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HARLEQUIN MANAGEMENT SERVICES

( SOUTH EAST) LIMI T ED


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 i nistration 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 I X 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 i s can be found at Section 15 of th i s
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 nistrat i on and make consequential d i rections . Alternat i vely , 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 i strator
from the unsecured creditors of the Company . In the event that I do not rece i ve the
requis ite major ity approving the resolut i 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 conta i ned i n Appendix 1 , th i s report provides details in
relation to the Company ' s h i story and statutory i nformat i on . Th i s i s based on i nformation
held at Companies House and l i mited information provided by the former Di rectors .

1 .8 The D i rectorships of the Company held since its incorporation are shown below :

Name : Date of Appointment : Date of Res i g n atio n:


Carol Ann Ames 25/04/2001 -
Daniel John Ames 30/06/2006 -
1 .9 The Company has authorised share cap ital of 1 , 000 ordinary shares of £1 , which have
been i ssued 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. EVEN TS LEADING UP TO THE MAKING OF THE APPOINTMENT OF ADMIN I STRATORS

2. 1 The Company was originally incorporated on 25th April 2001 with London Law Serv i ces
Limited as Nominee D i rector and London Law Secretar i al Limited as Nominee secretary .

2. 2 On 25th April 2001 , London Law Serv i ces Li mited and London Law Secretar i al Li mited
resigned from their respect ive pos itions and Mrs Carol Ames ('the Director ' ) was appointed
D i rector. Mr Daniel Ames was appointed Company Secretary .

2.3 The Company was i nitia l ly formed i n order to operate as a consultancy and management
bus i ness by way of providing sales and marketi ng serv i ces to a number of i ndependent
Compan ies .

2. 4 The Company was financially formed by way of nom i nal personal funds prov i ded 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 ,
Southfi elds Industri al Estate , La i ndon , Essex SS15 6SS during 2004 .

2.6 The Company ut i l i sed the banki ng serv i 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 fac i l it i es 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 ass i stance , and the Company
traded under the name " Loans Made Easy". The Company' s role was to introduce potent i al
clients to vari ous fi nance Companies and on the finance request be i ng successful , the
Company would receive a commiss i on from the finance Company . The D i rector adv i sed
that the Company had diversif i ed its business due to fresh bus i ness opportun ities that had
arisen . The Director states the Company ceased operating as a provider of consultancy
and management services at that t i me .

2.8 During 2005 , the Company received a request from one part i cular client to ascerta i n
whether fi nance could be raised on an overseas building project that the client had been
developing . The Company duly passed the cl i ent ' s details onto the requisite finance
Company and the fi nanci ng proved successful .

2.9 After ass i sti ng the client with obtaining financing for the overseas project , the D i rector was
once again approached by the client who enquired whether the Company would be
interested in becoming a United Kingdom (' UK' ) agent in order to ass ist with the sale of the
overseas project , whereby , the Company would operate on a comm i ssion basis following
any sales that were generated . After rev i ewi ng this matter , the Company duly entered into
an agreement with the client during 2005 in order to act as its UK agent .

2
2.10 Towards the end of 2005/early 2006, the Director received an offer from a contact asking
whether the Company was interested in purchasing some land in Barbados for the sum of
$10million. Following various discussions, the land was eventually purchased by Mr David
Ames, the Director's husband. After obtaining advice, Mr David Ames duly formed a
company based and registered in the Caribbean, Harlequin Property (SVG) Limited, and
the Company became its sole UK agent. The Company's role was to seek investors who
would be interested in investing in this new property development, which was to be
undertaken in the Caribbean.

2 . 11 Upon becoming the sole UK agent for Harlequ i n Property (SVG ) Li mited , the Company
stopped represent i ng the property developer as the D i rector felt it was more benefi ci al to
represent a Harlequin Company in the UK rather than acting on behalf of another third
party .

2 . 12 The pens i on rules in the UK were changed during April 2006 , whereby UK approved
pensi on plans were able to i nvest i n res i denti al properties . The new rules were attractive to
many UK i nd iv iduals as it offered them both tax advantages and resources to fi nance the
purchase of an overseas property .

2 . 13 Following the initial purchase of land in Barbados , further land was obtained by other
Harlequin Cari bbean Companies , which were operated by Mr Dav i d Ames , and the
Company subsequently became the sole UK agent for these new property ventures .

2 . 14 During the course of trading , the Company became the UK agent for developments in
Barbados , St . Vi ncent , St . Luc i a , the Dominican Republic and Brazil . With each
development , the Company would enter into an agency agreement with the relevant
overseas Limited Company . Once investment had been obtained the Company effectively
acted as the intermediary between the UK investor and the overseas bus i ness . The
Company would undertake the marketing and sales of the various overseas i nvestments to
the private purchasers within the UK and the Company would then receive a comm i ssion
on each i nvestment that had been obta i ned .

2 . 15 On 30th June 2006 , Mr Daniel Ames was appointed Company D i rector . Mrs Carol Ames
also rema i ned in offi ce as a D i rector.

2 . 16 During June 2006 , the Company utilised the services of an external firm of chartered
accountants . As part of these serv i ces , a partner at the firm acted as the Company ' s in-
house accountant . This partner also proceeded to act as an accountant for the various
Cari bbean Companies , which were owned by Mr Dav i d Ames . The Company also util i sed
the services of a further senior manager from the fi rm who speci alised i n prov i ding tax
advice to i nvestors and Company agents .

2 . 17 In addition to the Company' s sales team , the Company started uti l i s i ng the serv i ces of
Independent Financial Adv i sors (' IFA') from 2006 onwards . The IFA' s ass i sted the
Company i n generating further i nvestor i nterest with regards to the overseas developments
that were being undertaken by the Harlequ i n Compan i es .

2 . 18 Due to the i ncrease i n business , the Directors required additional space . Therefore , during
September 2007 , the Company relocated to leasehold premises s ituated at Honywood
Business Park , Honywood Road , Basildon , Essex SS14 3HW.

2 . 19 During September 2009 , the D i rectors became aware that the senior manager from the
accountancy firm referred to above had also been working on behalf of one of the building
Companies that the Cari bbean Companies had been ut i lising . The Directors believed that
th i s business relat i onship constituted a conflict of i nterest and advised that they had not
previously been made aware of th i s profess i onal relat i onsh i p .
2 . 20 The partner at the accounting fi rm gave assurances to the Directors that there was not a
confl i ct of interest as he had only been advising the Directors on what funds were to be
transferred to the Caribbean entities and that the senior manager tax specialist would
ensure that the funds were be i ng utilised correctly .

2.21 However, the Directors advise that it became apparent to them that the information that
they had been provided with had been incorrect and that the building Company in the
Caribbean had been misappropriating the Company funds, which had been transferred
overseas. The Directors had discovered that the level of the misappropriated funds had
increased after the building Company had acquired the services of the same senior
manager tax specialist. After uncovering this matter, the Directors issued proceedings
against the accounting firm for professional negligence and these proceedings are ongoing.

2 . 22 Due to the proceedings brought , the Company had no other option than to instruct a new
firm of accountants , and BDO LLP were appointed .

2 . 23 The Company was contacted by a small group of investors who were request i ng
cancellations to the i r contracts as their properties had not been completed or had not been
prov ided to them on ti me i n accordance with their contracts . The Directors agreed refunds
with those investors and a compromise agreement was entered i nto i n order to sett l e an
acti on that had been i ssued in the Engl i sh Courts for payment of the refunds .

2 . 24 The Company was named as a defendant i n the act i on that had been brought . The
Directors stated that the Company would have filed a defence in its own ri ght if a
compromise hadn 't been reached with the claimants . The Company therefore had to
appear on the comprom i se agreement which ended th i s acti on . However , the refunds were
not paid due to short-term issues with the overseas defendant , Buccament Bay Resort
Li mited , who contracted orig i nally with the investors .

2.24 At the beginning of April 2013, the Company received a Statutory Demand, from one of the
investors, who was trying to recover their investment. The Statutory Demand had been
issued due to the non-payment of their refund.

2.25 As a result of this event, the Directors decided to seek independent advice and proceeded
to contact Shipleys LLP.

2.26 On 17th April 2013, Licensed Insolvency Practitioners advised the Directors on the options
available to the Company. It was ascertained that the main value of the business was
deemed to be the Chattel Assets and connected parties debts.

2.27 Following a review of the Company's financial position, discussions were undertaken with
the Directors regarding the possibility of issuing proposals for a Company Voluntary
Arrangement ('CVA'). It became clear that the Company would have been unable to
produce the relevant proposal documentation and convene the requisite Members' and
Creditors' Meetings in time due to the Statutory Demand that had been served.

2.28 Any immediate Liquidation, either by way of Creditors' Voluntary Liquidation or Compulsory
Liquidation, would have diminished the value of any Company assets and would have
affected the potential realisation of the connected parties debts.

2.29 Trading the business was not a viable option as the Company had ceased trading and the
Company's work force had been made redundant.

2.30 Therefore, in the Licensed Insolvency Practitioners' opinion, an Administration Order would
be the best course of action as the appointed Administrator would be able to maximise
asset recoveries for the benefit of the Company's creditors, and if appropriate, issue
proposals for a Company Voluntary Arrangement.
4
2 . 31 As a result of the adv i ce provided to the Directors , Mr Stephen Blandford Ryman and Mr
Anthony Peter Davidson of Shipleys LLP were appointed Joint Administrators of the
Company on 3rd May 2013 by way of a Director' s appointment pursuant to Paragraph 22 of
Schedule 61 of the Insolvency Act 1986 .

3. STATEMENT OF AFFAIRS

3. 1 Attached to this report at Appendix 2 is a copy of the signed Estimated Statement of Affairs
of the Company as prepared and signed by the Directors . The Statement of Affairs is to be
filed i n the H igh Court of Justice , Chancery Division , London .

3.2 I have reviewed the figures contained in the Estimated Statement of Affairs received from
the Directors, but have not carried out any audit or detailed verification work at this time. It
is possible that there may be some errors and omissions within the Company's records and
this statement should therefore be treated with caution.

4. ACHIEVING THE PURPOSE OF THE ADMINISTRATION

4. 1 The statutory purpose of an Administration consists of three objectives, and I now address
the progress that has been made in this respect.

4.2 The fi rst objective i s the rescuing of the Company as a go i ng concern . This means rescu i ng
the Company with all or most of its business intact .

➢ There remains a possibility that this objective can be met, if the Joint Administrators
consider it appropriate to issue proposals for a Company Voluntary Arrangement
('CVA'). A CVA proposal is likely to be based upon the collection and distribution of the
connected parties debts. The Joint Administrators are currently making enquiries into
the prospect of these debts being repaid.

4.3 The second object ive (to be consi dered if the first objecti ve i s not reasonably practi cal or
would clearly be better for the creditors as a whole) is to achieve a better result for the
creditors than would be obta i ned through an i mmediate wind i ng up of the Company .

➢ As detailed in Section 5 of this report, the Company's assets were valued by an


independent professional valuation firm, Agentcite Limited ('AL'). AL advised that the
assets would generate a better result if they were sold on a market value basis in the
Administration rather than on a break up scenario if the Company had entered into
Liquidation.

4.4 The fi nal purpose is real i si ng assets i n order to make a d i stribution to one or more Secured
or Preferent i al cred itors .

➢ The Company had not granted a debenture to any third party, therefore, no Secured
creditor distributions would be undertaken in these proceedings, however, the Joint
Administrators are anticipating a number of Preferential creditor claims as several
Company employees were made redundant prior to the date of Administration, which
would result in preferential claims being received by the Company.

