WayorG - 241A aAlyeinwIN4y + AsewUUINS 1S0D 9 OUI] GdIS - Aauy Sw Final account of Droflem Limited (formerly Melford Electronics Limited) - in Creditors’ Voluntary Liquidation APPENDIX V — EXPENSES INCURRED FOR THE PERIOD 27/01/2017 TO 26/01/2018, AND FOR THE DATE OF APPOINTMENT TO 25/05/2018 Below are details of the Joint Liquidators expenses for the period under review and the total to date. Actual expenses incurred in Actual expenses the period 27/01/2017 to Incurred since Expenses 26/01/2016 appointment £ £ Category 1 Expenses Legal costs : 24,708 Pension Agent . 3,850 Advertising _ 85 388 Bonding 640 Website Fees . : 10 v7 Stationary& Postage : 125 488 Total oO 220 30,091