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07580006_MzExNjIxNDEwOGFkaXF6a2N4_SoA.txt
LIQO3 a
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
wv 15/03/2018
COMPANIES HOUSE
#228
Company details
Company number lo. [7 5 Is lo. lo [o [6 P Pleas complete ypesc pt or in
Company name in full [ Elite Global Marketing Limited bold black capitals,
2 | Liquidator’s name
Full forename(s) Deviesh Ramesh
Surname Raikundalia
BE Liquidator's address
Building name/number | 38 De Montfort Street
Street Leicester
Post town | LE17GS
County/Region |
Postcode PET EP
Country |
4 | Liquidator’s name ©
Full forename(s) Situl Devji @ Other liquidator
4 Use this section to tell us about
Surname Raithatha another liquidator
Liquidator’s address @
Building name/number | 38 De Montfort Street @ Other liquidator
Use this section to tell us about
Street | Leicester another liquidator.
Post town
County/Region
Postcode eleli{ [7iefs/ |
Country |
04/17 Version 10
LIQ03
Notice of progress report in voluntary winding up
6 | Period of progress report
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Progress report
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The progress report is attached
8. | Sign and date
Liquidator's signature | Ss",
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04/17 Version 1.0
LIQO3
Notice of progress report in voluntary winding up
| Presenter information it | 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 David Robinson EJ Where to send
Company name
Springfields Advisory 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 38 De Montfort Street
The Registrar of Companies, Companies House,
| Leicester Crown Way, Cardiff, Wales, CF14 3UZ.
DX 33050 Cardiff.
|
Post town LE1 7GS
County/Region
ee
ee Country
i | Further information
For further information please see the guidance notes
[>
on the website at www.gov.uk/companieshouse
or email [email protected]
Telephone 0116 299 4745
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.
1 You have attached the required documents.
C1 You have signed the form.
This form has been provided free of charge by Companies House 04/17 Version 10
Elite Global Marketing Limited
(In Liquidation)
Joint Liquidators' Summary of Receipts & Payments
Statement From 15/01/2017 From 15/01/2015
of Affairs To 14/01/2018 To 14/01/2018
£ £
ASSET REALISATIONS
Tax Refund NIL 9,005.68
Uncertain Intercompany Account NIL NIL
Bank Interest Gross 0.20 ; 3.2
020 5,008.80
COST OF REALISATIONS
Specific Penalty Bond NIL 36.00
Assistance with preparation of S. of A. NIL 250.00
Preparation of S. of A. NIL 3,300.00
Liquidator's Remuneration NIL NIL
Printing and Photocopying NIL 28.20
Land Registry Fees NIL NIL
Agents/Valuers Fees NIL NIL
Transcription Fees NIL 70 40
Legal Fees NIL NIL
Legal Fees & Disbursements NIL NIL
Corporation Tax NIL 0.40
Irrecoverable VAT 0.69 772.73
Statutory Advertising NIL 167 66
Postage and website upload costs 3.46 11.43
(4.15) (4,636.82)
5,000.00 (3.95) 371.98
REPRESENTED BY
Current A/c - Bank 1 371.98
371.98
Note:
t
Deviesh Ramesh Raikundalia
Joint Liquidator
Page | of L IPS SQL Ver 2012 10 13 March 2018 13 02
Elite Global Marketing Limited — in Creditors’ Voluntary Liquidation
LIQUIDATORS’ PROGRESS REPORT TO CREDITORS AND MEMBERS
For the period 15 January 2017 to 14 January 2018 (“the Period”)
EXECUTIVE SUMMARY
My investigations have revealed a number of matters that may lead to realisations for the estate. These
are currently being pursued with the assistance of my solicitors.
STATUTORY INFORMATION
Company name Elite Global Marketing Limited
Registered office: 38 De Montfort Street
Leicester
LE1 7GS
Former registered office. Glenmor House
Palmersrale Business Park
Palmerston Road
Barry
South Glamorgan
CF63 2XA
Registered number: 07580006
Joint Liquidators' names: Deviesh Ramesh Raikundalia and Situl Devji Raithatha and
Situl Devji Raithatha
Joint Liquidators' address: 38 De Montfort Street, Leicester, LE1 7GS
Joint Liquidators’ date of 15 January 2015
appointment:
Actions of Joint Liquidators’ Any act required or authorised under any enactment to be
done by a Liquidator may be done by either or both of the
Liquidators acting jointly or alone.
LIQUIDATORS’ ACTIONS SINCE LAST REPORT
Possible Recovery Action
| have been, in conjunction with my solicitors and Counsel, actively involved in the matters that may lead to
realisations for the estate. | am unable to comment further as this may be prejudicial to the outcome.