4.5 Therefore , the Joint Adm i nistrators bel i eve that Objective 1 is achievable . However , if the
Joint Adm i nistrators do not consider it appropriate to i ssue proposals for a CVA , they will
seek to achieve Objectives 2 and 3 .
5. MANAGEMENT OF THE COMPANY ' S AFFAIRS SINCE THE JOINT ADMINISTRATORS '
INVOLVEMENT

5.1 On appointment, the Joint Administrators undertook an immediate review of the Company's
affairs with particular regard to its financial and resource requirements. This assessment
was carried out in liaison with the Directors and other key staff having regard to the
Company's ongoing business commitments and the anticipated cash flows.

5.2 Professional valuers , AL , were i nstructed to undertake a detailed valuation of the


Company' s business and assets .

5. 3 A breakdown of the valuation provi ded by AL was as follows :

Market Value Break Up Value


£ £
Office Furniture & E ui ment 13,780 3,355
Fixtures & Fittin g s 8,330 1,045
Com p uter E ui ment 6,480 1,030
Tota l 28 , 590 5 , 430

5. 4 AL informed the Jo i nt Adm i nistrators that due to the nature of the assets (cons i sti ng ma i nly
of Computer Equipment , Office Furn iture & Equ i pment and Fixtures & Fitt i ngs) a marketing
campa ign should not be undertaken due to the costs that would be incurred in th i s matter .

AL have approached the Directors of Harlequin Hotels & Resorts (UK) Limited ('HHR'), who
traded from the same premises as the Company, in order to ascertain whether HRR was
interested in purchasing these assets on an in-situ basis. AL are currently awaiting an offer
from HHR in this matter.

Should no offer be received from HHR then AL's recommendation is that the assets should
be uplifted from the Company's premises and disposed of on a break up basis.

Therefore, at present the Joint Administrators are unable to provide creditors with any
details pertaining to the sale of the Company's assets, however, this matter will be
addressed in the next report that will be issued by the Joint Administrators office.

5. 5 Should an offer from HHR be rece i ved and accepted for the assets , the Joint Adm i nistrators
must disclose details of the sale , if it is pertained that the sale has taken place with a
connected Company . Please note that the Jo i nt Adm i nistrators must adhere to the contents
of Statement of Insolvency Practice 13 ( E&W) - Acquisition of Assets Of Insolvent
Compan i es By Directors - and that this i nformation will be disclosed i n the next report to be
issued by the Joint Administrators' offi ce should the assets be sold to a connected
Company .

Alternatively, if any creditors wish to provide details of their interest in these assets all offers
submitted will be considered by AL. Should any creditors wish to submit such an offer,
please do not hesitate to contact the Joint Administrators' office upon receipt of this report
so that the relevant contact information can be provided.

6
5.6 Other Assets detailed in the Directors Statement of Affairs

Cash at Bank

Following the appointment of the Joint Administrators, the Company's bank accounts were
frozen with any funds held becoming a realisable asset in the Administration proceedings.
According to the Directors' Statement of Affairs (Appendix 2), the Directors state that
£1,195 is due to be realised in this matter. The Joint Administrators had written to the bank
in order to recover these funds and as you will note from the Receipts & Payments account,
see Appendix 3, funds totalling £2,056 were realised in this matter.

Trade Debtors

As detailed in the Director's Statement of Affairs (Appendix 2), the Directors state that the
Company had an outstanding debtor ledger of £42,055 at the date of Administration. The
Directors however believe that these debts will prove unrealisable and therefore the
estimated to value for the debtor ledger is shown as Nil. The Joint Administrators are in the
process of pursuing these debts.

Funds due from Related Parties

According to the Director' s Statement of Affairs (Appendix 2) , the Directors state that there
are a number of related parties , wh i ch owe the Company £86 , 341 , 302 . These funds relate
to dealings with a number of connected Companies . However , for the purpose of the
Statement of Affairs , the Directors have shown the estimated to real i se fi gure as uncertain .

The Joint Administrators are making enquiries as to how these debts have been incurred,
reviewing the accuracy of the amounts that have been listed as owed and the prospects of
these being paid.

5. 7 Other Potential Asset Realisations

Motor-Vehicle

The Company had entered into a lease agreement with Lex Auto l ease with regards to a
motor-vehicle ( Range Rover - Reg i strat i on Number : AK11 URR ). Please note that AL have
rev i ewed th i s matter and have ascertained that the current outstand i ng finance , total li ng
approximately £38 , 000 , exceeds the current value of th i s asset .

AL have valued the motor-vehicle and have advised that on a willing buyer scenario the
asset would have a value of £34,500, while on a forced sale basis would realise £29,000.
Therefore, as there is no realisable equity in this motor-vehicle, the Joint Administrators
have no further interest in this particular asset.

Leases

As detailed earlier in th i s report , the Company operated from leasehold premises s ituated in
Basildon , Essex . AL have been provided with cop i es of the relevant leases , however ,
follow i ng thei r rev i ew of these documents , AL have informed the Joint Administrators that
the leases have no realisable value i n the Adm i nistrat i on proceedings . Therefore , the Joint
Adm i nistrators wi ll contact the Landlords in order to surrender these l eases accordingly .

5.8 Other Realisations

As can be seen from the attached Receipts and Payments account at Append ix 3 , there
have been the followi ng realisations :

7
Freehold Property Sale

Duri ng the course of trading , a number of overseas properties were purchased utilis i ng
Company funds . A Legal Charge of Property Deed was entered i nto whereby the Company
has a beneficial interest in these properties . Followi ng the recent sale of a property in
Dubai , the Joint Admin i strators have received sale proceeds totalling £200 , 000 . The Joint
Administrators are currently in the process of obtaining an up to date position with regards
to the vari ous properties to establish whether these have been sold or if they are be i ng
marketed for sale . This may result i n further funds bei ng realised in the Adm i nistration .

Voluntary Payments

Prior to the Joint Administrators' appointment, Mr David Ames, husband of Mrs Carol Ames
and father of Mr Daniel Ames, provided personal funds totalling £10,000 to Shipleys LLP to
cover any costs that may have been incurred by this office in the event that no asset
realisations were made.

Refund of Solicitors Client Account

The Joint Administrators rece ived a cheque in the sum of £67 . 74 from Jeffri es Solicitors
with regards to the funds that were held in the i r cl i ent account .

6. CREDITORS ' CLAIMS

6. 1 Secured Creditors

6. 1 . 1 Please note that the Company had not granted a debenture to any third party and therefore
the Jo i nt Admin i strators do not antici pate rece i ving any Secured creditor claims i n these
proceed i ngs .

6.2 Preferential Creditors

6.2. 1 Prior to the date of Adm i nistrat i on , the Directors made a number of Company employees
redundant. The Joint Administrators are therefore anticipating a number of preferential
claims with regards to outstand i ng wages and holiday pay in these Administration
proceed i ngs .

6. 3 Unsecured Creditors

6.3.1 From the information provided by the Directors it is anticipated that unsecured creditor
claims will amount to £89,128,851. To date, the Joint Administrators have received
unsecured creditor claims totaling £6,166,149.

6. 3.2 Based on present i nformat i on , the Jo i nt Administrators are unable to prov i de details as to
the likelihood of any unsecured distribution as this wi l l be dependant on any further asset
realisations , preferent i al cred itor cla i ms and any costs that have been incurred in these
Admin i stration proceedings .

6. 3.4 Attached to this report i s a l i st of the Company ' s cred itors whose details have been
provided by the D i rectors .

6.3.5 Following my appointment, I received numerous claims from Company investors, however,
it appears from the documentation that has been provided that the Company only acted in
an intermediary capacity between the investor and the relevant overseas Companies.
6.3.6 For the purpose of th i s report , the Joint Adm i nistrators have not recogn i sed these potential
investor claims as the contractua l relat i onsh i p is between the i nvestor and the overseas
Companies . The Jo i nt Admin i strators are currently seeking legal advice in th i s matter and
wi ll update creditors of th i s opinion in due course .

6. 3.7 However , pend i ng rece i pt of the legal advice , i nvestors are entitled to subm it details of the i r
unsecured claim to the Joint Admin i strators offi ces .

7. PRESCRIBED PART

7.1 Under the provisions of Section 176A of the Insolvency Act 1986, I must state the amount
of funds available to unsecured Creditors in respect of the prescribed part. This provision
only applies where the Company has granted a floating charge after 15th September 2003
and where it is estimated that the Company will have, after discharging the costs of the
Administration and preferential creditors claims, net property exceeding £10,000.

7.2 The Company had not granted a floating charge to any cred itor, and consequently there will
be no prescribed part in th i s Admin i strati on .

8. INVESTIGATIONS

8. 1 Investigations i nto the Company ' s affairs and the conduct of the D i rectors prior to the
Company be i ng placed i nto Administration are ongoing .

8.2 I have commenced detailed investigations into the Company's affairs and a report on the
conduct of the Directors will be submitted to the Department of Business, Innovation and
Skills in due course.

8.3 I should be grateful if creditors could notify me in writing should there have been any
matters relating to the Company, or the Directors' conduct, that requires further
investigation as a matter of urgency.

9. EC REGULATIONS ON INSOLVENCY PROCEEDINGS

9. 1 I am requ i red under the Insolvency Rules 1986 to state whether and if so the extent to
which the above regulati ons apply to this Adm i n i stration . In th i s particular case the EC
Regulat i on will not apply to this Adm i nistration there being no establ i shment outside the
UK .

10 . POSSIBLE OUTCOMES FOR THE COMPANY AND CREDITORS

10.1 The Insolvency Act 1986 and Insolvency Rules 1986 provide a variety of options regarding
the possible exit routes for the Company from the Administration, being primarily a
Company Voluntary Arrangement, Liquidation or Dissolution of the Company.

10 . 2 As referred to above , there i s a possib i l ity of the Company exit i ng the Admin i strat i on via a
CVA . The Jo i nt Administrators are currently making enqu i ri es into the prospect of the
connected part ies debts being repaid and , if it transpires that these are l i kely to be received ,
consider issu i ng proposa l s for a CVA .

10.3 However, if the Joint Administrators believe that the CVA is not a viable prospect, should
the connected parties debts not generate the requisite funds or prove unrealisable in these
proceedings, then the Joint Administrators recommendation would be to place the
Company into Liquidation.

9
10.4 Creditors' Voluntary Liquidation is considered in the best interests of creditors because a
Liquidator has the power to make a distribution to unsecured creditors without the need to
make an Application to Court for sanction, thus saving any legal costs that may be incurred
in this matter.

10 . 5 I propose that my fellow pri nci pal Stephen Ryman and I be appo i nted Jo i nt L i qu i dators
should the Company be placed into Creditors Voluntary Liquidation . However , in
accordance with Paragraph 83 (7 ) of Schedule 131 of the Insolvency Act 1986 and Rule
2 . 117A (2 )( b) of the Insolvency Rules 1986 , creditors may nominate a d ifferent person as
the proposed Liqu idator in the event of a Cred itors' Voluntary L i qu i dation , provided that the
nomination is made before the Proposals are approved .

10 . 6 In accordance with Secti on 231 of the Insolvency Act 1986 , any act required to be taken by
the Joint Li qu i dators can be undertaken by e ither one of them acting i ndependently .

10 . 7 Under the amended provis i on of the Insolvency Act 1986 and 2000 , there is no requirement
for an additional Members and Cred itors Meeting to be convened to place the Company
into Creditors' Voluntary Li quidat i on . This i s because the creditors can agree to the
nominated L i quidator at the meeti ng to be held by correspondence . As a result , the
transition from Admin i stration to Liquidat i on is relat i vely seamless .

