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 08576804 Name of Company Thornblack Limited t/a Thornblack International We John Hedger, Speedwell Mill, Old Coach Road, Tansley, Matlock, DE4 SFY the liquidator(sj of the above named company attach a statement of the company affairs as at 12 January 2015 Signed VA Wh Date 12 January 2015 / Seneca IP Limited . Speedwell Mill For ae Use Old Coach Road Insolvency Section Poet Pan Tansley Mattock DE4 5FY Mi Ref 0413/JH/SG/ME/JM Software Supplied by Turnkey Computer Technology Limited Glasgow arenes COMPANIES HOUSE Rule 4 34-CVL Form 4 19 Statement of Affairs Statement as to affairs of Thornblack Limited tfa Thornblack International on the 12 January 2015 the date of the resolution for winding up Statement of truth | believe that the facts stated in this Statement of Affairs are true Full Name VMatabdeue Ay Kenran Wu Sdn Signed GY WEE, - Dated 2/ol/ 21% Thornblack Limited t/a Thornblack International Statement Of Affairs as at 12 January 2015 A- Summary of Assets Estimated to Assets Book Value Realise £ £ Assets subject to fixed charge Assets subject to floating charge. Uncharged assets Furniture & Equipment 250 00 250 00 Cash at Bank 400 Estimated total assets available for preferential creditors 251 00 y Signature Lessors — Date (2/e\/ 2 o\% Thornblack Limited t/a Thornblack International Statement Of Affairs as at 12 January 2015 A1 - Summary of Liabilities Estimated to Realise £ Estimated total assets available for preferential creditors (Carried from Page A) 251 00 Liabilities Preferential Creditors - NIL Estimated deficiency/surplus as regards preferential creditors 251 00 Debts secured by floating charge pre 15 September 2003 Other Pre 15 September 2003 Floating Charge Creditors NIL 251 00 ) Estimated prescribed part of net property where applicable (to carry forward) NIL Estimated total assets available for floating charge holders 251 00 Debts secured by floating charges post 15 September 2003 NIL Estimated deficiency/surplus of assets after floating charges 251 00 Estimated prescribed part of net property where applicable (brought down) NIL Total assets available to unsecured creditors 251 00 Unsecured non-preferential claims (excluding any shortfall to floating charge hoiders) Trade & Expense Creditors 40,523 50 Directors 4,650 00 Banks/Institutions 1,400 00 46,573 50 Estimated deficiency/surplus as regards non-preferential creditors (excluding any shortfall in respect of F.C's post 14 September 2003) (46,322 50) yEstimated deficiency/surpius as regards creditors (46,322 50) Issued and called up capita! NIL Estimated total deficiency/surplus as regards members (46,322 50) Signaturk> (Resin Date (Bier / Pai 6E OL SLOZ Aenuer zy 40 £102 48A 10S Sdi $404 a6eg . Ursa oD auneubig 0S'e2s‘op Buyjezo, sauyuy 2 0S 29€'6 df lL LON ‘weyBugjoN ‘jeans aayWN|d JWlod ay) ‘gE ABI4 SPOOM [Ned JW COMO 00 09s'z NE ZON ‘wWeybuIjoN ‘peoy susand ‘g yo0/g ‘Zp 1e/4 HeWS UNEYS AW 00Ssd 00 00‘) AN? Zq ‘weySuluig 8e)5 MeN ¥Zg ‘SseqUeUD Jaag May Pues jo yuRg jeAogy LOdD 00 696'r} Nd8 92@ ‘SpuelpIy) jsa/y ‘weyBuiig ‘peoy [EAD LP paywr] eIpay UOsA) Waqoy 00Y¥D 00 zez'e JBYEIQI ‘peoy |IEM Sul L/E} ‘UONeIOdIOD sopeseg Bunoyeyy sopeseq 00d0 00 006'r Mz ZON ‘weyBuNon ‘peoy ajeaneag gg 1yooy ulWefuag ayy 00x93 00 0S9'p 136 VrlO3 ‘uopuo7 ‘eue7 Su07 ¢g-08 ‘paw YOBIQuOY! o/o ulessn} jeqesew JW O00HD 3 ssaippy owen hay ssoypalg Auedwos - gq JEUOHEUJa}UF YOR|qUIOY] BA paylwiy yoR|quioy | Peyur] dj B9suas Thornblack Limited t/a Thornblack International Report of the director To the meeting of creditors Held pursuant to section 98 of the Insolvency Act 1986 At 11:15am On 12 January 2015 Venue: Speedwell Mill, Old Coach Road, Tansley, Matlock, DE4 SFY Seneca Insolvency Practitioners, Speedwell Mill, Old Coach Road, Tansley, Matlock, DE4 SFY This report is to be read in conjunction with information and explana tions provided at the meeting of creditors STATUTORY INFORMATION Company Number 0856804 Date of Incorporation 20/06/2013 Nature of Business 73110 - Advertising agencies Registered office 80-83 Long Lane London England EC14A 9ET Previous registered office Conveyit House 28 Corty Road Bridgend Mid Glamorgan CF31 1LR From 20 June 2013 to 27 January 2014 Trading address 2nd Floor West St Nicholas Court 25-27 Castle Gate Nottingham NG1 7AR Directors Mr Marabat Hussain From 27 January 2014 to Present Mr Cen John From 20 June 2013 to 27 January 2014 Company secretary Not Applicable Authorised share capital 10rdinary Shares