Here we are at the end of another week and what a week it has been, the breaking news that Azure Services Ltd has filed for liquidation, now we have news that two more companies within the Limora Group are being liquidated by Alvarez and Marsal. We have also been receiving emails from concerned members about the phone calls they are already receiving from some very dubious companies regarding the liquidations. Yes, it has already started, the “scamming vultures” have seized the opportunity to use “scare tactics” so you part with your money. Inside Timeshare urges you to not believe what you are being told, it is early days, no one knows what is going to happen and these unscrupulous callers will play on your concerns, after all, they are professional “scammers”.
The latest news now is that Azure Resorts Limited has also filed for liquidation on 28 April 2020, the “Joint Liquidators” are:
Mr. Barry Lynch of Alvarez & Marsal Cayman Islands Limited, PO Box 2507, 2nd Floor Flagship Building, 70 Harbour Drive, George Town, Grand Cayman, Cayman Islands, KY1-1104
Azure Resorts Ltd is the management company for the following “clubs”:
Island Residence Club, The Heavenly Collection (including Sands Towers) and Azure Ultra.
The letter signed by the joint liquidators (which can be viewed using the PDF link below) explain to members of what is happening with regards to their memberships,
“The JLs appreciate that members will be concerned as to the future of the Clubs and wish to advise that the Company’s liquidation does not necessitate their closure, nor does it prejudice the rights of Club members.”
The letter also goes on to state that “discussions” are and have been taking place with an unconnected third party to take over the management of the clubs.
The next paragraph clearly states the aim of the Joint liquidators is to ensure that the members are protected.
“Please be advised that the Company’s liquidation does not affect your rights as a member of the Clubs and your entitlement to use the timeshare weeks purchased. Following the appointment of a new club manager, members will continue to be able to utilise their entitlements at the Golden Sands Resort in accordance with the rules and constitutions of the Clubs. Please be further advised that, should an agreement be reached to transfer the club manager role to a third party, the JLs envisage that the transition for members should be seamless and therefore cause minimal disruption to the operation of the Clubs. It is noted that the JLs anticipate that members will be able to use their entitlements following the reopening of the Hotel and travel restrictions to Malta being lifted.”
“The shareholders have also reaffirmed that the Golden Sands Resort will fully honour all timeshare commitments arising from obligations entered into with existing members.”
In other words, another company will be appointed to manage the “timeshare” interests of the resort and the members. This has happened with those resorts in Tenerife managed by Excel Hotels and Resorts, that has now passed to the Ona Group.
See the full letter in the PDF below.
On this announcement, they include a link to the CVR Global website:
This is the news as it stands now, as and when further information becomes available it will be published here on Inside Timeshare.
As we stated in our opening paragraph, no one knows what is happening or going to happen, it will all be pure speculation. Do not be taken in by the “scare stories” that you will be told by the cold callers all trying to get in on the act, just remember, THEY ARE JUST AFTER YOUR MONEY!
Have a good weekend and join us again next week.
Just after publishing another reader has sent this FAQ published on the Members Blog.