10.8 Unlike a Compulsory Liquidation, which is another option available to the Company, under
Creditors' Voluntary Liquidation, a Liquidator is not required to place asset realisations in an
Insolvency Service Account which would incur the following taxes:

Charg e on the fi rst £2 , 500 . 0%


Charg e on the next £1 , 700 . 100 %
Charg e on the next £1 , 500 . 75%
Charg e on the next £396 , 000 . 15%
Charg e on the Balance until total of £80 , 000 taken i n fees . 1%

10.9 Should there be insufficient funds available to make a distribution to unsecured creditors,
but further investigations into the Company's affairs and the Directors conduct are required,
then the Joint Administrators will issue a Petition in order to move the Company into
Compulsory Liquidation.

10 . 10 The Joint Adm i nistrators do not feel that D i ssolut i on is an appropr i ate ex it route from the
Admin i stration .

11 . JOINT ADMIN I STRATORS ' PRE AND POST APPOINTMENT REMUNERATION

11.1 Under the Insolvency (Amendment) Rules 2010, Joint Administrators are able to request
payment of Pre-Administration costs as an expense of the Administration. These costs are
fees charged and expenses incurred by the Administrators, or another person qualified to
act as an Insolvency Practitioner, before the Company entered into Administration but with
a view to it doing so. I advise that I have incurred time-costs of £33,113.86 prior to my
appointment. My time-costs represent a total of 82 hours and 15 minutes. A full breakdown
of this time is attached at Appendix 4. Creditors may recall from my initial letter, dated 8th
May 2013, that time-costs of £28,323.28 had been incurred prior to my appointment,
however, please note that the additional £4,790.58 relates to un-posted time-costs, which
had not been accounted for when the letter had been produced at that time.

11 . 2 In accordance with Rules 2 . 33(2A) and 2 . 33(26)1 disclose the following :

11 . 2 . 1 On 19th April 2013 , the Directors instructed Sh i pleys LLP to ass i st them with the formalities
of enteri ng into Admin i strat i on and to provide advice thereon .

10
11 . 2 . 2 Work carried out by Shipleys LLP i ncluded liais i ng with key stakeholders , advising on
employee i ssues , consultations and adv i sing the Company generally .

11 . 2 . 3 This work was carri ed out so that the Joint Adm i nistrators could better achieve the object i ve
in order to enable a more expeditious return to creditors whilst managing and m it i gating the
impact of the insolvency for the Company ' s creditors .

11 . 2 . 4 Pre-appointment fees and expenses i ncurred by the Joint Adm i nistrators or by the
Company under the i r recommendation are detailed below :

11 . 2 . 4 . 1 Shipleys LLP have incurred time costs totalling £33 , 113 . 86 , exclusive of VAT i n
relation to adv i ce and ass i stance g iven as deta i led in Paragraph 11 . 2 . 2 .

11 . 2 . 4 . 2 Shipleys LLP did not incur any pre appointment disbursements .

11 . 2 . 4 . 3 Sol i citors , Charles Russell LLP ( ' CRLLP ' ) , prov i ded adv i ce and ass i stance with
regards to a number of pre-appointment issues . CRLLP i ncurred costs of
£9 , 918 . 50 plus VAT in relat i on to th i s advice .

11 . 2 . 4 . 4 No pre appo i ntment costs were incurred by any other Insolvency Pract it i oner .

11 . 2 . 4 . 5 The payment of the unpaid pre-adm i nistration costs set out above at 11 . 2 . 4 . 1 as
an expense of the admin i stration is subject to the approval of cred itors in
accordance with Rule 2 . 67A and is separate to the approval of the Joint
Adm i nistrators ' Proposals . Th i s approval wi ll be the responsib i lity of the Creditors'
Committee if one is appointed , or alternatively , by resolution of the meet i ng of
Creditors to be held on 12th July 2013 , where there is no Comm ittee . A separate
resolution regarding the approval of pre-appo i ntment costs can be found on the
form of Proxy at Appendix 9 .

11 . 3 Pursuant to the Insolvency Rules 1986 , the Joint Administrators are obliged to fi x the i r post
appointment remunerat i on in accordance with Rule 2 . 106 of the Inso lvency Rules 1986 .
This permits remuneration to be fixed either :

(1) as a percentage of the value of the property with wh i ch he has to deal ; or

(2) by reference to the time properly given by the insolvency practitioner (as
Administrator) and his staff in attending to matters arising in the Administration; or

(3 ) as a set amount ; and /or

(4) as a combination of the above .

In this instance I am request i ng approval of my remuneration by reference to the ti me


myself and my staff have spent attending to matters in this Administration .

I attach at Append i x 5 a schedule that summar i ses the time that has been spent in
administering th i s Administration to 26th June 2013 . The ti me costs total £69 , 796 . 79 , which
represents a total of 227 hours and 20 m i nutes work , at an average charge out rate of
£307 . 03 per hour .

11 . 4 For your reference , I attach at Appendix 6 a Cred itors Gu i de to Adm i n i strators ' Fees and a
document outlining the policy of Shipleys LLP in respect of fees and d i sbursements .

11
12 . JOINT ADMINISTRATORS ' POST APPOINTMENT DISBURSEMENTS

Where disbursements are recovered i n respect of precise sums expended to th i rd parties


there i s no necessity for these costs to be authorised , except for when they are i ncurred pre
appointment . These are known as Category 1 disbursements . We therefore report that the
sum of £1 , 855 . 95 has been incurred in respect of Category 1 disbursements as follows :

Disbursements Post appointment


disbursements
£
Advertising 84 . 60
Postage 429 . 18
Storage 1 , 307 . 97
Compan i es House Searches 22 . 00
Travel Costs 12 . 20
Total 1,855.95

Administrators often charge expenses for example stationery, photocopying charges and
fax cost. Such expenses, which are attributable to cases, require the approval of the
creditors, regardless of when they are incurred, before they can be drawn and these are
known as Category 2 disbursements. I can confirm that Category 2 disbursement expenses
totalling £1,479.00, have been incurred as follows and require the specific approval of the
creditors:

Disbu rsements Post appointment


disbursements
£
Photocopying 1,479.00
Total 1 , 479 . 00

13. FURTHER EXPECTED COSTS TO THE ADMINISTRATION ESTATE

13 .1 SOLICITORS FEES

CRLLP have incurred costs and disbursements to date, of £25,248.95 and £8,635 (which
include Counsel fees) plus VAT respectively, with regards to advice and assistance that
they have provided to the Joint Administrators on a number of legal matters that existed
prior to the date of Administration and following the Joint Administrators' appointment.

13.2 AGEN TS FEES

As detailed earlier in this report, a professional valuation firm, AL, were instructed in order
to undertake an inventory of the Company's assets and to provide the Joint Administrators
with a detailed report as to the values of these assets. I can confirm that this process has
been undertaken by AL and their valuation report has been received in this matter,
however, the Joint Administrators have not yet been informed of AL's costs to date.

13.3 IT Specialist Firm Fees

Following my appointment as Joint Administrator, I duly instructed an IT Specialist Firm,


Palmer Legal Technologies Limited ('Palmer'), to attend the Company's premises on 8th
May 2013 in order to obtain a copy of the Company's computer server. I can advise that I
received an invoice from Palmer in the sum of £1,382.48 plus VAT and this has been
discharged from funds held in the Administration estate.

12
In addition, Palmer also attended the Company's premises with the Joint Administrators on
14th June 2013 in order to provide further IT assistance and support. Palmer have informed
the Joint Administrators office that further costs totaling £3,800 plus VAT have been
incurred, however, the Joint Administrators have not yet received an invoice in this matter.

1 3.4 Statement of Affairs

In order to comply with the Joint Administrators' request for a Statement of Affairs, the
Directors duly instructed a firm of accountants, Baker Clarke, to provide them with
assistance in completing this documentation. Baker Clarke have informed the Joint
Administrators' office that their costs to produce the Statement of Affairs is £6,000 plus
VAT. Please note that these costs are to be discharged as an expense in the
Administration.

14. STATEMENT OF PROPOSALS UNDER PARAGRAPH 49 OF SCHEDULE 61 OF THE


INSOLVENCY ACT 1986

14 . 1 In accordance with Paragraph 49 of Schedule 61 of the Insolvency Act 1986 , it is proposed


that the Jo i nt Adm i nistrators :

(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
Administration 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 131 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
13
(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".

15 . CREDITORS ' VOTING RIGHTS

15.1 As discussed in Section 1 above, pursuant to Paragraph 51 of Schedule 131 of the


Insolvency Act 1986, I shall be calling a meeting of creditors, formal notice of which can be
seen at Appendix 7.

15 . 2 Having cons i dered this proposal , creditors are entitled to vote for the amount of their debt
by completing and returning the Proof of Debt and Proxy at Appendices 8 and 9
respect i vely and these are to be rece ived at the Jo i nt Adm i nistrators offi ces by no later than
12 . 00 p . m . on Thursday 11th July 2013 . Creditors who have un-l iqu i dated or unascertained
debts may only vote if an estimated m i n i mum value is placed upon their debt for the
purpose of voti ng ent itlements .

15 . 3 The Joint Adm i nistrators have the right to reject any cred itor' s claim in whole or i n part for
the purpose of h i s or her entitlement to vote . Any cred itor whose cla i m i s so rejected has
the ri ght of appeal to the Court within 28 days of the filing of the Chairman ' s Report on the
meeting .

Should you have any queries in relat i on to this matter , please contact Mr Grant Meadows of this
office .

,"' 26th June 2013

14
Appendix I
sh i e I
Ch artered Accou ntants & Pro fe s s io na l B us i n ess Ad vfse rs

HARLEQUIN MANAGEMENT SERVICES (SOUTH EAST) LIMITED


- IN ADMINISTRATION

Statutory Information
s i e y s LL:P
Chartared AcCiLin3ants & Profe•, u ,i ?usiciess Adyisers

HARLEQUIN MANAGEMENT SERVICES (SOUTH EAST) LIMITED


- IN ADMINISTRATION

Company Information :

Company Name Harlequin Management Services (South East) Limited


Company Number 4205220
Date of Incorporation 25th April 2001
Trading Address 11 Honywood Business Park , Honywood Road , Basildon , Essex
SS14 3HW
Registered Office C/o Shipleys LLP , PO Box 60317 , 10 Orange Street , London WC2H
7WR
Principal Activity Real Estate Agency
Previous Trading Names None

Appointment Details :

Date of Appointment 3rd May 2013


Appointment made by D irectors under P aragraph 22 of Schedule B1 of the Insolvency Act
1986
Court Address High Court of Justice, Chancery Division, London
Court Reference 2989 of 2013
Administrators Anthony Peter Davidson IP Number: 11730
Stephen Blandford Ryman IP N umber: 4731

Director and Shareholder :

Company Directors Carol Ames & Daniel Ames

Company Secretary Daniel Ames

Shareholder Ordinary
Carol Ames 600
Daniel Ames 100
David Ames 100
Nicola Kelliher 100
Martin Ames 100
Total : 1 , 000

Share Capital

Authorised Allotted , called up and fully pa i d

1 , 000 ordinary shares of £1 each 1 , 000 ordinary shares of £1 each


Appendix 2
sh ipP JY D
Chartered Accountants & Professional Business Advisers

HARLEQUIN MANAGEMENT SERVICES (SOUTH EAST) LIMITED


- IN ADMINISTRATION

Statement of Affairs
Rule 2 .29 Form 2.148

Statement of Affairs
Name of Company Company number
Harlequin Management Services 04205220
(South East) Limited

In the Court case number


High Court of Justice, Chancery Division 2989 of 2013

Statement as to the affairs of Harlequin Management Services (South East) Limited of 11


Honywood Business Park, Honywood Road, Basildon,. Essex SS14 3HW on the
3 May 2013, the date that the Company entered Administration.

Statement of Truth
I believe that the facts stated in this statement of affairs are a full, true and complete
staternenc of the affairs of the above named Company as at 3 May 2013 the date that the
company entered Administration.