Administrative Tasks
There is certain work that | am required by the insolvency legislation to undertake work in connection
with the liquidation that provides no financial benefit for the creditors. A description of the routine work
undertaken since my last progress report is contained in Appendix 2.
RECEIPTS AND PAYMENTS
My Receipts & Payments Account for the Period is attached at Appendix 1. All receipts and payments
are shown exclusive of VAT.
There have been minimal receipts and payments during the Period.
The balance of funds are held in an interest bearing estate bank account.
ASSETS
The Company's assets have been realised as explained in my previous reports.
LIABILITIES
Secured Creditors
An examination of the Company's mortgage register held by the Registrar of Companies, showed that
the Company has no current charges over its assets.
The legislation requires that if the Company has created a floating charge after 15 September 2003, a
prescribed part of the Company's net property (i.e. the money that would otherwise be available to the
charge holder) should be ring-fenced for distribution to unsecured creditors. in this case there were no
creditors secured by a floating charge such that the prescribed part provisions do not apply.
Preferential Creditors
The Statement of Affairs anticipated no preferential claims and no claims have been received from this
class of creditor to date.
Crown Creditors
HMRC have registered a claim in the Liquidation in the sum of £174,774.34, which was not anticipated
on the Statement of Affairs and relates to determinations raised in respect of the Company's involvement
in a scheme under enquiry by HMRC. | have appealed the determination in order to protect the position
of the Company. The outcome of the appeal is not yet known and | hope to provide creditors with further
information in due course.
Non-preferential unsecured Creditors
The Statement of Affairs anticipated one unsecured claim of £300 and a claim for this amount has been
received.
DIVIDEND PROSPECTS
On current information it is uncertain whether a dividend will be paid to creditors, which is subject to
realisations being made from the matters that | am currently pursuing.
INVESTIGATION INTO THE AFFAIRS OF THE COMPANY
My investigations into the Company's affairs revealed a number of potential sources of realisation, which
| am now pursuing with the assistance of my solicitors and Counsel.
| am unable to provide creditors with further information at this stage as this may be prejudicial to the
outcome. | continue to consult with the major creditor, HM Customs & Excise, on the progress of the
case.
PRE-APPOINTMENT REMUNERATION
At the first meeting of creditors, my firm’s costs for assisting the director in preparing the Statement of
Affairs and convening the creditors’ meeting were agreed at £4,000 plus VAT and disbursements.
Details of the amounts drawn on account of these costs are detailed on the enclosed receipts and
payments summary.
At the first meeting of creditors, it was agreed that the Company’s accountants, namely Gerald Thomas
& Co, be paid the sum of £250 plus VAT in respect of their costs for assisting in the preparation of the
Statement of Affairs. These costs were paid in full in a previous Period.
LIQUIDATORS’ REMUNERATION
At the first meeting of creditors my remuneration was agreed on a time costs basis. | enclose a
breakdown summarising my time costs for the Period, subject to the posting of timesheets. Details of
the amounts drawn on account of these costs is shown on the enclosed receipts and payments
summary. | enclose a schedule of my current charge out rates for your information.
Further information about creditors’ nghts can be obtained by visiting the creditors’ information micro-
site published by the Association of Business Recovery Professionals (R3) at
http:/Awww.creditorinsolvencyquide.co.uk/, A copy of ‘A Creditors Guide to Liquidators’ Fees’ also
published by R3, is available at the link at http://www. insolvency-practitioners org.uk/requlation-and-
quidance/quides-to-fees. Please note that there are different versions of the Guidance Notes and in this
case you should refer to the November 2011 version.
LIQUIDATORS’ EXPENSES
| attach a schedule of my expenses for the Period, which includes Category 2 disbursements.
| have used the following agents or professional advisors in the reporting period:
Professional Advisor Nature of Work Basis of Fees
Howes Percival Solicitors Time costs
The choice of professionals was based on my perception of their experience and ability ta perform this
type of work and the complexity and nature of the assignment. | also considered that the basis on which
they wiil charge their fees represented value for money. | have reviewed the charges they have made
and am satisfied that they are reasonable in the circumstances of this case.
FURTHER INFORMATION
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 Joint
Liquidators’ remuneration and expenses within 21 days of their 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 unsecured creditors (including the creditor in question), apply to Court to challenge the amount of
remuneration charged by the Joint Liquidators as being excessive, and/or the basis of the Joint
Liquidators’ remuneration, and/or the amount of the expenses incurred as being excessive, within 8
weeks of their receipt of this report. Any secured creditor may make a similar application to court within
the same time limit.
