Para 49 Report

HARLEQUIN MANAGEMENT SERVICES (SOUTH EAST) LIMITED Company Number: 04205220 JOINT ADMINISTRATORS REPORT TO MEMBERS AND CREDITORS PURSUANT TO PARAGRAPH 49 OF SCHEDULE B1 OF THE INSOLVENCY ACT 1986 This document may not be copied, reproduced, republished, downloaded, posted, broadcast or transmitted in any way except for your own personal use. Prior consent must be obtained for any other use of this material. Harlequin Management Services (South East) Limited - In Administration Joint Administrators Formal Proposals Formal Proposals - the Adm i nistrators propose that they: (a) Continue to manage the affairs of the Company and do all such things in order to achieve Objective 1 of the statutory purposes of the Administration; (b) If appropriate the Joint Administrators will take all steps necessary to settle outstanding Adm inistration costs and issue proposals with regards to a Company Voluntary Arrangement; (c) Should the Joint Administrators determine that a Company Voluntary Arrangement is not a viable prospect, then the Joint Administrators should take all steps necessary to settle outstanding Administration costs and place the Company into Liquidation; (d) If funds become available to allow a distribution to unsecured creditors, the Company will move to Creditors' Voluntary Liquidation in accordance with Paragraph 83 of Schedule 61 of the Insolvency Act 1986; (e) Should the Company enter Creditors Voluntary Liquidation then Anthony Davidson and Stephen Ryman of Shipleys LLP, 10 Orange Street, Haymarket, London WC2H 7DQ, be appointed Joint Liquidators of the Company for the purposes of such winding-up. Any act required to be taken by the Joint Liquidators can be undertaken by either one of them acting independently; (f) Should there be insufficient assets to enable a distribution to unsecured creditors, to allow for further investigations to be conducted into the Company's affairs then the Joint Administrators will take all steps necessary to Petition for the Compulsory Liquidation of the Company; (g) Upon the appointment of Anthony Davidson and Stephen Ryman as Joint Administrators of the Company ceasing to have effect, they will be discharged from all liability in respect of any actions as Joint Administrators; (h) The basis of the Joint Administrators' Post Appointment remuneration be considered and, if appropriate, agreed by either any Creditors' committee appointed or by the Creditors at the Meeting, which is to be held on Friday 12th July 2013 or any subsequent Meeting convened for that purpose and in the event that a Creditors committee is not appointed, agreed by reference to the time spent by them and their staff in the conduct of the Administration in accordance with the Shipleys LLP "Creditors Guide to Fees"; and (i) The Joint Administrators be authorised to draw all Post Appointment, as well as future disbursements (including those as categorised in the revised Statement of Insolvency Practice 9, Category 2), in accordance with the rates of charge as detailed in the Shipleys LLP "Creditors Guide to Fees". Harlequin Management Services (South East) Limited - In Administration Statement to Creditors pursuant to Paragraph 49 of Schedule 61 of the Insolvency Rules 1986 HARLEQUIN MANAGEMENT SERVICES (SOUTH EAST) LIMITED - IN ADMINISTRATION 26th JUNE 2013 TABLE OF CONTENTS Section Page 1 . INTRODUCTION 1-2 . 2 . EVENTS LEADING UP TO THE MAKING OF THE APPOINTMENT OF ADMINISTRATORS 2-5. 3. STATEMENT OF AFFAIRS 5. 4. ACHIEVING THE PURPOSE OF THE ADMINISTRATION 5. 5. MANAGEMENT OF THE COMPANY'S AFFAIRS SINCE THE JOINT ADMINISTRATORS ' INVOLVEMENT 6 -8. 6. CREDITORS ' CLAIMS 8-9 . 7 . PRESCRIBED PART 9 . 8. INVESTIGATIONS 9 . 9. EC REGULATIONS ON INSOLVENCY PROCEEDINGS 9. 10. POSSIBLE OUTCOMES FOR THE COMPANY AND 9-10. CREDITORS 11 . JOINT ADMINISTRATORS ' PRE AND POST APPOINTMENT REMUNERATION 10-11 . 12. JOINT ADMINISTRATORS ' POST APPOINTMENT DISBURSEMENTS 12. 13. FURTHER EXPECTED COSTS TO THE ADMINISTRATION ESTATE 12-13. 14. STATEMENT OF PROPOSALS UNDER PARAGRAPH 49 OF SCHEDULE 61 OF THE INSOLVENCY ACT 1986 13-14. 15. CREDITORS' VOTING RIGHTS 14. Appendi ces STATUTORY INFORMATION APPENDIX 1 STATEMENT OF AFFAIRS POST APPOINTMENT APPENDIX 2 JOINT ADMINISTRATORS ' RECEIPT AND PAYMENTS APPENDIX 3 JOINT ADMINISTRATORS ' PRE APPOINTMENT TIME COST SUMMARY APPENDIX 4 JOINT ADMINISTRATORS ' POST APPOINTMENT TIME COST SUMMARY APPENDIX 5 CREDITORS GUIDE TO FEES APPEND IX 6 FORM 2 . 