Full name: <::;^L. _ &p(nJ 44.t, --^

Signed: (:2a!^ yo - G=t_^

oatea: ^-5 { 6 ( ^ `^
A - Summary of Assets

Assets

Assets subject to fixed charge:

Assets subject to floating charge:

Uncharged assets:
fs x Q d Ass*--k-s
^ia*^1^C Octid- CaSh - S^° e .5^.1-^a_d^. v. t4.

bu e f^r ,n, ^ rCA o. p o ^fttcs - s e.a . Scl-^4

Estimated total assets available for preferential creditors

Signature: Date: 05-101 3


Harlequ in Management Servfces (South East) Limited
Summary of Assets

Fixed Assets
Baok. Estimated
Value to Realise
f £

Office Equipment 1 1,612.00


wrnilure & FfxWres 26,913.00
Exhlbidon(showroan equipment 47,986.OU
Improvements to premises 6,986.00
Computer equipment isz,xn.oa
235, 734.00

Ba nk Accounb
eook Estimated
Value to Ree lisa
f £

Barclays CumentAaount -4,615.00 -4,625 .00


.t
Bardays USD Acoourd 2312 3 231. 23
Petty Cash 1,787.91 1,787.91
Bardays qtmt Accau nt -160. 56 -16156
Bank of St Lucia Aamunt 2,438. 65 2,438.65
Banco Popular 1 ,512 . 81 1,512.81
1 ,195.04 1, 195.04

Trade Debto rs
Book Estimate d
Valu e to Realise
£ £

Baker 17IIy 6o,oo 0.00


Bridcsbodc Wea lth Manageme nt Ltmited 25,311.01 0.00
Rob & Wendy 3ones 1,609.67 0.00
Harlequln Hol din gs (SE) Partners hip 15,075.12 0.00

42,055.80 0.00

Book Estimated
D u e From Related Pa rties Valu e to Reatise
£ £
Due from Rdoted Aortler,

ovenew de velopmenr compaNrs


H a rlequin Prop ertks (Ca ribbea n) Llmt=ed 2,652,532,50 Uncertain
Harle quin Boutique Hotd Ltd ( Ba rbad os) 943,573.90 Uncertain
Harl equin Prop erty (SVG) Ltd 22,313,38811 Uncertain
Ha rt equtn Barbados Prop e rty Ltd 1,159,044.76 Uncertain
Ha rl equin Developments Limited 30,674,486.71 Uncertain
Harl equin Boutiq ue Hotel (St Luelo) ud 3,818,736.19 Uncertain
Ha rl equin Liavry Hotels Barbados Ltd 3,396.758.39 Uncertain
64,957,501.86

Overseas Trodlnp compaaiv


Harl e quin USA 188.00 Uncerta in
H arle quin Air Limited L439,510 . 52 Unartafn .
Blu Ho:e l Limited 399,283 . 11 Uncertain
Bua ameM Bay Resort Ltd 19, 413,018 .19 Uncertain
21,256,999.82

Shareholders;
Da nie l Ames 49,99 7.01 Uncerta in
Matt Am es 32,oos.59 Uncertain
N ( ro lo Ke0lher 44,795.23 Un certa in
D ave Ames a,oo UncertaU
12 6,800 .93

Total 86, 341 ,302.61 0.00

TOTA L ASSETS 86, 620, 287. 45 8,695.04


Al - Summary of Liabilities

Estimated
to reatise
£

Estimated total assets available for preferential creditors £ '?, 6 g 5


(carried from Page A)

Liabilities
Prefe rential creditors:- 5,'l 61

Estimated deficiency/surplus as regards preferential cred itors £2-0 3,+

Estimated prescribed part of net property where applicable Q N^ L


(to carry forward)

Estimated total assets available for floating charge holders £

Debts secured by floating charges £ IV ^ ^-

Estimated deficiency/surplus of assets after floati ng charges £

Estimated prescribed part of net property where applicab le £


(brought down)

Total assets available to unsecured creditors £

Unsecured non-preferential claims (excluding any shortfall to £ 89,0.


floating
tcharge ^ae careo^.tor% 6 z $ ^ . ^+ a
4,^e_. and Nt , 136,3 3
holders) s^^,^. ^^ ^ c,
^UW^M1SSIo1 ^' 1CSS^' O^ t 000^ Op0
e -}o r o ^ r^ ^8^, 6o3^ b96
Estimate d deficiency/surplus as re gas non -prefere ntia l ^£gq^ 12-<,9
cred itors (excl ud in g a ny shortfall to floati ng charge holders )

Shortfall to floating charge holders (brought down) £

Estimated deficiencylsurplus as regards cred itors £

Issued and called up capital £tooo

Estimated total deficiency/surpl u s as regards membe rs C £ 4 9' ^ 1-1 ✓


Date:

S i nature: ' •
Harlequin Management Services (South East) Limited
Summary of Liabilities

Preferred Creditors
Book
va lue
f

Net wages 34,279.61

34,279.61
iR 'G1SIiY^

Unsecured non - preferential daims


Book
Value
£

Trade Creditors- see attached 4,287,455.58


Paye.and national insurance 236,340.70
Student Loans 1,358.00
Sales staff commission un paid- esti mated 1,000,000.00

5,525, 1 54.28

Book
Due to Related Parties Value
£
Due to Rdated PaR,tes:

UK Trading companies
HQ Worldwide Ltd 9,314.68
Harlequtn Travel Ltd 21, 785 . 86
32 , 100.54

Devdopment Companies
•Harlequin Property Brazil Ltd 1,530,022.55
Harlequin Resorts (St Lucia) 4td 28,258,656.53
Dominican Republic-(Waters Meet Beach Reson: 38,994,414.11
68,783,093.19
Unal/ocated Investors deposits
Harlequin - Jamaica 34,902.14
Suspense payments 92,946.67
Ravenswood 18,750.00
i46.598.81

Overseas Trading companies


• Harleq uin Hotels & Resorts Limfte d 9, 095,614.54
9, 095, 614.54
Due to Sharehotders;
Mrs & Mr Carol and Dave Ames 16,373 .80
16,373 . 50

78,072,780.88

TOTAL LIABILITlES 83,632,214.77


Trade Creditors Report
Details of any Date
Amount of security held security Value of
Name of Claimant Address with Postcode debt £ by creditor given security

1994 Ltd 4 Friarsgate 54 ,978 .65 None N/A N/A


White Friars
Chester
CH 1 1XG

3C International Property Investments Ltd 5 Gorringe Road 28,04 0.e8 None N /A N /A


Eastbourne
BN22 8XL

5RB Mr Jacob Dean 5 Raymond Buildings 420 . oo None N /A N/A


Grays Inn
London
WC1R 5BP

Aberdeen Chauffeur Drive 101 Hutcheon l ow Drive a o.oe None N/A N/A
Aberdeen
AB21 9WJ

Acorn - Education Ltd 6 St Georges Lodge 6 ,66 7 .75 None N /A N/A


Weybridge
Surrey
KT13 OAB

Adams Catering 6 Ozonia Walk 873 . 00 None N/A N/A


Wic kford
Essex
SS12 OPH

AGWM Ltd Westfield Farm House 238 , 500 . 00 None N/A N/A
Stratford Road
Loxl ey
Warwickshire
CV35 93W

Aladdin Solutions Limited Ashlings Farm - 932 . 71 None N/A N/A


Blackmore Road
Blackmore
Ingatestone, Essex
CM4 OJU

Alan Graham Westfield Farmhouse 22 , 953 . 85 None N/A N/A


Stratford Road
Loxley
Warwickshire
CV35 93W

Alexander James Properties Ltd Kestrel Lodge 2 , 300 . 00 None N/A N/A
Upper Hexgreave
Famsfield , Newark
Nottinghamshire
NG22 8LS

aex okoiidon 14 Henderson Busi ness Centre 1 ,838 . 39 None N/A N/A
Ivy Road
Norwich
NR5 8BF

Affie Morrison 5 Linkwood Court 1 , 539 . 96 None N/A N/A


Elg i n
Moray
IV30 6LD

No address, unl i kely to have


Altamont Court Hotel been paid 1 5. 9o None N/A N/A
7 Harpurs 4 , 799 . 92 None N/A N/A
Harpurs Limited
Tadworth Park
Tadworth
Surrey
KT20 5UD

12 Broadmeadow Avenue 11,75o.oo None N/A N/A


Andrew Furzer
St Thomas
Exeter
Devon
EX4 1]Q

T/A ACJ Properties 1 ,9oo .oo None N/A N/A


Antionette Joseph
Garden Flat
174 Castle Hill
Reading
RG1 7RP

Eag l e Wharf 3 , 725 . 85 None N/A N/A


The Armarium Group Ltd
45 Lafone Street
London
SE1 2LX
Great Britain

Asquith International 198 Shaftsbury Avenue 1e 1 .69 None N/A N/A


Harrow
Midd l esex
HA2 OHW

Asset House a , ooi . oo None N/A N/A


Asset Property Brokers Ltd
Church Road , Nenney
Frome
Somerset
BAll 4LW

Assets Intemational 2 Tyler Close 2 1, 702 .44 None N/A N/A


Edith Weston
Rutl and
LE15 8EX

Atlantic Partnership LLP The Oast Offices, Park Barn Farm 19 , 154 . 4o None N/A N/A
Canterbury Road
Ashford
Kent
TN25 4EW

Atlantic Overseas Investments Ltd The Oast Offices 1 ,700.34 None N /A N /A


Park Ba rn Farm
Canterbury Road
Ashford , Kent
TN25 4EW

No address , likely to have been


Aurigny . com paid 7 . 8o None N/A N/A

Axis Property Investment Ltd Pavilion House 19,571 . 07 None N/A N/A
Tournament Court
Edgehill Drive
Warwick
CV34 6LG

Azure Solutions (UK) Ltd 25 Bridge Street 22,375 . 00 None N/A N/A
Newport
Gwent
NP20 4B

Steve Bailey 3501 Ceitus Pkwy 869 . 07 None N/A N/A


Cape Coral
FL 33991
Un ited States

The Baker Clarke Partnership Ltd Swiss House 3 , 671 . 01 None N/A N/A
Beckingham Street
Tolleshunt Major
Essex
CM9 8LZ

Barnes Interiors Ltd Unit 1 Urban Drive 8 ,5 2 1.2o None N/A N/A
410 Avenue West
Skyli ne 120 , Gt . Notley
Essex
CM77 7AA

t/a Barrington Group


B . G Butcher International 100 . 08 None N/A N/A
Crowsheath Farm H ouse
Hawkswood
Downham
Essex

BDO LLP Prospect Place soo.oo None N/A N/A


85 Great North Road
Hatfield
AL9 5BS

Beach Belles 157 Queens Road 6 , 329 . 33 None N/A N/A


Weybridge
Surrey
KT 13 OAD

Brenda McAllister T/A Beba International Properties 11 , 666 . 8o None N/A N/A
30 Wi lson Avenue
Troon
KA10 7A)

Bernard Moore 20 Du rnsford Road 1 , 083 . 50 None N/A N/A


Wimbledon
London
SW19 8HQ

Blue Bay Travel Ltd Unit A4 io , ooo . oo None N/A N/A


Bellringer Road
Trentham Business Quarter
Stoke on Trent
ST4 8GB

Blue Mountain Security Solutions Ltd Brodle Farm 39 , 951 . 48 None N/A N/A
Llanybri
Carmarthen
SA33 5AN

Blue Sky Property Investment 141 Neil Armstrong Way 3 , 867 . 85 None N/A N/A
Eastwood
Essex
SS9 5UF