As Insolvency Practitioners, when carrying out all professional! work relating to an insolvency appointment,
S D Raithatha and D R Raikundalia are bound by the insolvency Code of Ethics, as well as by the
regulations of our professional body. More details about these matters and general information about
Springfields Advisory LLP that is of relevance can be found at https://www.springfields-
uk.com/requlatory.
SUMMARY
The Liquidation will remain open until the matters that | am currently pursuing have been resolved and, if
funds allow, a dividend is paid to creditors. | estimate that this will take at least twelve months and once
resolved the Liquidation will be finalised and our files will be closed.
If creditors have any queries regarding the conduct of the Liquidation, or if they want hard copies of any of
the documents made available on-line, they should contact David Robinson by email at
[email protected], or by phone on 0116 299 4745.
DISCLAIMER
This report has been prepared for the sole purpose of updating creditors and shareholders of the
Company for information purposes to fuifil the necessary statutory requirements of the Liquidators. The
report is private and confidential and may not be relied upon, referred to, reproduced or quoted from, in
whole or in part, or otherwise used by creditors or shareholders for any purpose other than updating
them for information purposes, or any other person for any purpose whatsoever.
Deviesh Ramesh Raikundalia
JOINT LIQUIDATOR
Elite Global Marketing Limited
(In Liquidation)
Joint Liquidators' Summary of Receipts & Payments
Statement From 15/01/2017 From 15/01/2015
of Affairs To 14/01/2018 To 14/01/2018
£ £
ASSET REALISATIONS
Tax Refund NIL 5,005.68
Uncertain Intercompany Account NIL NIL
Bank Interest Gross - O15, 3.07
0.15 5,008.75
COST OF REALISATIONS
Specific Penalty Bond NIL 36.00
Assistance with preparation of S. of A. NIL 250.00
Preparation of S. of A. NIL 3,300.00
Liquidator's Remuneration NIL NIL
Printing and Photocopying NIL 28.20
Land Registry Fees NIL NIL
Agents/Valuers Fees NIL NIL
Transcription Fees NIL 70.40
Legal Fees NIL NIL
Legal Fees & Disbursements NIL NIL
Corporation Tax NIL 0.40
Irrecoverable VAT 0.69 772.73
Statutory Advertising NIL 167.66
Postage and website upload costs 3.46 143
(4.15) (4,636.82)
(4.00) 371.93
REPRESENTED BY
Current A/c - Bank 1 371.93
371.93
Note:
Page | of 1 IPS SQL Ver 2012 10 19 January 2018 17 11
Appendix 2
Administration
Maintaining electronic case files.
Maintaining the case on the practice's electronic case management system and entering
data.
Dealing with all routine correspondence and emails relating to the case.
Maintaining and managing the office halder’s estate bank account.
Maintaining and managing the office holder's cashbook.
Undertaking regular bank reconciliations of the bank account containing estate funds.
Reviewing the adequacy of the specific penalty bond on a quarterly basis.
Undertaking periodic reviews of the progress of the case. :
Overseeing and controlling the work done on the case by case administrators.
Preparing, reviewing and issuing annual progress reports to creditors and members.
Filing returns at Companies House.
Preparing and filing Corporation Tax returns.
Creditors
Dealing with creditor correspondence, emails and telephone conversations regarding their
claims.
Maintaining up to date creditor information on the case management system.
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Elite Global Marketing Limited - In Creditors’ Voluntary Liquidation
Details of expenses incurred and paid from 15 January 2017 to 14 January 2018
Expenses
Outstanding Incurred in Paid in Outstanding
Type b/f (£) Period (£) Period (£) c/f (£)
Corporation Tax - 0.69 0.69 -
Postage Costs - 3.46 3.46 -
Legal Fees & Disbursements 6,370.25 3,449.54 - 9,819.79
Land Registry Fees 16.50 - - 16.50
TOTAL 6,386.75 3,453.69 4.15 9,836.29
Category 2 Disbursements
Outstanding Incurred in Paid in Outstanding
Type b/f (£) Period (£) Period (£) c/f (£)
Printing & Photocopying 34.10 12.40 - 46.50
TOTAL 34.10 12.40 - 46.50
Notes
* Please note that these costs continue to accrue and are billed periodically.