of £1 each Issued share capital 1 Ordinary Share of £1 each Shareholders Mr Marabat Hussain - 1 Ordinary Share From 27 January 2014 to Present Mr Ceri John - 1 Ordinary Share From 20 June 2013 to 27 January 2014 Charges Not Applicable Previous Names Not Applicable met DIRECTORS TRADING HISTORY The Chairman of the meeting for statutory purposes is Mr Marabat Hussain. Detailed below is the Chairman's statement on the affairs of the company, its history and the reasons for its liquidation. For the avoidance of doubt please note that any opinions expressed or statements made are solely those of the Chairman. Thornblack Limited t/a Thornblack International was incorporated on 20 June 2013 for the purpose of (nature of business) The company traded from 2nd Floor West, St Nicholas Court, 25-27 Castle Gate Nottingham, NG1 7AR. The premises were rented from Robert Tyson Media Limited with rent due of £4,000 per month The rent is paid up to September 2014. The Company was initially incorporated by Mr Cert John, a formation agent In January 2014, the Company was purchased by Mr Marabat Hussain who took over the Company Mr Hussain. had previously worked in a cali centre focusing on sales and opportunity He saw an opportunity arise in the alternative investment sector and, after speaking with some product providers, decided to start his own business Staff were recrutted on a commission only basis through Mr Hussatn’s network of contacts as well as staff from the previous call centre at which he worked The Company was funded by Mr Hussain’s personal savings as well as his family After running the business for approximately five months, one of the Product providers that the Company dealt with, New Horizon Energy, was classed as a ‘Collective investment Scheme’. The Company received a warning from the Financial Conduct Authority (“FCA”) stating that the Company was no longer allowed to introduce this product Subsequently, the Company was placed on the FCA warning list and was associated with fraudulent companies This significantly reduced the Company’s trade In addition to the above, Mr Hussain is a Type 1 Diabetic, the symptoms of which are affected by stress Mr Hussain’s health deteriorated and he was required to take some time out from the business As a result of this, the business suffered further Some staff members left to set up their own business whilst others left due to non-payment of commissions. The Company also fell behind with its rental payments These caused the business to become unmanageable Mr Hussain tried to manage the situation by reducing the number of staff and moving to a small Office in an effort to reduce costs, however the Company ultimately did not have the funds to meet demands for payment from tts creditors The Company sought the advice of Clarior Business Consultants, business advisors Following on from this, the company was referred to John Hedger, a Licensed Insolvency Practitioner, of Seneca Insolvency Practitioners Following a review of the Company's affairs it was concluded that the Company could not continue to trade and should be wound up Seneca insolvency Practitioners were instructed by the Director on 15 December 2014 to convene meetings of members and creditors to place the Company into Creditors Voluntary Liquidation FINANCIAL INFORMATION No accounts have been filed for the company. 4. STATEMENT OF AFFAIRS NOTES 41 General 411 The Statement should be read tn conjunction with the tn formation and explanations supplied to the meeting of creditors held on 12 January 2015 412 No account has been taken in the preparation of the Statement of Affairs for the costs of the proceedings 413 The costs of preparing the Statement of Affairs amounts to £5 000 plus VAT, which was been paid shortly following Seneca Insolvency Practitioner's instruction from monies avatlable in the Company’s bank account 414 A meeting of shareholders was held on 12 January 2015 at Speedwell Mill, Old Coach Road, Tansley, Matlock, DE4 5FY at 11 00am At the meeting John Hedger, Licensed Insolvency Practitioner, was appointed Liquidator of the Company The Liquidator has not undertaken any activities or exercised any powers which are required to be drawn to the attention of creditors 415 Prior to receiving this instruction, neither Seneca Insolvency Practitioners, nor any of its employees or Insolvency Practitioner, has had any previous relationship with the Company or its Dtrectors. 