Lauthan Developments Ltd 39 Chapelwell Street 6 , 375 . 09 None N/A N/A


Sa l tcoats
Ayrshire
KA21 5EB

Bragagnini Associates Ltd Thinc House 166 . 25 None N/A N/A


56 Princes Road
Buckhurst Hill , Essex
IG9 5DZ

Brooksfeller International 46 Blackboy Road 2,667.2o None N/A N/A


Exeter
Devon
EX4 6SZ

Bucki nghams International 6 Station Approach 2 , 833 . 70 None N /A N /A


Virginia Water
Surrey
GU25 4DL

Buy Overseas Ltd Map House 9,956. 4 5 None N/A N/A


3rd Floor
34-36 St Leonards Road
Eastbourne
BN21 3UT

Buy To Let Investors Ltd Provincial House moo.io None N/A N/A
3 High Street
RYDE
P033 2PN

Cannon Hill Services 323 Cannon Hill Lane 1e,6oo.oo N one N/A N/A
London
SW20 9HQ

Cap ital Foundatlons Ltd Brick House 2,000.0o None N/A N/A
150A Station Road
Woburn Sands
Bucks
MK17 8SG

Caribbean Investments Ltd All Saints Bam 1 48z7 N one N/A N/A
Swash Lane
Rackheath
Norwich
Norfolk

Caribtours Ltd 210 New Kings Road 4 ,7 40.oo N one N/A N /A


London
SW6 4NZ

C a Aton Nembhard Regus House 34 , 550 . 00 N one N/A N/A


54 Clarendon Road
Watford
Hertfordshire
WD17 1DU

Carol J M uhammed 80 Earlham Grove 1,205.80 None N/A N/A


Forest Gate
London
E7 9AR

Carter Ruck 6 St Andrews Street 25 ,050 . 66 None N/A N/A


London
EC4A 3AE

CashFriday PO Box 10484 3, 291.36 None N/A N/A


Harlow
CM20 9GY

CAS Clarks Shredding - Head


CAS Ltd Office aa zo None N/A N/A
Stour Valley Business Centre
Brundon Lane
Sudbury
Suffolk

CasUeoak UK Ltd 6 New Bridge Street 2,500.4o N one N/A N/A


London
EC4V 6AB

Cedar Commun i cations 85 Strand 7,200.0o N one N/A N/A


London
WC2R ODW
7 Gorsty Bank 1 0 ,882 .9o None N/A N/A
Charles Thomas Inl Property Consultants
Lichfield
Staffs
WS14 9UB

56 High Street t ss.zo None N/A N/A


Chelmsford Plumbing and Heating
Great Baddow
Chelmsford
Essex
CM2 7HH

T/A Positive Plus Property


Investments 15,945.66 None N/A N/A
Chris Jones
39 Carlton Crescent
Beddau
Pontypridd
CF39 2RS

CHALFONT PARK HOUSE 104 .4o N one N/A N/A


Citrix Online UK Ltd
CHALFONT PARK
GERRARDS CROSS
SL9 ODZ

8 Hungerford St 8,333 . 33 None N/A N/A


Compass
Cheltenham
Glos
6L50 4HN

7 Hinchley Road 1,9oo.oo N one N/A N/A


Concept Consultancy Properties Limited
Blackley
Manchester
M9 7FG

Contrast Investments 3rd Floor, MAP House 76 ,8oo . oo None N/A N/A
34-36 St Leonards Road
Eastboume
BN21 3UT

Cooperford Ltd 2 Belvedere Avenue 7,ooo.oo None N/A N/A


Hockley
Essex
SS5 4UL

Comhill Property Investments Ltd 6th Floor 9 ,999 .7o None N/A N/A
52 Lime Street
London
EC3M 76S

Croucher B. T/A Cost Reduction Analysis Wentworth, 4B The Picquet 3 , 655 . 00 None N/A N/A
Bratton
Westbury
Wiltshire
BA13 4RU

Crystal Sawden 8b Crabbton Close Road 7,470.oo None N/A N/A


Boscombe
Bournemouth
Dorset
BH5 1HL

Crystal Sands Investments Ltd 78 Lower Vicarage Road 21,650.04 None N/A N/A
Kennington
Ashford
Kent
TN24 9AP

David Peachey Viewfield Bungalow 400.32 None N/A N/A


Hawkswood Road
Downham, Nr Billericay
Essex
CM 11 1JT

DD L Fi nancial Sol utions Ltd 32 Lilford Road 2 ,700 . 36 None N/A N/A
Billericay
Essex
CM11 16S

De stin ation RepresentaGon Ltd 26 Nicholas Gardens 3 ,780 .oo None N/A N/A
Slough
Berkshire
SL1 517

Ka ren Deve nis h ( Expens e Accou nt) Staff expenses 2 . 24 None N/A N/A

Dia mond E s tate 47 Greencastle Street 1 , 833 . 30 None N/A N/A


Kilkeel
Co Down
BT34 4BH

D ias olead oinve st ( BACS) Calle Coronel Benz 6 7,375.oo None N/A N/A
2A Arrecife de Lanzarote
Las Palmas 35500
Spain

Discovery F o rensics 23 Austin Friars 1 2 ,600.oo None N/A N/A


London
EC2 N 2Q P

DLA Pi pe r UK LL P 3 Noble Street azo.oo None N/A N/A


London
EC2V 7EE

D & M M cLare n Ltd 3 , 358 . 65 None N/A N/A

Dol ph in G olf P ro perty Lim ited 89a Cock Road s ,aao .oo None N/A N/A
Kingswood
Bristol
Avon
BS15 9SG

E dga rs P roperty Com pany Ltd Shelletts House soo. ao N one N/A N/A
51 Portsmouth Road
Thames Ditton
KT7 OSY

Godways Wetsi 167B Hertford Road 79 1.49 None N/A N/A


Lower Edmonton
London
N9 7EL

Elite Property Consultancy KE NILWO RTH 2 ,oso .oo None N/A N/A
PARROTTS CLOSE
RIC KMAN SWORTH
CROXLEY GREEN
HERTS WD3

El l e sm ere Property G ro up The Shippon 2 ,500. 4o None N/A N/A


La skey Lane
Th elwell
Warrington
Cheshire

Ely Place Chambe rs 30 Ely place 1, 500 .0o None N/A N/A
London
EC1 N 6 DT

Emerg i ng P roperty Ma rkets.com U K Ltd Clarence H ouse 36 , 941 .22 None N/A N/A
Clarence Street
Leamington Spa
CV31 2AD

4,387 . 50 None N /A N/A


EPM (UK)

45a Brighton Road 1 , 999 . 75 None N/A N/A


The Empire Property Group Ltd
Surbiton
Surrey
KT6 5LR

Alpha House 568.8o None N /A N/A


Exclaimer Ltd
9-11 Alexandra Road
Farnborough

20 High Street 34 , 639.08 N one N/ A N/A


Exclusive Global Investments Ltd
Haverfordwest
Pembrokeshire
SA612DA

21 Freathy Lane -8,500.00 N one N/A N/A


Exclusive Solutions Limited
Kennington
Ashford
Kent
TN25 4QP

8 Haywards 200.0o N one N/A N/A


Executive Minibuses Ltd
Teviot avenue
Aveley
Esses
RM15 4QP

61.86 None N /A N /A
Expedia.co.uk

PO Box 1062 -68.00 N one N/A N/A


Experts Exchange
San Luis Obispo
Canada

Springs 1 6 3 . 59 None N/A N/A


Finance Confidential
Hoe Lane
Essex
EN9 2RB

Finlays Bureau of Investigation Ltd 54 Church Road aa .oo None N/A N/A
London
SE19 2EU

Fiona Binnie Flat 3 z ,ooo.oo None N/A N/A


53-54 Broad Street
Worcester
WR1 3LR

The Flight Specialist 8 , 400 . 00 None N/A N/A

Fortune International Real Estate Investments T/A Fire Invest 40 , 575 . 00 None N/A N/A
72 Newbury Street
Wantage
Oxfordshire

Forty40 Ltd 18 The Water Gardens 59 ,709.6 8 None N/A N/A


De Havilland Drive
Hazlemere
Bucks
HP15 7FN

Four Communications Plc The Communications Building 31,823.56 None N/A N/A
48 Leicester Square
London
WC2H 7

Francis Dwan -9,500.00 None N /A N/A

Fresh Invest Ltd Unit A Hills Bam 394 . 4 5 N one N /A N /A


Appledram Lane South
Chichester
West Sussex
P020 7EG

390.28 None N/A N/A


Gal e rie Inte rn ational T/A P ropertie s Abroad .corr 22 Cannon Hill
Southgate Green
London
N14 6BY

-5 , 634 . 40 None N/A N/A


Gary Playe r O vertide

2 Martin Walk s7 s .oo None N/A N/A


G ena ssist Ltd
Hawkwell
Essex
SS5 4 L P

t/a Genesis Property


Developments (NW) Lt 833 . 85 None N/A N/A
Greer Pownall
46 Strathmore Drive
Crosby
Liverpool
L23 ORB

76 Sandy Lane 1 , 742 . 15 None N/A N/A


Globa l I ntern ational Consultan ts Ltd
Cheam
Surrey
SM2 7EP

21 York P lace 16,286 .4o None N/A N/A


G loba l P roperty Partn ershi p
Leeds
LS l 2 EX

14-16 Dowgate Hill 24 ,326.25 None N/A N/A


The G lobal Property S u p port Network p lc
London
EC4R 2SU

4th Floor 12 ,990 . 32 None N/A N/A


G lo bal Ten nis L imited
132-134 College Road
H arrow
Middlesex
HA 1 1 BQ

Good rid ge Robert s Ltd 28 London Road 22,soo.oo None N/A N/A
Elworth Fax
Sandbach
Cheshire
CW 11 3BD

Gra ham Nieto C/0 Designated Land 333 . 30 None N/A N/A
2nd Floor
156 Blackfriars Road
London
SE1 8EN

Graham Swain 3 Buchanan Close 5 , 805 . 00 None N/A N/A


London
N21 1SG

Gravity G lo ba l I nvestm e nts 1st Floor 14 ,6eo.51 None N/A N/A


75 B New Rd Side
H orsforth
Leeds
LS18 4QD

Grenadine House PO Box 2523 2 , 996.21 None N/A N/A


Kingstown
St Vincent

Gros ven or Park Intellige nt Inve s tme nt Ltd Gildredge H ouse 72 , 823 . 11 None N/ A N/A
43 Gildredge Road
Eastboume
East Sussex
BN21 4RY

Grove Paric Finance c/o Hunters Estate Agents 1 ,399.86 None N/A N/A
23 Finkle Street
Selby
North Yorkshire
Y08 4DT

GSE M anagement Ltd 22 Upper street 2 ,647 . 58 None N/A N/A


London
N 1 OPQ

AquAid (Essex) Unit C, Wrexham Road 808.62 None N/A N/A


Laindon
Basildon
Essex
SS15 6PX

Hallmark M ortgages & Overseas Properties Suite LN9, Armstrong House 6 , 166 .3o None N/A N/A
First Avenue, The Finningley
Estate
Doncaster
South Yorkshire
DN9 3GA

Hanratty & Co Solicitors The Eagles, Shortbridge Street t 5o.oo None N/A N/A
Newton, Powys
SY16 2LW

Hansard Worfdwide Ltd The Post Barn 49,4 1 8.7o None N/A N/A
Cooks Corner Business Park
London Road, Crowborough
East Sussex
TN6 1TQ

N eil Denton 34 Branksome Hill Road 3 , 386 . 76 None N/A N/A


Bournemouth
Dorset
BH4 9LE

Hardwicke New Square 7,575.50 None N/A N/A


Lincoln's Inn
London
WC2A 3SB

Harlequin Holding s (SE) Partnership Dan and Carol Ames 1 3,077 .6o None N/A N/A

Harlequin Resorts Ltd Atrium Business Centre 2 ,678 .8o None N/A N/A
North Caldeen Road
Coathridge
ML5 4EF

