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                                                                                                                                      Form 4 20
 Rule 4 34 - CVL

                               The Insolvency Act 1986
                               Statement of Company's Affairs

                               Pursuant to section 95/99 of
                               the Insolvency Act 1986



                                                                                                                           For Official Use

                               To the Registrar of Companies


                                                                                                                          Company   Number

                                                                                                                              02502925


                               Name of Company


                                 The Chinese Channel Limited


                             \iwe
                               Freddy Khalastchi FCA FABRP,                 2 Sovereign Quay, Havannah Street, Cardiff, CF10 5SF

                               Martin John Atkins FCA CTA FABRP, 2 Sovereign Quay, Havannah Street, Cardiff, CF10 5SF




                               the liquidator(s) of the above named company attach a statement of the company affairs
                               as at 15 January 2015




                                             —<|
                               Signed                                                             Date              15 January 2015



                                Harris Lipman LLP                                                                    ;
                               2 Sovereign Quay                                                     . For Official Use




                               Seca                                                     A MMI
                                Havannah Street                                        peglinn=          o-




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Rule 4 34-CVL                                                                           Form 4 19

                Statement of Affairs

                Statement as to affairs of

                The Chinese Channel Limited

                on the 15 January 2015 the date of the resojution for winding up




                Statement of truth


                | believe that the facts stated in this Statement of Affairs are true


                Full Name               ANTHowy            2G          alt! Ho

                Signed                  Pitkin lf
                Dated                        wieeta@
The Chinese Channel Limited
Statement Of Affairs as at 15 January 2015

A- Summary       of Assets
                                                                              Estimated to
Assets                                                         Book Value        Realise
                                                                    £               £

Assets subject to fixed charge:

Assets subject to floating charge:

Uncharged assets:
Goodwill & Intellectual Property                                                                   NIL
Leasehold Improvements                                           130,963 06                          IL
Office Equipment & Furniture                                      74,898 00                   1,500 00
Intra Group Debtors                                            6,143,178 46                        NIL
Investment in Subsidiary                                                                           NIL
Tax Refund                                                         1,271 55                  Uncertain
Insurance Refund                                                                             Uncertain
Cash at Bank                                                     49,543 49                   49,543 49
Rent Deposit                                                      5,875 00                         NIL
Cash Held by Agent                                               14,042 00                   14,042 00
Cash in Hand                                                        573 82                      573 82

Estimated total assets available for preferential creditors                                  65,659 31




Signature Ayla                   he                 Date      { s/ (foie
                             \
The Chinese Channel Limited
Statement Of Affairs as at 15 January 2015

A1 - Summary of Liabilities
                                                                                                      Estimated to
                                                                                                           Realise
                                                                                                                  £

Estimated total assets available for preferential creditors (Carried from Page A)                         65,659 31

Liabilities
     Preferential Creditors -
          Employees Wage Arrears & Holiday Pay                                           $9,525 72
                                                                                                          59,525 72
Estimated deficiency/surpius as regards preferential creditors                                              6,133 59

Debts secured by floating charge pre 15 September 2003
Other Pre 15 September 2003 Floating Charge Creditors
                                                                                                                 NIL
                                                                                                            6,133 59

Estimated prescribed part of net property where applicable (to carry forward)                                    NIL
Estimated total assets available for floating charge holders                                                6,133 59

Debts secured by floating charges post 15 September 2003
                                                                                                                 NIL
Estimated deficiency/surplus of assets after floating charges                                               6,133 59

Estimated prescribed part of net property where applicable (brought down)                                        NIL
Total assets available to unsecured creditors                                                               6,133 59

Unsecured non-preferential claims (excluding any shortfall to floating charge holders)
        Trade & Expense Creditors                                                         65,872 61
        Employees                                                                        252,461 23
        Intra Group Creditors                                                          2,900,072 08
                                                                                                       3,218,405 92
Estimated deficiency/surplus as regards non-preferentia! creditors
(excluding any shortfall in respect of F.C’s post 14 September 2003)                                  (3,212,272 33)

Estimated deficiency/surplus as regards creditors                                                     (3,212,272 33)

Issued and caflled up capital
        Ordinary Shareholders                                                              1,111 00
                                                                                                            4,111 00
Estimated total deficiency/surplus as regards members                                                 (3,213,383 33)




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D - Deficiency Account

THE CHINESE CHANNEL LIMITED

                                                         Notes           £

Surplus to the shareholders per the Company's                    1        3,318,824
financial statements as at 31 December 2013