416 The company had banking facilities with National Westminster Bank ple with a nil/minimal balance The balance has been estimated at £1 00 for the purpose of the Statement of Affairs however the true account balance will be ascertained by the appiomnted Liquidator and any credit balance remitted to the estate The company did not have an overdraft The bank does not hold any security, such as a fixed and floating charge over the assets of the company or any personal guarantees in respect of the account 417 The ‘Prescribed Part’ provisions of Section 176A of the insolvency Act do not apply to this case This section provides that a proportion of the net assets which would otherwise be paid to the floating charge holder are set aside for the benefit of the unsecured creditors. An estimate of the prescribed part is not shown on the statement of affairs as there is no floating charge in this case, 42 Assets 421 The company’s director has expressed an interest in purchasing the assets of the company 4.22 The company's physical assets will be professionally valued by agents instructed by the appointed Liquidator The assets of the Company comprise the following 4.221 Cash at Bank At the time of Seneca Insolvency Practitioners’ instruction, the Company’s bank account had a balance of circa £6,000 This money was used to pay the 4 mis costs of preparing the Statement of Affairs which amounted to £5,000 plus VAT and reduced the account to a minimai/nil balance For the purpose of the Statement of Affairs, the account balance has been estimated at £1 00 The matter will be investigated further by the appointed Liquidator and any remaining credit balance will be remitted to the estate. 4222 Furniture and Equipment At the time of Seneca Insolvency Practitioners’ 'MStruction, the Company had furniture and equipment of an estimated value Of £250 The matter will be investigated further by the appointed Liquidator. 4.3 Liabilities 4.3.1 Trade Creditors’ claims have been extracted from the Company records Should any creditor's claim differ from the sum disclosed this would Not prejudice their ability to claim in full All claims are subject to the Liquidators’ adjudication It ts possible that there may be some creditors’ claims which are not included in the Company’s records and do not, therefore, appear on the attached schedule DEFICIENCY ACCOUNT Due to no accounts being filed, there ts insuffcient accounts information to Produce a deficiency account mA Insolvency Act 1986 Thornblack Limited t/a Thornblack International Estimated Statement Of Affairs as at 12 Januaary 2015 Book Value Estimated to Realise £ £ £ ASSETS Furniture & Equipment 250 00 250 00 Cash at Bank Uncertain 100 251 00 LIABILITIES PREFERENTIAL CREDITORS - NIL 251 00 DEBTS SECURED BY FLOATING CHARGE PRE 15 SEPTEMBER 2003 J OTHER PRE 15 SEPTEMBER 2003 FLOATING CHARGE CREDITORS NIL 251 00 Estimated prescribed part of net property where applicable (to carry forward) NIL 251 00 DEBTS SECURED BY FLOATING CHARGE POST 15 SEPTEMBER 2003 NIL 251 00 Estimated prescribed part of net property where applicable (brought down) NIL 251 00 Unsecured non-preferential claims (excluding any shortfall to floating charge holders) Trade & Expense Creditors 40,523 50 Directors 4,650 00 Banks/Institutions 1,400 00 46,573 50 Estimated deficiency/surplus as regards non-preferential creditors Xexcluding any shortfall in respect of F C's post 14 September 2003) (46,322 50) (46,322 50) tssued and called up capital NIL TOTAL SURPLUS((DEFICIENCY) (46,322 50) meat Page 1 of 1 12 January 2015 10 52 6E OF S402 Atenuer z1 20 €102 48A TOS SdI 130 | abe A+ ainjeuBbig 1 i} 0S ¢2S‘9p GBuyjeyoy sayjuz 2 0S z9¢'6 dfL LON ‘weyBunoN ‘Jeans sonUNid ‘WUIOg ayL ‘gE AeI4 SpOo,M [Ned JIN 00MO 00 0992 NE ZON ‘wWeyBuon ‘peoy suaany ‘g y90Ig ‘Zp 1e14 Hews UNeYS JW 00S9. 00 00P't ANt 2@ ‘weyBuiuig ‘jea4g MeN YZ9 ‘ssaquUeUD JEANS MON PUBRODS jo yUeg |eAoY LoYdD 00 696'rt Nd8 92 ‘Spuelpiy) seAy ‘WeYBuIUUg ‘peoYy [RAO LP payiur] eipayw uosk) Yaqoy 00 z€2'8 JeYEII) ‘Peay EAA BUCY L/E4 ‘UoReIodJOD sopeseg 004d Bunayey iopeieg 00d9 00 006'r MZ ZON ‘weysuljoN ‘peoy ajeaneeg gg yooy ullwefueg ay 00D 00 0s9'r 136 VWrlO3 ‘uopuo7 ‘aue7 6u07 €8-08 ‘paywui7 yoR|quioy | 0/0 ulessn} yeqeleyy ty] O00HD 3 ssaippy eweN hoy s10}Ipesg Auedwiog - g JEUOHEUWIU] YOE|QUIOY) EA paywi YOe|quioYy) —_ — peywiry gj e9auag PRACTICE FEE RECOVERY POLICY FOR SENECA IP LIMITED Introduction The insolvency legislation was changed 1n Apn) 2010 for insolvency appointments commenced from that tme in order to allow more flexibility on how an office