Welcome to the start of another week with Inside Timeshare, today we publish news for all those members of Azure Resorts in Malta. As we have published over the past weeks, Azure Services Ltd and Azure Resorts Limited are in the process of liquidation as are many of the other companies within the Limora Group such as Silverpoint. Inside Timeshare has received many enquiries as to what is going to happen to members of the “club”? Today we publish the news we have been waiting for a new management company has now been appointed.
Last week Members should have received a letter from First National Trustee Company (UK) Ltd commonly known as FNTC. They have been requested to establish a new company to act as manager of the clubs to replace Azure Resorts Ltd.
The new management company will be known as Vacation Club Services Limited (VCSL), they will also have to establish a Maltese registered company which is to be called VCMS Co Limited, (Vacation Club Malta Services Co Ltd).
It is to be a non-profit making company with the sole role of managing the clubs on “for and on behalf” of all members. The clubs which this new company will be responsible for are:
- Golden Sands Island Residence Club;
- The Heavenly Collection;
- Azure Experiences Membership Club (Azure X).
The new management company will also be employing local staff to service needs of club members, so hopefully, those local staff who were employed by Azure Resorts may just get back their jobs.
It was also announced that VCSL will be provided with an “appropriate working capital” to deal with its short term operating requirements. This is being provided in the form of a loan which will be unsecured and interest-free by the liquidators Of Azure Resorts and Azure XP. There is no fixed date for the repayment.
This is very good news for all members of these clubs as over the past few weeks many “claims & exit” companies (many being bogus) have been targeting members with the usual scare stories that they are about to lose everything. Inside Timeshare did explain in our many articles that steps were being taken by the Corinthia Group, who own the hotels which members use, to ensure that membership and usage would continue. They have now been shown to be true to their word.
Inside Timeshare wishes the new company all the best and that all members may now enjoy the memberships they have paid for.
PDF of the full letter from FNTC:
Inside Timeshare would also like to inform our readers that due to a personal bereavement there may be a lack of articles over the next week or so. Inside Timeshare will try to get back to normal as soon as possible. We shall, however, continue to answer enquiries but these may not be as speedy as before. Thank you.