Estimated deficiency on realisation of sale of                   2      (6,354,686)
assets in the liquidation

Less   Employee related claims which arose on                    3           (188,745)
Liquidation (Redundancy pay & payment in lieu of
notice)

Losses on sale of assets since the last set of               4                (52,324)
financial statements

Estimate profit on trading for the period from 1             5                 64,659
January 2014 to 15 January 2015 (B)

Estimated deficiency as regards Creditors                               (3,212,272)

Less   White off of the share capital                        6                 (1,111)

Estimated deficiency as regards Members                      7          (3,213,383)



The following notes form an integral part of the above statement
1
       This ts the shareholders funds detailed on the last filed financial
       statements It is made up of share capital and the balance on the profit and
       loss account

       This is the amount that the company's assets have decreased by in
       estimated value by compared with the last set of financial statements filed
       This includes write downs of the leasehold improvements and office
       equipment and furniture Book debts refer to liabilities owed by group
       companies    All of these companies are insolvent and the amount
       receivable from them is uncertain and has therefore been written down to
       nil for the purpose of the statement of affairs

       These are claims from members of staff which would not normally arise in
       the course of trading, and only arise upon cessation of trade They are in
       relation to redundancy pay and payment in lieu of notice

       These are assets which have been sold since the last set of financial
       statements and the resulting loss on their sale The loss Is not as a result of
       trading and   hence   is shown      separately   Broadcasting    and editing




Signature Antal
                          {V                                           15 January 2015
D - Deficiency Account

        equipment with a book value of £64,634 has been sold for £8,660 plus
        VAT Vehicles with no remaining book value have been sold for £3,650

        This ts an estimated figure for the profit in the final trading period since the
        last filed financial statements In this instance it is the estimated profit for
        the 12% month period since the last financial statements                         The figure is a
        balancing figure (8) and therefore an estimate

        This 1s the amount owing to the shareholders in respect of the shareholding
        that they purchased in the company

        This figure is the total Estimated                Deficiency to Members          taken from the
        bottom of sheet A1 - Summary of Liabilities

        The assets       have       been   professionally valued       by Willams       & Partners       Ltd,
        insolvency agents, of 11 Leys Business Centre, Chelmsford                              Road,    High
        Ongar, Essex CM5 9NW

        The       amounts   shown          in   respect    of   preferential     creditors     have    been
        estimated

10      There      ts a claim       from    a former      employee,    Mr      Chau,   of £26,772 90       in
        respect of claims for arrears of wages, holiday pay, notice pay and
        redundancy For the purposes of the statement of affairs Mr Chau's claim
        has been recorded as nil on the basis that the company does not consider
        any sum is due It will be for the liquidator to review and adjudicate upon Mr
        Chau’s claim

11      The company has guaranteed liabilities of another group company, The
        Chinese Channel (France)          SAS The liabilittes have not crystallised and
        therefore are not shown in the statement of affairs However, the Chinese
        Channel (France)         SAS 1s expected to be wound up and the liability may
        crystallise at this time

12      Trade and other creditors’ balances are provisional and subject to
        agreement in due course by the liquidator Inclusion or exclusion from the
        list of creditors does not constitute admission or rejection of claims by the
        ltquidator

13      There are provisions of the insolvency legislation that require a liquidator to
        set aside a percentage of a company’s assets for the benefit of the
        unsecured creditors in cases where the company gave a “floating charge”
        over its assets to a lender on or after 15 September 2003         This is known
        as the “prescribed part of the net property” A company's net property ts
        that left after paying the preferential creditors, but before paying the lender
        who holds a floating charge             A   liquidator has to set aside

              e    50% of the first £10,000 of the net property, and
              ©   20% of the remaining net property up to               a maximum of £600,000




Signature     Ail           nuldl
                                |                                                            15 January 2015
D - Deficiency Account

      In this case, there are no outstanding      floating   charges   As    a result, the
      prescribed part provisions will not apply

14    The Statement of Affairs does not take into account the cost of realisation
      of the assets or the cost of the liquidation and it ts subject to verbal
      explanations given at the meeting of creditors


Prepared by

HARRIS LIPMAN LLP
2 MOUNTVIEW COURT
310 FRIERN BARNET LANE
WHETSTONE
LONDON
N20 0YZ




Signature Hoven              dr
                         |                                                  15 January 2015