SPRINGFIELDS ADVISORY LLP
PRACTICE FEE RECOVERY POLICY FOR INSOLVENCY APPOINTMENTS
Introduction
The insolvency legislation was changed in October 2015, with one or two exceptions, for insolvency
appointments made from that time. This sheet explains how we intend to apply the alternative fee
bases allowed by the legislation when acting as office holder in insolvency appointments. The
legislation allows different fee bases to be used for different tasks within the same appointment. The
fee basis, or combination of bases, set for a particular appointment is/are subject to approval, generally
by a committee if one ts appointed by the creditors, failing which the creditors in general meeting, or the
Court.
Further information about creditors’ rights can be obtained by visiting the creditors’ information micro-
site published by the Association of Business Recovery Professionals (R3) at
http. /Avww.creditorinsolvencyquide.co.uk/. Details about how an office holder's fees may be approved
for each case type are available in a series of guides issued with Statement of Insolvency Practice 9
(SIP 9) and can be accessed at http:/Awew.insolvency-practitioners.org.uk/requiation-and-
qguidance/guides-to-fees Alternatively a hard copy can be provided on request. Please note that we
have provided further details in this policy document.
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 remuneration
drawn. If approval has been obtained for remuneration on a time costs basis, i.e. by reference to time
properly spent by members of staff of the practice at our standard charge out rates, the time incurred
will also be disclosed, whether drawn or not, together with the average, or “blended” 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 period of the
report. Once the time to challenge the office holder's remuneration for the period reported on has
elapsed, then that remuneration cannot subsequently be challenged.
Under some old legislation, which still applies for insolvency appointments commenced before 6 April
2010, there is no equivalent mechanism for fees to be challenged.
Time cost basis
When charging fees on a time costs basis we use charge out rates appropnate to the skills and
experience of a member of staff and the work that they perform. This is combined with the amount of
time that they work on each case, recorded in 6 minute units with supporting narrative to explain the
work undertaken.
Charge-out Rates
Grade of staff Current charge-out rate per Previous charge-out rate
hour, effective from 1 per hour, effective from 1
August 2017 £ August 2016 £
Partner 440 425
Manager 260-330 250-320
Administrator 150-220 145-215
Time is recorded in units of 6 minutes (prior to 08/01/2007 this was 15 minute units)
These charge-out rates charged are reviewed periodically 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 time recording
system and the nature of the work undertaken Is recorded at that time. The work is generally recorded
under the following categories:
¢ Administration and Planning
* Investigations
« Realisation of Assets
* Creditors
« Trading
« Case specific matters
In cases where we were appointed prior to 1 October 2015, most of our fees were recovered on a time
costs basis and appropriate authority was obtained from the creditors or the committee as set down in
the legislation. The legislation changed on 1 October 2015 and on new appointments we now typically
seek time costs for the following categories:
» Investigations
¢ Creditors (other than distnbutions to creditors)
« Trading
When we seek time casts approval we have to set out a fees estimate. That estimate acts as a cap on
our time costs so that we cannot draw fees of more than the estimated time costs without further
approval from those who approved our fees. When seeking approval for our fees, we will disclose the
work that we intend to undertake, the hourly rates we intend to charge for each part of the work, and
the time that we think each part of the work will take. We will summarise that information in an average
or “blended” rate for all of the work being carried out within the estimate. We will also say whether we
anticipate needing to seek approval to exceed the estimate and, if so, the reasons that we think that
may be necessary.
The disclosure that we make should include sufficient information about the insolvency appointment to
enable you to understand how the proposed fee reflects the complexity (or otherwise) of the case, any
responsibility of an exceptional kind falling on the office haider, the effectiveness with which the office
holder has carried out their functions, and the value and nature of the property with which the office
holder has to deal.
If we Subsequently need to seek authority to draw fees in excess of the estimate, we will say why we
have exceeded, or are likely to exceed the estimate; any additional work undertaken, or proposed to be
undertaken, the hourly rates proposed for each part of the work; and the time that the additional work
Is expected to take. As with the onginal estimate, we will say whether we anticipate needing further
approval and, if so, why we think It may be necessary to seek further approval.
In some instances where there is undue risk to the firm in recovering its standard hourly rates in full,
typically as a consequence of the pursuit of causes of action where the outcomes are far from certain,
or where there are considered to be undue risks associated with the conduct of an assignment, then
approval for a percentage uplift on standard hourly rates may be sought. The percentage uplift sought
will vary depending upon the circumstances of each case.
