Viewing
00968851_MzExNzA4NTAxM2FkaXF6a2N4_SoA.txt
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 [email protected]
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