Azure Services Ltd Liquidation

After yesterday’s surprise news on the announcement of the intention to liquidate Azure Services Ltd, we today publish the notification from Alvarez and Marsal sent by email signed by Rebbeca Rohan of Alvarez and Marsal. There is also a PDF of the letter announcing this and calling all “creditors” to sign up for a conference call on Monday 11 May 2020, signed by Alex Lawson and Joseph Fenech.

Although to many this will have come as a major surprise, it is something Inside Timeshare has been expecting, after all the events leading up to the “liquidation” are very familiar to those at Silverpoint.

A few years ago we reported that Silverpoint had stopped the selling of timeshare and closed their sales offices, with many sales staff being laid off, exactly the same scenario we reported in December 2019. This was then followed by the announcement of Silverpoint being placed into liquidation, the administrators for this were Alex Lawson, his company Alvarez and Marsal. Look familiar?

Lawson and the company are overseeing all the company liquidations of various companies all under the umbrella of Limora Investments Ltd. This company is the parent company of around 200 other companies all involved in timeshare across the globe. It was also owned by the late Robert “Bob” Trotta, with Lawson being appointed by the family to ensure that all the money remains in their custody. You can read the full story in the 6 part article on the link below.

https://insidetimeshare.com/?s=exclusive+breaking+news

The email sent by Alvarez and Marsal announcing the filing for “voluntary” liquidation is below.

Dear Sirs,

Azure Services Limited – In Creditors’ Voluntary Liquidation (the “Company”)

Please be advised that the shareholders of the Company passed a written resolution on 27 April 2020 to place the Company into Creditors’ Voluntary Liquidation. Please be further advised that the directors of the Company have convened a meeting of the Company’s creditors to be held via a telephone conference call on 11 May 2020 at 17:00 Central European Time (CET), for the purposes of considering the appointment of Mr. Richard Galea-Debono as liquidator. To assist creditors’ determination, please find attached Mr. Richard Galea-Debono’s Curriculum Vitae and covering letter confirming his independence.

Please be advised that all creditors who wish to attend the telephone conference must complete the attached proxy form and return it via email to [email protected], it is noted that where a creditor is acting on behalf of either another natural or legal person, they must provide documentation authorising them to do so. It is noted that the proxy form should be returned by no later than 5pm CET on Friday 8 May 2020. Upon receipt of the completed proxy form and authorisation, you will be issued with dial-in details, instruction on how to access the online portal for the purposes of voting at the meeting and a unique ID to enable the same. 

Prior to the meeting, a Statement of Affairs detailing the financial position of the Company will be circulated to all creditors.

Given that this meeting will be held via telephone conference, the directors encourage all creditors to submit questions in writing via email to [email protected] before the meeting so they can be addressed proactively during the meeting. It is noted that creditors will also be able to ask queries at the meeting.

Regards, Rebecca

Rebecca Rohan | Associate

Alvarez & Marsal Cayman Islands Limited

2nd Floor Flagship Building, 70 Harbour Drive | P.O. Box 2507 | Grand Cayman KY1-1104 | Cayman Islands

Email: [email protected]

www.alvarezandmarsal.com

This is followed by the letter from Lawson, Fenech and Azure Services Ltd and is addressed to “All known creditors”, please click on the PDF link below.

One factor which Inside Timeshare would like to bring to your attention is the plight of those local people in Malta who are now going to end up without a job. These are just ordinary workers who gave loyal service and are not responsible for the actions of the company or the sales staff which have brought misery to many consumers. They are the ones who answered the phones dealt with enquiries and did the day to day administrative tasks for the company. At this time especially it will be very hard for them and Inside Timeshare hopes that things work out for them.

Inside Timeshare has also received information from very reliable sources regarding the staff who are being asked to continue as usual, unfortunately, it is what they are being told to do that is very worrying. Inside Timeshare will publish details once they have been completely verified.

Another point which we must also look into are the loans brokered by Azure through Barclays Partner Finance, especially the 1,444 cases where the loan agreements were the subject to a court case at the Royal Courts of Justice. The full story can be found on the links below. We also just wonder how this will affect all those whose loan agreements did not come under this case. We will have to wait and see. 

https://insidetimeshare.com/starting-the-week-2/

https://insidetimeshare.com/start-the-week-13/

The Latest News in Brief: Azure Services Limited in Liquidation and Anfi Funds Frozen

Today Inside Timeshare has been notified that Azure Services Limited, the sales and marketing company behind the sales of timeshare and vacation club memberships at the Radisson Blu Resort and Spa, Golden Sands in Malta has now filed for liquidation. Once again it is Alex Lawson of Alvarez and Marsal of the Cayman Islands who has been appointed administrator, as we know he and his company are behind the mass liquidations of all of the companies owned by the late Robert “Bob” Trotta. Inside Timeshare published the 6 part series on the liquidations of Limora Investments Ltd and other companies in the group and the reasons behind them, see the link to all the articles below.