H awk Property Atrium Business Centre 49,366 .6o None N/A N/A
North Caldeen Road
Coatbridge
ML5 4EF

Hays Specialist R ecruitment Ltd H ays House s,soo .oo None N/A N/A
St George's Square
New Malden
Surrey
KT3 4JQ

Compa ny Barclaycard Company Barclaycard Business 5 ,838 . 27 None N/A N/A


PO Box 3000
Teesdale Business Park
Stockon-on-Tees
T517 6YG
Basildon District Council Revenue Services 34 , 194 . 73 None N/A N/A
Church Walk House
P 0 Box 4, Basildon
Essex
SS14 1BY

British Gas Payment Area 60 2,203.33 None N/A N/A


Camberley
GU95 lAW

Headlands International Ltd Jacaranda 6 , 510 . e1 None N/A N/A


15 Traditional Villas
Yiannaki Giovani 108
Vrysoulles
5522 Aheri

Hearst Magazines UK 72 Broadwick Street z Joo.oo None N/A N/A


London
W1F 9EP

Heller Ehrtnan 10 St Paul's Churchyard 61 , 460 . 45 None N/A N/A


London
EC4M 8AL

Henley Consultants Ltd Unit 2, Alison House 8 ,075.oo None N/A N/A
Cranes Farm Road
Basildon
Essex
SS14 3JA

FedEx Sutherland House 236. 46 None N/A N/A


Matlock Road
Foleshill, Conventry
CV1 4JQ

Hideaway Property Investments Ltd 119 Ironwood Avenue 3 ,200 . 16 None N/A N/A
Desborough
Northants
NN14 2JU

Hillcrest Investment Property Ltd 1 Clickers Drive 2 , 999 .25 None N/A N/A
Upton
Northampton
NN5 4ED

HKA Enterprise LTD 35 Broome Road 22 , 735 . 75 None N/A N/A


Billericay
Essex
CM11 1ES

Holmes International Limited 162 Chelmer Road 2 ,016 . 85 None N/A N/A
Springfield
Chelmsford
Essex
CM2 6AB

Hostgrange Limited PO Box 58 3 , 120 . oo None N/A N/A


Bicester
OX25 3YX

Paul Robinson The Old Bank 95 . 25 None N/A N/A


470-474 London Road
Westcliff on Sea
Essex
SSO 9LD

Sage (UK) Ltd PO BOX 4598 1 , 356 . 96 None N/A N/A


Worthing
BN11 9BU
P 0 Box 719 1,476.98 None N/A N/A
T- Mob ile
Camberley
Surrey
GU15 3WS

3 Bankfield 1, 895.6 2 N one N /A N /A


M ichael Thompson (BACS)
Modd Lane
Holmsirth
HD9 2JL

Holiday E xtras . com 116.49 N one N/A N/A

Imag i ne Worldwide Spain SL Alhaurin Business Center 2,686.oo None N/A N/A
Imagine Worldwide Spain SL
Avd. Constitucion no 3
29120 Alhaurin El Grande
Malaga Spa

Independent Print Ltd The Independent 1, 44o.oo None N /A N /A


2 Derry Street
London
W8 5HF

Infinity Real Estate 2 Butterfield Square 22,4 80.19 None N/A N /A


London
E6 5QP

I nfra-Tech F oren sics The Old Coal Yard 6,287.62 N one N/A N/A
Little Waltham Road
Chelmsford
Essex
CM1 7TG

IAP Global Ltd 2nd Floor, Eve House 16,333.75 None N/A N/A
Adams Walk
Kingston Upon Thames
Surrey
KTl 1DF

Instant Property Investor Ltd 7 Briar View 25,463.16 None N/A N/A
Billericay Fax
Essex
CM11 2RH

Intel li gent Partnership Halford Chambers 25,131.95 None N/A N/A


1 - 3 Halford Road
Richmond
TW10 6AW

Investment Market (NI ) Ltd 28 Seaview 3 ,417 . 12 None N/A N/A


Warrenpoint
Newry
County Down
BT34 3NJ

Investabroad Properties Ltd Lonsdale House 1,667.oo N one N/A N/A


52 Blucher Street
Birmingham
Bl 1QU

Inve staco 66 High Street 1,75o.oo None N /A N /A


Broadstairs
Kent
CT10 1JT

I n vestment Fronti ers Ltd 4 Townfield Avenue 1, 8 33.77 N one N/A N/A
Farndon
Cheshire
CH3 6QL
Intelligent Investment 8, 377 . 23 None N /A N /A
S Parsad Consulting
First Floor, 201a Church Road
Hove
East Sussex
BN3 2AH

Courtway House -58 , 009 . 39 None N/A N/A


Jeffries Essex
129 Hamlet Court Road
Westcliff on Sea
Essex
S50 7EW

35 Claremont Drive -2,000.00 None N/A N/A


Jones Baker Ltd
Vange
Basildon
SS16 4TL

T/a The Money Gym 2 ,1 85.oo None N/A N/A


Judith Morgan
Flat 2
32 Montrell Road
London
SW2 4Q6

C/o Repton Court 2 3 8 .56 N one N/A N /A


Jupiter Facilities Management Ltd
Basildon
Essex
SS13 1LN

c/o Devonports, Cumberland


JWK International House 35,263.so None N/A N/A
24-28 Baxter Avenue
Southend-on-Sea
Essex
SS2 6HZ

Kaleidoscope Design Ltd 9 Gallagher Close 43 , 337 . 69 None N/A N/A


Crownhill
Milton Keynes
MK8 OLQ

Kenwood Travel Rivington House 4 ,288 .oo None N/A N/A


82 Great Eastern Street
London
EC2A 33F

Kerswell Enterprises Ltd Kerswell Cottage 7 , 932 . 83 None N /A N /A


Broadclyst
Exeter
EX5 3AF

Kevin Neil 1 Trotwood Close s,ooo.oo None N/A N/A


Chelmsford
Essex
CM 1 4UZ

Kilo Design 1 Coppice End 7 ,488 .oo None N/A N/A


Pyrford
Surrey
GU22 8PU

T/A Knightsbridge Overseas


Brian Taylor Property Invest 1,282.45 None N/A N/A
16 Chichester Road
Durham City
DH1 5QL

L.T Heating Services Ltd 163 Down Hall Road sa .oo N one N/A N/A
Rayleigh
Essex
SS6 9PB
Legge Solutions Ltd 3 The Regency Mansions 1 2, 265 .o5 None N/A N/A
Newcomen Terrace
Redcar
TS10 1AU

Lex Autolease 1,018.97 None N/A N/A

Lexis Nexis PO BOX 1073 ios.eo N one N/A N/A


Belfast
BT10 9AS

Liat - 50 , 241 . 06 N one N/A N/A

London International Property Services Ltd 70 Canonbury Road 5 , 499 . 50 N one N/A N/A
Canonbury
London
N 1 2DQ

Lu ke Williams 67a Langthorne Street 3,999.60 N one N /A N/A


London
SW6 6JU

Luther Pendragon Ltd Priory Court 69,822.19 N one N /A N /A


Pilgrim Street
London
EC4V 6DR

Luxe Investment Property Unit 14 2 , 532 . 98 N one N /A N/A


Henderson Business Centre
Ivy Road
Norwich
NR5 8BF

M a clnryre Hudson Ltd Boundary House 6 , 020 . 16 N o ne N/A N/A


4 County Place
Chelmsford
CM2 ORE

MA Consultancy -5 , 000 . 00 None N/A N/A

Ma ke M e Rich Ltd Apy Y Askilawn Apartments 24 , 600 . 00 None N/A N/A


2 Kincora Road
Clontars
Dublin 3
County Dublin

MAP International Properties Top Floor 7 , 500 . 00 N one N/A N/A


1c Dukes Road
Troon
Ayrshire
KA10 6Q

M arcus James Professional 11 Lords Court 289 , 159 . 53 N one N/A N/A
Cricketers Way
Basildon
Essex
SS13 1SS

M ario Sofroniou - Expense Account 82 . 25 None N/A N/A

Master Solutions Ltd 43 Malvern Road 818 . 10 None N/A N/A


Hornchurch Fax
Essex
RM 11 1BG

Matthew Roberts 5 Northcote Road 3 , 124 . 50 None N/A N/A


Cl ifton
Bristol
Avon
BS8 3HB
MBL Seminars Ltd The Mill House 120 . 00 N one N/A N/A
6 Worsley Road
Worsley
Manchester
M28 2NL

McLaren Investments Ltd 8 Lynfield Road 8 , 183 . 27 N one N/A N/A


Lichfield
Staffordshire
WS13 7BS

Becky Mecklenburgh 43 . 40 N one N/A N/A

Mercedes-Benz Finance (Daimler Chrysler Fina Burystead Court 205 . 60 None N/A N/A
Caldecotte Lake Drive
Milton Keynes
MK7 8ND

Michael Persaud 148 Conway Crescent 2 , 691 . 92 None N/A N/A


Perivale
Middlesex
U66 83E

Michelmores 48 Chancery Lane 15 , 900 . 00 N one N/A N/A


London
WC2A 1JF

MIS Ltd 97 The Avenue 900 . 00 N one N/A N/A


Hornchurch
Essex
RM 12 4)Q

The Money Tree Partnership C/o Paul Ferrin 69 , 125 . 62 N one N/A N/A
456 Oldpark Road
Belfast
BT14 6QG

Mopits Commercial Cleaning Services 5 Byron Close 1 , 008 . 00 None N/A N/A
Canvey Island
Essex
SS8 8AP

Movewithus International Sterling House 14 , 000 . 50 N one N/A N/A


Harding Way
St Ives
Cambridgeshire
PE27 3WR

Musicians UK Ltd 21 Chiltern Business Centre 14 , 320 . 00 None N/A N/A


63-65 Woodside Road
Amersham
Bucks
HP6 6AA

Mustique arways E.T Jushua Airport 24 , 208 . 09 None N/A N/A


St Vincent And The Grenadines

Saint Vincent and the Grenadines

Mustique Airways E.T Jushua Airport -1 , 154 . 75 None N/A N/A


St Vincent And The Grenadines

Saint Vincent and the Grenadines

Nabarro LLP Lacon House 35 , 239 . 80 None N/A N/A


84 Theobald's Road
London
WC1X 8RW

Navigator Overseas Property Ltd 1544A Great Western Road 6,785 . 35 None N/A N/A
G12 OAY
Neelam Springer 3 Sandall Road 333. 8 0 N one N /A N/A
London
W5 1HZ

Caribbean Worldwide Investments Ltd 13 Pegasus Court 2,374 .6 2 None N/A N/A
3 Trenmar Gardens
London
NW10 6BR

Noble Recruiting Ltd 2 Repton House 21, 4 75.98 N one N /A N /A


Repton Close
Burnt Mills
Basildon
SS13 lU

Offplan Property Abroad Ltd Londsdale House 4 , 807 . 94 N one N/A N/A
52 Blucher Street
Mailbox
Birmingham
Bl 1QU

The OFM Group Ltd 3rd Floor Suffolk House 1 , 065 . 90 None N/A N/A
104 Baxter Avenue
Southend
Essex
SS2 6]P

One Property EPIC, 4 Barling Way 186.90 N one N/A N/A


Nuneaton
CY10 7RH

Orange Supplies Ltd T/A Alan Strutt Photography 4 ,320.00 None N/A N/A
98 De Beauvoir Road
London
N1 4EN

Overseas Homes Forever Ltd 45 Perrymount Road 10,1167.20 None N/A N/A
Haywards Heath
West Sussex
RH16 3BN

