Form 4 20 Rule 4 34 - CVL The Insolvency Act 1986 Statement of Company's Affairs Pursuant to section 95/99 of the Insolvency Act 1986 For Official Use To the Registrar of Companies Company Number 02502925 Name of Company The Chinese Channel Limited \iwe Freddy Khalastchi FCA FABRP, 2 Sovereign Quay, Havannah Street, Cardiff, CF10 5SF Martin John Atkins FCA CTA FABRP, 2 Sovereign Quay, Havannah Street, Cardiff, CF10 5SF the liquidator(s) of the above named company attach a statement of the company affairs as at 15 January 2015 —<| Signed Date 15 January 2015 Harris Lipman LLP ; 2 Sovereign Quay . For Official Use Seca A MMI Havannah Street peglinn= o- Software Supplied by Turnki Turnkey Computer Technol Technology li Limited Glasgow COMPANIES HOUSE Rule 4 34-CVL Form 4 19 Statement of Affairs Statement as to affairs of The Chinese Channel Limited on the 15 January 2015 the date of the resojution for winding up Statement of truth | believe that the facts stated in this Statement of Affairs are true Full Name ANTHowy 2G alt! Ho Signed Pitkin lf Dated wieeta@ The Chinese Channel Limited Statement Of Affairs as at 15 January 2015 A- Summary of Assets Estimated to Assets Book Value Realise £ £ Assets subject to fixed charge: Assets subject to floating charge: Uncharged assets: Goodwill & Intellectual Property NIL Leasehold Improvements 130,963 06 IL Office Equipment & Furniture 74,898 00 1,500 00 Intra Group Debtors 6,143,178 46 NIL Investment in Subsidiary NIL Tax Refund 1,271 55 Uncertain Insurance Refund Uncertain Cash at Bank 49,543 49 49,543 49 Rent Deposit 5,875 00 NIL Cash Held by Agent 14,042 00 14,042 00 Cash in Hand 573 82 573 82 Estimated total assets available for preferential creditors 65,659 31 Signature Ayla he Date { s/ (foie \ The Chinese Channel Limited Statement Of Affairs as at 15 January 2015 A1 - Summary of Liabilities Estimated to Realise £ Estimated total assets available for preferential creditors (Carried from Page A) 65,659 31 Liabilities Preferential Creditors - Employees Wage Arrears & Holiday Pay $9,525 72 59,525 72 Estimated deficiency/surpius as regards preferential creditors 6,133 59 Debts secured by floating charge pre 15 September 2003 Other Pre 15 September 2003 Floating Charge Creditors NIL 6,133 59 Estimated prescribed part of net property where applicable (to carry forward) NIL Estimated total assets available for floating charge holders 6,133 59 Debts secured by floating charges post 15 September 2003 NIL Estimated deficiency/surplus of assets after floating charges 6,133 59 Estimated prescribed part of net property where applicable (brought down) NIL Total assets available to unsecured creditors 6,133 59 Unsecured non-preferential claims (excluding any shortfall to floating charge holders) Trade & Expense Creditors 65,872 61 Employees 252,461 23 Intra Group Creditors 2,900,072 08 3,218,405 92 Estimated deficiency/surplus as regards non-preferentia! creditors (excluding any shortfall in respect of F.C’s post 14 September 2003) (3,212,272 33) Estimated deficiency/surplus as regards creditors (3,212,272 33) Issued and caflled up capital Ordinary Shareholders 1,111 00 4,111 00 Estimated total deficiency/surplus as regards members (3,213,383 33) Signature Aiton ih Date (vi (> Ss oS bt StOz Aenuer sy 40 £102 482A TOS Sdl \ €j0 | abe ia a ge aunyeubig ZZ S64N ‘OUA] UodAH ayseomay 'uojUeqbu07 000 ‘MAIA HE, UOJUSG ASNOY YNOMAeN ‘ZOZTEdg WoOoY jlUp BulpueH swe; Aouanjosuy SUWO}SND pue SNnUdAdY WH €6Z9 000 VI $27 ‘joodsanrq ‘JeeNS sewer ‘asnoH UlIEBay ‘JOO Ug ‘JluP) AoUsAjOSU] JeUOHEN SWO}SND pue snusAdYy WH 76Z9 3S¢ Z-N9 000 ‘xassng jsayy ‘Buiyyrony ‘peoy uo)Buweg ‘asnoy e6pug uo}Buling ‘ao1yO jueWeoojUy SUWO]SND pue anusAdY WH L6Z9 one 000 LAAN ‘uopuo7 ‘peoy uoysny” 9gz ‘JOMO | uojsng ‘100|4 Pic ‘sonunsas pue Aduaajosu} SWO}SND PUe SNuseAcdyY WH 0629 SZ 128 ANS 2@ ‘weyBulUig ‘sHayoaN ‘Peoy Weg SPYOON SE S}UBWISAAU] B ALSdolg SIEyjOIg 9 dA GUI MA LOMO L9 pSZ XV PLL ‘Aaung ‘jeayAg ‘peoy AaspayD LL} ‘asnoy Jaiwaig pap yeuoneuayuy dnosg AdAy, 0OMO £6 ZS NdZ PLOY ‘awiysyiag ‘AUNqman ‘YONISUUOD ey, ‘asnoH aucjepopn, auoyepon, LOAD 08 9S S96 be ‘183889187 ‘8666 XO Od py] aug Bunt, 00AD Zé pOo'ele Buoy Buoy ‘ucojraoy ‘ajeys3 jesnpuj O ueMy Bunas! ‘Jeans 1loyo UNYD 7/2 ‘AID GAL pay jauueyD esauiyy ouE ZOLOD 00 S2g"L22 epnuwag ‘ZL WH UoyweH ‘Jaedg BUO}IA ZZ ‘NOD s,uoueD poywry salioey OPAL LOL QL @e'S0z'% Buoy Bud} ‘uoojmoy ‘ajeysqj Jelysnpu) O UeMy Bunas| ‘yee3S loYyO UNYD 27 ‘AID GAL pay] Auedwog IgAL 00LD ey L90'Z AE SLM ‘vopud] ‘eayg ajiAyIeg Ep-ZE ‘@SNo}Y snseBaq pay] umojeuryg Aingsayeys 00So 00 00S'2Z LZ 13S ‘YOpuo] ‘apissaany UOPUOT BOW / d11 suadoogasnoussyemacud L0dd 00 Z6L 4? 