holder's fees are charged to acase This sheet explains how we may apply the alternative fee bases The legistation now allows different fee bases to be used for different tasks within the same appointment. The basis or combination of bases set for a particular appointment are subject to approval, generally by a committee ifone 1s appointed by the crechtors, failing which the creditors in general meeting, or the Court. Further details about how an office holder's fees are approved for each case type are available in a senes of guides issued with Statement of Insolvency Practice 9 (SIP 9) and can be accessed at http //wwwaccaglobal com/content/dam/acca/global/PDF-members/2012/2012s/sip9 pdf Alternatively a hard copy may be requested from Seneca IP Limited, Speedweil Mull, Old Coach Road, Tansley, Matlock, DE4 SFY Once the basis of the office holder's remuneration has been approved, a periodic report will be provided to any committee and also to each creditor The report will provide a breakdown of the remuneratton drawn and time costs incurred and will also enable the recipients to see the average rates of such costs Under the legislation, any such report must disclose how creditors can seek further information and challenge the basis on which the fees are calculated and the level of fees drawn in the pernod of the report. Once the time to challenge the office holder's remuneration fur the period reported on has elapsed, then that remuneration cannot subsequently be challenged Under the old legislation, which still applies for :nsolvency appointments commenced before 6 April 2010, there 1s no equivalent mechamsm for fees to be challenged Time cost basis This is the basts that we use in the majority of cases and we use charge out rates appropriate to the slails and expenence of a member of staff and the work that they perform Ths 1s combined with the amount of ame that they work on each case, recorded in 6 mmute units with supporting narrative to explain the work undertaken Charge out Rates Grade of staff Current charge-out rate per hour, Previous charge-out rate per hour, effective from 1 January 2014 effective from 13 October 2011 £ £ Partner/Appoimtment taker/Director £400 £400 Senior Manager - Manager £250 - £350 £230-£275 Supervisor/Semor Adminstrator/Administrator £175 - £250 £135 - £200 Cashier £125 £100 Support Staff £125 £100 Where necessary and appropnate, members of staff from other departments of the practice will undertake work ona case They will be charged at their normal charge out rate for undertalang such work These charge-out rates charged are reviewed on 1 january each year and are adjusted to take account of inflation and the firm's overheads Time spent on casework is recorded directly to the relevant case using a computerised trme recording system and the nature of the work undertaken is recorded at that ume Each umt of time is 6 minutes The work is recorded under the following categones ° Administration and Planning - which mcludes work such as planning how the case will be administered and progressed, the admmustrative set up of the case, notifying creditors and others of the appointment, keeping the records relatung to the case up to date, and reporting on progress of the case to creditors and others . Investiganons - which includes work such as undertaking an inital review of the financial affairs of the Company and bankrupt, undertaking a detailed mvesugaton with a view to making recovertes for the benefit of creditors where Thatters such as preferences or wrongful trading come to light as a result of the imtal review; and reporting to the Insolvency Service on the conduct of the Directors . Realisation of Assets ~ which includes work such as identifying, securing and insurng assets, dealing with retention of ttle claims, collecting debts owed, and selling assets . Employee matters - which includes work such as dealing with employees, and hiaising with the redundancy payments office . Creditors - which includes work such as communicating with creditors, dealing with creditors’ clams, and where funds reahsed allow, paying dividends to creditors . Trading - which includes work such as managing and controthng all aspects of the business, and preparing financial records and information relating to that trading Mm w Version dated 17 July 2013 Percentage basis The legislation now allows fees to be charged on a percentage of the value of the property with whch the office holder has to deal Different percentages can be used