Barrasford & Bird Worldwide Bedford Court 10 , 000 . 00 None N/A N/A
Russell Street
Tavistock
Devon

David Owen 19 West Over Drive 3 , 180 . 37 None N/A N/A


Stone
Staffordshire
ST15 8lT

Pay As You Grow Ltd 3rd Floor, Surrey House 1 ,500 .00 N one N/A N/A
34 Eden Street
Kingston Upon Thames
Surrey
KT1 1ER

PCS Legal 5 The Capricorn Centre 60 .00 N one N/A N/A


Cranes Farm Road
Basildon
Essex
SS14 33A

Pearly Gray Limited Rosehill Barns 62 , 976 . 69 None N/A N/A


Chetwode
Buckinghamshire
MK18 4LF
2 Dedvuyn Close 62,575.00 None N/A N/A
Phoenix Altemative Investments Ltd
Foelgastell
Llanelli
Carmarthenshire
SA14 7ER

153 Upper Newtownwards Road 1 , 595 . 00 None N/A N/A


Pinnacle Computing Ltd
Belfast
BT4 3HX

Pitney Bowes Finance PO Box 6569 4 .039.20 None N/A N/A


Harlow
Essex
CM20 2FQ

Home Farm 79,5 4 1.39 N one N /A N/A


Platinum Investment Property Ltd
High Road
Great Finborough
Suffolk
IP14 3BQ

P.M Raffan 35 Thorpe Bay Gardens 60 . 00 None N/A N/A


Thorpe Bay
Essex
SS1 3NR

Polk Majestic Travel Group 3773 Cherry Creek North Drive 22 . 10 None N/A N/A
Suite 703 (East Tower)
Denver
Colorado
80209

Portfolio PDS Group 2nd floor 7 , 787 . 75 None N/A N/A


21 Perrymount Road
Haywards Heath
West sussex
RH16 3TP

Malcolm Lea t/a Positive About Property 1 , 583 . 65 N one N/A N/A
1 Lumley Street
Mayfair
London
WiK 6TT

47 Thames Road Telephone 0845


Precision Printing 606 4001 14 , 173 . 80 None N/A N /A
Barking Fax 0845 606 4002
IG11 OHQ

Premierlnn 2 6e . 50 None N /A N/A

Prestige Luxury Travel 271 Woodgrange Drive 1 98 .60 None N /A N /A


Southend-On-Sea
Essex
SS1 25Q

Business Environment City


Prime Acquisitions Limited 6 66.00 None N/A N/A
Central Point
45 Beech Street
London
EC2Y 8AD

Principal International Principal House 11 ,000 .90 N one N/A N/A


6 Chertsey Road
Woking
Surrey
GU21 5

Private Fly 275.92 N one N/A N/A


Privilege Business Insurance (Fleet) Fleet Department (3rd Floor) 337 . 64 None N/A N/A
The Wharf
Neville Street
Leeds
LS1 4AZ

Projects in Financial Security Ltd Flat 30, Ashton Court 14 , 850 . 00 None N/A N/A
46 Western Avenue
Branksome Park
Poole
Dorset

PromoActive Harlequin House 1 , 020 . 00 N one N/A N/A


33 Forest Business Park
Argall Avenue
London
E10 7FB

Property Jigsaw Intemational Ltd SRD 6 , 230 . 00 None N/A N/A


Wenta Business Centre
Colne Way
Watford
WD24 7ND

Property Horizons Group Ltd Gloucester House 2 , 500 . 30 N one N/A N/A
399 Silbury Boulevard
Milton Keynes
Buckinghamshire
MK9 2AH

Property Growth International Ltd Dynamics House 999 . 60 N one N/A N/A
81/83 Allerton Road
Liverpool
L18 2DA

Properties Abroad.com 22 Cannon Hill 45 , 600 . 00 N one N/A N/A


Southgate
London
N14 6BY

Providential Investments Ltd Downs Court Business Centre 950 . 19 N one N/A N/A
The Downs
Altrincham
WA14 2QD

R & S Wealth Limited Tansterne Grange 9 , 450 . 00 N one N/A N/A


Tansterne
Aldbrough
HU11 4RD

Rachel Bassindale - Expense account 50 . 76 None N/A N/A

Reed Exhibitions UK Gateway House 114 . 00 None N/A N/A


28 The Quadrant
Richmond
Surrey
TW9 1DN

Reed Specialist Recruitment Ltd 120 Coombe Lane 7,2oo.oo N one N/A N/A
London
SW20 OBA

Regal Consultants Ltd The Granary 30,460.70 None N/A N/A


Snodland Road
West Malling
Kent
ME19 53F

Andy Regan - Expense Account 11.00 None N/A N/A


Grosvenor House 11 . 700 . 00 None N/A N/A
Return on Capital Group Limited
11 St Paul's Square
Birmingham
West Midlands
B3 1RB

T/A Premiership Properties 1 . 100 .60 N one N/A N/A


Richard eafiam
3 Gamligay Road
Potton
Bedsa
SG19 2RQ

Arlecdon House 650 . 00 None N/A N/A


Roger Anthony Coleman
Arlecdon
Frizington
Cumbria
CA26 3UW

35 Marine Parade 19,950.00 N one N /A N/A


Roger Nicholls
Leigh-on-Sea
Essex
SS9 2NB

Edificio Torremar 534 . 39 N one N /A N /A


Ron Pablo Group S.L
Avenida Alay
630 Benalmadena Costa
Malaga
SPAIN

T/a ROUNDSIDE PROPERTIES


LTD 4 ,078.11 N one N /A N/A
R Property Club
335 ORDNANCE ROAD
ENFIELD
LONDON
EN3 6HE

RPS Partners LLP 53 Oliver Road 3 , 503 . 90 N one N/A N/A


Hemel Hempstead
Herts
HP2 9PZ

Salisbury Investment Properties 16 Salisbury Road 22 , 500 . 00 N one N/A N/A


Harpenden
Herts
AL5 5AY

Sam Brookes Overseas Properties 99 Bridgewood 11 , 500 . 00 N one N/A N/A


Worcester Park
Surrey
KT4 8XS

Scrimshaw Wealth Management 610 Old Gateford Road 23 , 500 . 00 N one N/A N/A
Gateford
Worksop
Nottinghamshire
S81 7SH

Sean Ghent 136 Gandalfs Ride 6,000.00 N one N/A N/A


South Woodham Ferrers
Essex
CM3 5W5

S E Commissiong -3 , 360 . 22 None N/A N/A

Show Insurance Inc 19.91 None N/A N/A

Sidley Austin Woolgate Exchange 28 , 389 . 04 N one N/A N/A


25 Basinghall Street
London
EC2V 5HA
Simon Weir - Rhodes 60 Scottswood Road 750.00 None N/A N/A
Bushey
Herts
WD23 2DN

Simply Off Plan Ltd 20D Basepoint 4 ,400.40 None N/A N/A
Harts Farm Way
Havant
Hampshire
P09 1HS

SIPP -Able Limited The Grange Coach House 1, 980 .00 None N/A N/A
Chew Hill
Chew Magna
Bristol
BS40 8RY

SJT Global 23 Old Fold Lane 7 , 000 . 25 None N/A N/A


Barnet
Herts
EN5 4QN

SNL Properties Limited 5 Clive Avenue 9 , 104 . 89 N one N/A N/A


Edmonton
London
N18 2RW

Sol Sistas la Gomshall Avenue 500 . 40 N one N/A N/A


Wallington
Surrey
SM6 8NY

Sovereign Worldwi de Property 51 High Ridge Park 9 , 800 . 20 None N/A N/A
Rothwell
Leeds
LS26 ONL

Span i sh Property Services UK Pentrefoelas 2 , 334 . 00 None N/A N/A


Betws-y-Coed
North Wales
LL24 OTA

Speed Ltd Pinewood Studios 96 ,666 .74 None N/A N/A


Pinewood Road
Iver Heath
Buckinghamshire
SLO ONH

S.S Properties 23 Central Park Road 500 . 10 None N/A N/A


East Ham
London
E6 3DZ

Star Loans & Fina nce Ltd 19 West Over Drive 1 , 350 . 00 None N/A N/A
Stone
Staffordshire
ST15 8TT

Stephen Scott-Lee 67 Candlemakers 4 , 832 . 85 None N/A N/A


112 York Road
London
SWll 3RS

Steve Dodds Associates Ltd 63 Churchill Road 15 , 300 . 00 None N/A N/A
Earls Barton
Northampton
NN6 OPQ

Steve Koffman & Associates 506 SW 1 , 157 . 59 None N/A N/A


47th Terrace
Cape Coral
FL 33914

S teven P a rker Expen se s 22 7. 40 None N/A N/A

S ti rl in g Partne rs 106 Tring Road 2 , 89 6 .72 N one N/A N/A


Aylesbury
Buckinghamshire
H P 20 1 L5

ST Legal Nashdom Abbey 21,291. 4e N one N/A N/A


Nashdom Lane
Burnha m
Buckinghamshire
SL1 8NJ

Successfu l I nvestor Ltd 3 Grenville Gardens 2, 4 13.00 N one N/A N/A


Chichester
West Sussex
P019 8XB

Su n rise Technol og ies 26 Seax Court 121.90 N one N/A N/A


Southfieids Business Park
Laindon
Essex
SS15 6SL

Sunset Oversea s Ltd Redhill House 6,31 7 .2 2 N one N/A N/A


Hope Street
Chester
CH 4 8 BU

S u ns pla s hhomes Ltd Daws House 1 ,666.50 N one N/A N/A


33-35 Daws Lane
London
NW7 4SD

Mr G Swa in 3 Buchanan Close 666.40 N one N/A N/A


London
N21 1SG

SWS S ecurity Syste ms Ltd 24 Page Road 372.00 None N/A N/A
Bowers Gifford
Basildon
Essex
SS13 2 HP

Mes sage L abs Ltd 1240 Lansd owne Court 3,571.20 N one N/A N/A
Gloucester Business Park
Gloucester
GL3 4AB

Ta i lortn ade Alternati ve Inves tments TailorMa de House 4 84 ,543.52 N one N/A N/A
Unit 1 Olympic Park
Olympic Way
Warrington, Cheshire
WA2 OYL

Stewart Tait FlintCottage', Wa rrengate La ne 9,167.25 N one N/A N/A


South M imms
Potters Ba r
He rts
EN6 3N N

Taylor Langton Ass ociates Ltd 2 Ho lywe ll Hil l 3,691.62 N one N/A N/A
St Albans
Herts
ALl 1 BZ

Simon Terry - Expense Account -500 . 00 None N/A N/A


Terry Quinn 2 Moorland Row 1 , 710 . 00 None N/A N/A
Lisdoo
Dundalk
County Louth

The Mighty R Ltd 66 Paragon Place 1 , 080 . 45 None N/A N/A


Norwich
Norfolk
NR2 4BP

Thirty Nine Essex St 39 Essex Street 180 , 765 . 00 None N /A N /A


London
WC2R 3AT

Thomas Lisle Interpretations Unit 16 111 , 209 . 00 None N/A N/A


The Dove Centre
109 Bartholomew Road
London
NW5 26J

Thompson & Associates Limited 2 Cranford Hill House 10 , 990 . 76 None N/A N/A
Cranford Avenue
Exmouth
Devon
EX8 2NY

The Intemational Property Partnership 3 Sandall Road 4 , 433 . 90 None N/A N/A
Ealing
London
W5 1HZ

TopMarks Overseas Property Ltd 5 Lodsworth Close 8 , 500 . 00 N one N/A N/A
Waterlooville
P08 OXW

Touchstone Property Network Ltd 417 Beckhampton Road 1 , 333 . 80 N one N/A N/A
Bestwood Park
Nottingham
NG5 5PT