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gq pePWi7] SUUeYD BsoulYyyD eyL dT] uewds7 sey SS LL Stoz Aenuer $1 0102 48A 1OS Sdl ) 1jo | abeg rs ayes ainyeubig bbE'L Gurjyezo, Seujzuy 1 LULL 0 LLL'L 0 ¥f'9 AO” ‘uopuc] ‘jaag ebpug MAN COL powwy (MN) GAL OO.LH [e101 194y10 P!0 sd ssouppy awen — Aayl siapjoyaseys - 9 paw] jauueys aseulys ayy D - Deficiency Account THE CHINESE CHANNEL LIMITED Notes £ Surplus to the shareholders per the Company's 1 3,318,824 financial statements as at 31 December 2013 Estimated deficiency on realisation of sale of 2 (6,354,686) assets in the liquidation Less Employee related claims which arose on 3 (188,745) Liquidation (Redundancy pay & payment in lieu of notice) Losses on sale of assets since the last set of 4 (52,324) financial statements Estimate profit on trading for the period from 1 5 64,659 January 2014 to 15 January 2015 (B) Estimated deficiency as regards Creditors (3,212,272) Less White off of the share capital 6 (1,111) Estimated deficiency as regards Members 7 (3,213,383) The following notes form an integral part of the above statement 1 This ts the shareholders funds detailed on the last filed financial statements It is made up of share capital and the balance on the profit and loss account This is the amount that the company's assets have decreased by in estimated value by compared with the last set of financial statements filed This includes write downs of the leasehold improvements and office equipment and furniture Book debts refer to liabilities owed by group companies All of these companies are insolvent and the amount receivable from them is uncertain and has therefore been written down to nil for the purpose of the statement of affairs These are claims from members of staff which would not normally arise in the course of trading, and only arise upon cessation of trade They are in relation to redundancy pay and payment in lieu of notice These are assets which have been sold since the last set of financial statements and the resulting loss on their sale The loss Is not as a result of trading and hence is shown separately Broadcasting and editing Signature Antal {V 15 January 2015 D - Deficiency Account equipment with a book value of £64,634 has been sold for £8,660 plus VAT Vehicles with no remaining book value have been sold for £3,650 This ts an estimated figure for the profit in the final trading period since the last filed financial statements In this instance it is the estimated profit for the 12% month period since the last financial statements The figure is a balancing figure (8) and therefore an estimate This 1s the amount owing to the shareholders in respect of the shareholding that they purchased in the company This figure is the total Estimated Deficiency to Members taken from the bottom of sheet A1 - Summary of Liabilities The assets have been professionally valued by Willams & Partners Ltd, insolvency agents, of 11 Leys Business Centre, Chelmsford Road, High Ongar, Essex CM5 9NW The amounts shown in respect of preferential creditors have been estimated 10 There ts a claim from a former employee, Mr Chau, of £26,772 90 in respect of claims for arrears of wages, holiday pay, notice pay and redundancy For the purposes of the statement of affairs Mr Chau's claim has been recorded as nil on the basis that the company does not consider any sum is due It will be for the liquidator to review and adjudicate upon Mr Chau’s claim 11 The company has guaranteed liabilities of another group company, The Chinese Channel (France) SAS The liabilittes have not crystallised and therefore are not shown in the statement of affairs However, the Chinese Channel (France) SAS 1s expected to be wound up and the liability may crystallise at this time 12 Trade and other creditors’ balances are provisional and subject to agreement in due course by the liquidator Inclusion or exclusion from the list of creditors does not constitute admission or rejection of claims by the ltquidator 13 There are provisions of the insolvency legislation that require a liquidator to set aside a percentage of a company’s assets for the benefit of the unsecured creditors in cases where the company gave a “floating charge” over its assets to a lender on or after 15 September 2003 This is known as the “prescribed part of the net property” A company's net property ts that left after paying the preferential creditors, but before paying the lender who holds a floating charge A liquidator has to set aside e 50% of the first £10,000 of the net property, and © 20% of the remaining net property up to a maximum of £600,000 Signature Ail nuldl | 15 January 2015 D - Deficiency Account In this case, there are no outstanding floating charges As a result, the prescribed part provisions will not apply 14 The Statement of Affairs does not take into account the cost of realisation of the assets or the cost of the liquidation and it ts subject to verbal explanations given at the meeting of creditors Prepared by HARRIS LIPMAN LLP 2 MOUNTVIEW COURT 310 FRIERN BARNET LANE WHETSTONE LONDON N20 0YZ Signature Hoven dr | 15 January 2015