for different assets or types of assets Where we would like to realise any asset or type of assets ona percentage basis we will provide further information explaining why we think that this bass 1s appropriate and ask creditors to approve the basis Fixed fee The legislation now allows fees to be charged at a set amount. Different set amounts can be used for different tasks Where we would hike to charge a set amount for a task or different set amounts for different tasks we will provide further informaton explaimng why we think that this basis 1s appropriate and ask creditors to approve the basis All bases With the exception of Individual Voluntary Arrangements and Company Voluntary Arrangements which are VAT exempt, the officeholder's remuneratior invorced te the insolvent cstate will be subject to VAT at the prevailing rate Agent's Costs Charged at cost based upon the charge made by the Agent instructed, the term Agent mcludes Soheitors/Legal Advisors 1 Auctioneers/Valuers Accountants, Quantty Surveyors Estate Agents Other Specialist Advisors Disbursements In accordance with SIP 9 the basis of disbursement allocation m respect of disbursements incurred by the Office Holder in connection with the administration of the estate must be fully disclosed to creditors Disbursements are categorised as either Category 1 or Category 2 Category 1 expenses are directly referable to an invoice from a third party, which is either in the name of the estate or Seneca IP Limited, 1n the case of the fatter, the invoice makes reference to, and therefore can be directly attributed to, the estate These disbursements are recoverable in full from the estate without the pnor approval of creditors either by a direct payment from the estate or, where the firm has made payment on behalf of the estate, by a recharge of the amount invoiced by the third party Examples of category 1 disbursements are statutory advertising, external meeting room hure, external storage, specific bond msurance and Company search fees Category 2 expenses are incurred by the firm and recharged to the estate, they are not attributed to the estate by a third party invoice and/or they may include a profit element. These disbursements are recoverable in full from the estate, subject to the basis of the disbursement charge bemg approved by creditors mm advance Examples of category 2 disbursements are photocopying, interna} room hire, mternal storage and mileage Itis proposed that the following Category 2 disbursements are recovered Storage and Debt Collection, Contested Asset Recovery and Related Services A separate amount will be charged by the way of an expense to recover the cost of Category 2 disbursements for services provided by Silverlining Finance Limited's storage facihty, an associated company, by way of common shareholders, of Seneca IP Limited The books and records will be stored in the banker's boxes and a storage fee will be charged at the rate of £7 50 per box per month This charge covers storage, retrieval of books and records in storage for administration purposes and the destruction of such books and records after the first anniversary of the completion of the insolvency admumstration Contested debt collection will on occasions be referred to Silverlining Finance Limited, an associated company of Seneca IP Limited The Fees of. Silverhning Finance Limited shalt be charged at no more than 25% of realisations where legal action has been mnitrated, 20% on other book debt collecton and 30% on construction book debt collection Silverlining Finance Limited may also provide staff to assist in larger cases on a consultancy agreement basis with their charges betng on a time cost basis at the following rates, director £350, manager £250, case administrator £150, support staff £75 The charge for the use of meeting rooms will be a flat rate of £100 per meeting for both premises This includes where requested, the use of computer and media facihnes Travelling by motor vehicle on business for the adm:mstration of the insolvency will be , charged to the estate £0 45p per mile Stahonary Stationary/fax/telephone per credit £10 00 one off cost Stanonary/fax/telephone per debtor £5 00 one off cost Internal storage of IP's work papers £5 00 p/a for 10years (£50 00) File & Indices £35 00 one off cost Photocopying (other than to creditors) £025 The charges stated above are subject to small annual increments and creditors will be advised of these with future circulars Version dated 17 July 2013 mM H