20B - NOTICE OF A CREDITORS MEETING APPENDIX 7 PROOF OF DEBT FORM APPENDIX 8 PROXY APPENDIX 9 HARLEQUIN MANAGEMENT SERVICES (SOUTH EAST) LIMITED - IN ADMINISTRATION Registered No: 04205220 Registered office situated at Shipleys LLP, 10 Orange Street, London WC2H 7DQ In the High Court: 2989 of 2013 1 . INTRODUCTION 1.1 This report is addressed to the creditors of Harlequin Management Services (South East) Limited ("the Company") and incorporates my proposals as Joint Administrator. As detailed in my letter dated 8th May 2013, I was appointed Joint Administrator of the Company on 3rd May 2013, together with my partner, Mr Stephen Ryman, by the Directors of the Company pursuant to Paragraph 22 of Schedule BI of the Insolvency Act 1986. 1 . 2 Pursuant to Paragraph 51 of Schedule B1 of the Insolvency Act 1986 , I shall be calling a Meeting of Creditors . Further details regard i ng th is can be found at Section 15 of th is report . 1 . 3 Creditors may approve the proposals with or without mod ifi cati ons subject to my agreement to any such modifi cations . If the cred itors reject my proposals a report wi ll be sent to the High Court advising that the creditors have rejected the proposals . The Court may then discharge the Adm i nistration and make consequential d i rections . Alternatively , it may adjourn the heari ng or make some other Order as it thinks fit . 1.4 If my proposals are agreed by creditors, I will continue to control the assets of the Company to the extent that they have not been transferred. I would at some later date arrange for the Company to exit from the Administration, as agreed by the creditors. Based on the information presently available and the current situation it is possible, as detailed in Section 10 of this report, that the Company may move from Administration to Company Voluntary Arrangement. 1 . 5 In accordance with Rule 2 . 106 (5) of the Insolvency Rules 1986 and Paragraph 98 (2) of Schedu le B1 of the Insolvency Act 1986 , shou ld a cred itors' committee not be formed , I shall seek approval of my remunerati on and discharge from liab i lity as Jo i nt Admin istrator from the unsecured creditors of the Company . In the event that I do not receive the requis ite majority approving the resoluti on , then I wi ll need to apply to the Court pursuant to Rule 2 . 108 of the Insolvency Rules 1986 to have my remuneration approved . 1 . 6 For the purposes of Schedule B1 Paragraph 100(2 ) of the Insolvency Act 1986 , both Mr Stephen Ryman and myself act jo i ntly and concurrently i n respect of all actions undertaken as Jo i nt Adm i nistrators . 1 . 7 Albeit that statutory i nformation is contai ned i n Appendix 1 , th is report provides details in relation to the Company's h istory and statutory i nformati on . Th is is based on i nformation held at Companies House and limited information provided by the former Di rectors . 1 . 8 The Di rectorships of the Company held since its incorporation are shown below: Name : Date of Appointment: Date of Res ig natio n: Carol Ann Ames 25/04/2001 - Daniel John Ames 30/06/2006 - 1 . 9 The Company has authorised share capital of 1 , 000 ordinary shares of £1 , which have been issued and fully paid . The Company's shareholders are as follows : Shareholder Type of Share Number of Shares Held: Daniel John Ames Ordina ry 100 Carol Ann Ames Ordina ry 600 David Ames Ordina ry 100 Nicola Jane Kelliher Ordinary 100 Martin Ames Ordina ry 100 2. EVENTS LEADING UP TO THE MAKING OF THE APPOINTMENT OF ADMIN ISTRATORS 2 . 1 The Company was originally incorporated on 25th April 2001 with London Law Services Limited as Nominee Di rector and London Law Secretari al Limited as Nominee secretary . 2 . 2 On 25th April 2001 , London Law Services Li mited and London Law Secretarial Li mited resigned from their respect ive positions and Mrs Carol Ames ('the Director ' ) was appointed D i rector. Mr Daniel Ames was appointed Company Secretary . 2 . 3 The Company was i nitial ly formed i n order to operate as a consultancy and management busi ness by way of providing sales and marketi ng servi ces to a number of i ndependent Compan ies . 2. 4 The Company was financially formed by way of nom i nal personal funds provided by the Director. 2 . 5 From the outset of trad i ng , the Company proceeded to operate from the Director' s home address . The Company relocated to leasehold prem i ses at Un it 29 , Saffron Court, Southfields Industri al Estate , La i ndon , Essex SS15 6SS during 2004 . 2 . 6 The Company uti l i sed the banki ng servi ces of Barclays Bank plc during the course of trading . The D i rector advises that the Company did not uti l i se any overdraft faci l ities or obtain any bank loans . 2 . 7 During 2004 , the Company proceeded to divers ify its business by way of becoming an introducer of finance, to i ndividuals who requ i red financial assistance , and the Company traded under the name "Loans Made Easy". The Company's role was to introduce potenti al clients to vari ous fi nance Companies and on the finance request bei ng successful , the Company would receive a commiss i on from the finance Company .

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