Percentage basis
The legislation allows fees to be charged on a percentage of the value of the property with which the
office holder has to deal (realisations and/or distributions). Different percentages can be used for
different assets or types of assets. In cases where we were appointed prior to 1 October 2015, most
of our fees were recovered on a time costs basis and appropriate authority was obtained from the
creditors or the committee as set down in the legislation. The legislation changed on 1 October 2015
and we now seek remuneration on a percentage basis more often. A report accompanying any fee
request will set out the potential assets in the case, the remuneration percentage proposed for any
realisations and the work covered by that remuneration, as well as the expenses that will be, or are
likely to be, incurred Expenses can be incurred without approval, but must be disclosed to help put the
remuneration request into context.
The percentage approved in respect of realisations will be charged against the assets realised, and
where approval is obtained on a mixture of bases, any fixed fee and time costs will then be charged
against the funds remaining in the liquidation after the realisation percentage has been deducted.
The disclosure that we make should include sufficient information about the insolvency appointment to
enable you to understand how the proposed fee reflects the complexity (or otherwise) of the case, any
responsibility of an exceptional kind failing on the office holder, the effectiveness with which the office
holder has carried out their functions, and the value and nature of the property with which the office
holder has to deal.
If the basis of remuneration has been approved on a percentage basis then an increase in the amount
of the percentage applied can only be approved by the committee or creditors (depending upon who
approved the basis of remuneration) in cases where there has been a material and substantial change
in the circumstances that were taken into account when fixing the original level of the percentage
applied. {f there has not been a material and substantial change in the circumstances then an increase
can only be approved by the Court.
Fixed fee
The legislation allows fees to be charged at a set amount. Different set amounts can be used for
different tasks. In cases where we were appointed prior to 1 October 2015, most of our fees were
recovered on a time costs basis and appropriate authority was obtained from the creditors or the
committee as set down in the legislation. The legislation changed on 1 October 2015 and we now seek
remuneration on a fixed fee basis more often. A report accompanying any fee request will set out the
set fee that we proposed to charge and the work covered by that remuneration, as well as the expenses
that wil be, or are likely to be, incurred. Expenses can be incurred without approval, but must be
disclosed to help put the remuneration request into context.
The disclosure that we make should include sufficient information about the insolvency appointment to
enable you to understand how the proposed fee reflects the complexity (or otherwise) of the case, any
responsibility of an exceptional kind falling on the office holder, the effectiveness with which the office
hoider has carned out their functions, and the value and nature of the property with which the office
holder has to deal.
If the basis of remuneration has been approved on a fixed fee basis then an increase in the amount of
the fixed fee can only be approved by the committee or creditors (depending upon who approved the
basis of remuneration) in cases where there has been a material and substantial change in the
circumstances that were taken into account when fixing the original level of the fixed fee. If there has
not been a material and substantial change in the circumstances then an increase can only be approved
by the Court.
Members’ voluntary liquidations and Voluntary Arrangements
The legislation changes that took effect from 1 October 2015 did not apply to members’ voluntary
liquidations (“MVL"), Company Voluntary Arrangements (“CVA’) or Individual Voluntary Arrangements
(‘IVA’). In MVLs, the company's members set the fee basis, often as a fixed fee. in CVAs and IVAs,
the fee basis !s set out in the proposals and creditors approve the fee basis when they approve the
arrangement.
All bases
With the exception of IVA’s and CVA’s which are VAT exempt, the officehotder's remuneration invoiced
to the insolvent estate 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 includes
Solicitors / Legal Advisors
Auctioneers / Valuers
Accountants
Quantity Surveyors
Estate Agents
Other Specialist Advisors
In new appointments made after 1 October 2015, the office holder will provide details of expenses to
be incurred, or likely to be incurred, when seeking fee approval. When reporting to the committee and
creditors during the course of the insolvency appointment the actual expenses incurred will be
compared with the orginal estimate provided.
Disbursements
In accordance with SIP 9 the basis of disbursement allocation in respect of disbursements incurred by
the office holder in connection with the adrninistration 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 Springfields; in the case of the latter, the invoice makes reference to, and therefore can
be directly attributed to, the estate. These disbursements are recoverabie in full from the estate without
the pror approval of creditors either by a direct payment from the estate ar, 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 hire, external storage,
specific bond insurance, travel expenses and Company search fees.
Category 2 expenses are incurred by the firm and recharged ta 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 being approved by
creditors in advance Examples of category 2 disbursements are photocopying, internal room hire,
internal storage and mileage.
It is proposed that the following Category 2 disbursements are recovered
Photocopying / printing. 10p per sheet
Internal storage of books and records: Initial charge for intake. £6.10 per box
Storage £0.40 per month per box in storage at month end
Internal storage of PC/IT equipment. Storage. £3.60 per month per item in storage at month end
Internal room hire. £100 per statutory meeting
Mileage (own car usage): 45p per mile