https://insidetimeshare.com/?s=exclusive+breaking+news

Alex Lawson, Alvarez & Marsal

Back in December last year Inside Timeshare reported that Azure Services Ltd had ended the sales of timeshare, this resulted in the loss of around 80 jobs. Then in February of this year, we reported on the new product being launched, Azure X and Azure XP which replaced the discredited “investment” weeks previously sold.

https://insidetimeshare.com/timeshare-sales-end-at-golden-sands-malta/

https://insidetimeshare.com/azure-x-xp-what-is-it/

Lawson is now listed as one of the directors along with Joseph Fenech, it is also interesting to see who the shareholders are, Corinthia (Malta) Staff Services Ltd and Mediterranean Overseas Holdings Ltd. Joseph Fenech is also a director of Corinthia.

Mediterranean Overseas Holdings Ltd is also another company owned by the late Bob Trotta under the parent company the Limora Group.

It is understood that the Shareholders of Azure Services Ltd passed a resolution for the company to be wound up under a “creditors’ voluntary winding up” on 27 April 2020. This is one of the points on the “agenda” for the meeting via telephone conference call on 11 May 2020 which “creditors” will be voting on. This certainly does not leave people with much time to organise, could it be that the whole point is to rush the liquidation through?

The question that Inside Timeshare asks now is who are the “creditors?” Are they all those consumers who purchased the “investment weeks” and never received the rentals or the sales they were promised, or is it just another way of avoiding the possibility of legal action in the Maltese courts against Azure, just like Silverpoint in Tenerife?

As we receive more information it will be published here.

We now move to the latest breaking news involving Anfi and the freezing of over 600,000€ by Canarian Legal Alliance with the help of the Spanish Tax Authorities in order to repay clients what they have been awarded by the courts.

It appears that a TAX refund from 2018 to Anfi has been frozen by several of the courts of San Bartelomé de Tirajana, in order to pay around 22 clients who instructed CLA to take out legal action against Anfi.

The Eldiario article also goes on in detail about the emptying of all current accounts by Anfi Sales SL and Anfi Resorts SL, a move to avoid paying clients what the courts have ordered. This point is also under investigation by the Las Palmas Provincial Prosecutors Office resulting from a brief submitted by Eva Gutiérrez, a senior lawyer with CLA.

In a television news interview aired on TV1 sometime ago, Eva explained the work being carried out by CLA in identifying all the Anfi Accounts and tracing the movement of funds. The full news item can be viewed on the link below.

Eldiario article

https://www.eldiario.es/canariasahora/economia/Hacienda-Anfi-timesharing-turismo-deudas-clientes_0_1023648318.html

English Translation

https://translate.google.es/translate?hl=en&tab=rT&authuser=0&sl=es&tl=en&u=https%3A%2F%2Fwww.eldiario.es%2Fcanariasahora%2Feconomia%2FHacienda-Anfi-timesharing-turismo-deudas-clientes_0_1023648318.html

German

https://translate.google.es/translate?hl=en&tab=rT&authuser=0&sl=es&tl=de&u=https%3A%2F%2Fwww.eldiario.es%2Fcanariasahora%2Feconomia%2FHacienda-Anfi-timesharing-turismo-deudas-clientes_0_1023648318.html

Danish

https://translate.google.es/translate?hl=en&tab=rT&authuser=0&sl=es&tl=da&u=https%3A%2F%2Fwww.eldiario.es%2Fcanariasahora%2Feconomia%2FHacienda-Anfi-timesharing-turismo-deudas-clientes_0_1023648318.html

Norwegian

https://translate.google.es/translate?hl=en&tab=rT&authuser=0&sl=es&tl=no&u=https%3A%2F%2Fwww.eldiario.es%2Fcanariasahora%2Feconomia%2FHacienda-Anfi-timesharing-turismo-deudas-clientes_0_1023648318.html

Swedish

https://translate.google.es/translate?hl=en&tab=rT&authuser=0&sl=es&tl=sv&u=https%3A%2F%2Fwww.eldiario.es%2Fcanariasahora%2Feconomia%2FHacienda-Anfi-timesharing-turismo-deudas-clientes_0_1023648318.html

French

https://translate.google.es/translate?hl=en&tab=rT&authuser=0&sl=es&tl=fr&u=https%3A%2F%2Fwww.eldiario.es%2Fcanariasahora%2Feconomia%2FHacienda-Anfi-timesharing-turismo-deudas-clientes_0_1023648318.html

As we receive further information on both of these topics Inside Timeshare will publish it here.

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