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