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08576804_MzExNjI3NjM4MmFkaXF6a2N4_SoA.txt
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
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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
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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