Travel Trendz 2 Woodland Avenue -96 , 547 . 40 None N/A N/A


Hornchurch
Essex
RM11 2QU

Tudor Wayne Morgan Ty-Ni 5 , 350 . 00 None N/A N/A


Castell Pigyn Road
Carmarthen
Dyfed
SA31 233

Travel Weekly Group Ltd 3rd Floor 739 . 20 N one N/A N/A
52 Grosvenor Gardens
London
SW1W OAU

UKMS Investments Limited 500 Chiswick High Road 65, 2 13.68 N one N/A N/A
London
W4 SRG

Unique Investments Consultants LTD No.3, The Courtyard 4 ,097.64 None N/A N/A
Holding Street
Rainham, Kent
ME8 7HE

Unlimited Opportunities Limited Kerswell Cottage 15,37 8 . 84 N one N /A N/A


Broadclyst
Exeter
EX5 3AF
Victoria Chesterton 4D New High Street 933.66 None N/A N/A
Headington
Oxford
Oxfordshire
OX3 7AQ

View Investments Ltd Bank Chambers 1,499.60 N one N /A N /A


151-153 Holywood Road
Belfast
BT4 3BE

Viva Costa Intemational Mortgages Ltd The Office 32,350.73 N one N/A N/A
Unit 1, George Reynolds
Industrial Estate
Shildon
County Durham
DL4 2RB

Walmsleys Commercial Insurance Brokers Ltd 17-21 Dicconson Street -902.04 N one N /A N /A
Wigan
WN1 1R6

Waterfront Overseas Ltd Marine Cottage 50,813.17 N one N /A N/A


53 Marine Parade East
Lee on the Solent
Hampshire
P013 9BW

Watts Property Investments Ltd 11 Marine Avenue 4 , 667 . 55 None N/A N/A
Hove
East Sussex
BN3 4LH

Wembley National Stadium Ltd Club Wembley Finance 41 , 806 . 19 N one N/A N/A
PO Box 1966
London
SW1P 9EQ

Western Developments Europe (55) Ltd Sunnyside Studio 4 , 757 . 91 N one N/A N/A
Thames View
Langdon Hills
SS16 5LN

Weston Property Uk Ltd 66 Byron Street 3 , 500 . 55 None N/A N/A


Hove
East Sussex
BN3 5BB

J Rudd FAO/ R & R Solutions 38 , 198 . 80 None N/A N/A


Hartsbrook
Loves Green
Highwood
Chelmsford

Wildy & Sons Ltd Lincolns Inn Archway 72 . 98 N one N/A N/A
Carey Street
London
WC2A 23D

Win Investing LLP The Media Village 2 , 499 . 75 None N/A N/A
131 - 151 Great Titchfield Street
London
W1W 5BB

W International Management Ltd 5 Templar Street 1 , 667.25 N one N/A N/A


London
SE5 93B

Woodlands Project Management Services Ltd Elmwood House 113,394 . 27 N one N/A N/A
Abbey Lane
Amesbury
Salisbury
SP4 7AY

World Travel Events Ltd Momentum House 2 , 173 . 20 N one N/A N/A
Lower Road
Waterloo
London
SE1 8S3

World Prop erty Investor Ltd 8 Victoria Drive 7 . 160.91 N one N/A N/A
Great Wakering
Essex
SS3 OAT

The Worldwide Property Group Suite A & B, The Courtyard 76 ,660 . 77 None N/A N/A
Lombard Street
Abingdon, Oxfordshire
OX14 5SE

Xe rox UK Ltd PO Box 922 .0 8 N one N/A N/A


Worthing
West Sussex
BN13 1QG

Yellow Jersey 155 Walsingham Gardens 25 , 925 . 50 None N/A N/A


Stoneleigh
Surrey
KT19 ONB

Youngson Properties Ltd Homelands Office Suite 1 7,101. 42 N one N/A N/A
10 Golfview Road
Bieldside
Aberdeen
AB15 9DQ

The YRD L i mited 7 Bargate Close 5 , 530 . 00 None N/A N/A


New Malden
Surrey
KT3 6BG

4 , 287 , 455 . 58
COMPANY SHAREHOLDERS .

Name of shareholder Address (with postcoc3e) No. of Nom inal Details of shares held
shares held va lue
l3^..v.EiC3 ftt-1..^ oa,D , '6 tto H ^t_t_ .
Ah^S c,t.cr-ocD, F-SS C;K'. SSIt -IP t3 l ^7 0 +.l Op O k.D 3 rj te--)(
3t,.v^ ^REL^. w o oa ^ a^OCk ^tL- ^
CA RoL A'M ES PB ^ o0 I-- b ccU 0 a-D
Q L IN'C, IP o r-b CS3"t -rA C'^^^ 3
DprN"F-,- A+-^ES
Ro^A, Dow^.^rn cMr, tt_+^l t o0 tvQG oe-a^Nta^y'
^1f^K-^ M 6fit- , c^ r-tt^n1^
^^'t`+-h^t-J
L-i a c5
^So ^+^ P^ n,c e'^.t.'i 'tzc^ a-o
tvkCo"- A. KF^i 4^„{Z v.)Pr+vO^.-'2.^ tv4 ^ 1N .'^Pr.J^.t A= L-t o m
C^.30^ iA o

. . ^ . ^- .

TOTALS I M0 O 6 % o oo

Sign ature: Date: ^5^6^ (-*)


Appendix 3
ship y - le s L L P)
Cha rtered Acc o u ntants & P rofessi onal B u si n ess Advisers

HARLEQUIN MANAGEMENT SERVICES (SOUTH EAST) LIMITED


- IN ADMINISTRATION

Joint Administrators ' Receipts & Payment Account


Harlequin Management Services (South East) Limited
(In Administration)
Joint Administrators' Abstract of Receipts & Payments

Statement From 03/05/2013 From 03/05/2013


of Affairs To 26/06/2013 To 26/06/2013

ASSET REALISATIONS
Freehold Land & Property 200 , 000 . 00 2 00 , 00 0. 00
7,500.00 Computer Equipment/Furniture & Fixtu NIL NIL
NIL Book Debts NI L NIL
1,195.00 Cash at Bank 2 , 506 . 93 2 , 506 . 93
Voluntary Payments 10 , 000 . 00 10 , 000 . 00
Uncertain Due from Related Parties NIL NIL
Refund of Jeffries Solicitors client acc 67.74 6 7.74
212 , 574 . 67 212 , 574 . 67

COST OF REALISATIONS
IT Specialist Agent 1 , 382 . 48 1,382.48
( 1 , 382 . 48 ) (1,382.48)

PREFERENTIAL CREDITORS
(5,761.00) RPO/Employee Arrears/Hol Pay NIL NIL
N IL NIL

UNSECURED CREDITORS
(4,287,456.00) Trade & Expense Creditors NIL NIL
(236,341.00) HMRC - PAYE/NIC NIL NIL
(1,358.00) Student Loans NIL NIL
(1,000,000.00) Commission to Sales Staff NIL NIL
(83,603,696.00) Due to Related Parties NIL NIL
NIL NIL

DISTRIBUTIONS
(1,000.00) Ordinary Shareholders NIL NIL
NIL NIL

(89 , 126 , 917 . 00 ) 211 , 192 . 19 2 11 , 1 92 . 19

REPRESENTED BY
VAT Receivable 276.50
Bank 1 Current 210,915.69

211 , 192 . 19

,Ofhony Davidson
Joint Administrator
Appendix 4

bIp Jy
Cha rt ered Accountants & Professiqnal B usiness A dvisers

HARLEQUIN MANAGEMENT SERVICES (SOUTH EAST) LIMITED


- IN ADMINISTRATION

Joint Administrators' Pre Appointment Time Cost Summary


Cas e - Harlequ in Management Services ( South East) Li mited

Admi n ishators' time c osts for the period 10/04/2013 to 02/05/2013 SCHEDULEI

Administration and Planning


Case Planning 61 . 00 £28 , 360 . 00 0 . 00 £486 . 72 0 . 00 £0 . 00 0 . 00 3 . 08 £28 , 846 .
Administrative Set Up 0 . 00 £0 . 00 0_ 00 £1 , 170 . 00 0. 00 £0 . 00 1 . 25 6.25 £1 , 302 .
Appointment notification 0 . 00 £0. 00 0 . 00 £196 . 56 0 . 00 £0 . 00 0 . 25 1 . 09 £223 .
M aintenance of Records 0 . 00 £0 . 00 0 . 00 £1 , 373 . 58 0 . 00 £0 . 00 0 . 30 6 . 17 £1 , 407 .
Statutory Reporting 0 . 00 £0 . 00 0 . 00 £0 . 00 0 . 00 £0 . 00 0 . 00

Rea li aatl on of Assets


Identifying, Securing, Insuring 0 . 00 £0 . 00 0 . 00 0. £0 . 00 0 . 00 £0 . 00 0 . 00
Retention of Titl e 0 . 00 £0 . 00 0. 00 £0 . 00 0 . 00 £0 . 00 0 . 00
Debt Collection 0. 00 £0 . 00 0 . 00 £0 . 00 0 . 00 £0 . 00 0 . 00
Sales-property, business &assets £58 . 50 0 . 00 £0 . 00 0 . 00

Cred i tors
Creditors - Communication with £678 . 60 0 . 00 £0 . 00 0 . 00 2 . 90 £678
Creditors Claims £0 . 00 0 . 00 £0 . 00 0 . 00 0 . 00 £0

I nvestig ations
SIP2 Review 0 . 00 £0 . 00 0 . 00 £0 . 00 0 . 00 0 . 00 £0
CDDA Reporting 0 . 00 £0 . 00 0 . 00 £0 . 00 0 . 00 0 . 00 £0
Ant ecedent Transactions £0 . 00 0 . 00 £0 . 00 0 . 00 £0 . 00 000 0 . 00 £0

Trading
M anagement of Operations £0 . 00 0 . 00 £0 . 00 0 . 00 £0 . 00 0 . 00 0 . 00 £0
Accounting for Trading £0 . 00 £0 . 00 0 . 00 £0 . 00 0 . 00 0 . 00 £0
Ongoing Employees £0 . 00 E117 . 00 0 . 00 £0 . 00 0 . 00 0 . 00 £117

Statement of Affairs
Statement of Affairs 0.00 £0 . 00 2.00I £480.00I 0.00 0.00 £0 . 00 0 . 00 £0 . 00 0 . 00 2 . 00 £480

61 . 00 2. 00 £480. 00 0. 0( 17 .44 E4,080.96 0.00 £0 . 00 1.80


Average hourly charge out rate £464.92 £2 40.00 £0.00 £234 .00 #DIV/0! E107 . 17

Tota l Hours 82 . 24
Total Cost £ 33,113. 86
Ave ra ge £ 402 . 65
Appendix 5

b1P Y s ^LP JQ
Ch a rtered Accountants & Profe ssi onal Bus i ne ss Advisers

HARLEQUIN MANAGEMENT SERVICES (SOUTH EAST) LIMITED


- IN ADMINISTRATION

Joint Administrators ' Post Appointment Time Cost Summary


Case - Harlequin Management Services (South East) Limited

Administrators ' time costs for the period 0310512013 to 26/06/2013 SCHEDULE2

Partner Mana er AssisWntMana er SeniorAdministretor Administrator AssisWnt Total


Time Cost Time Cost Time Cost Time Cost Time Cost Time Cost Time Cost
Administration and Planning
C ase Planning 5 . 50 £2, 557 .50 2 . 80 £7 1 2 . 70 0 . 00 £0 . 00 0 . 00 £0 . 00 8 . 00 £953 .00 0 .00 £0 . 00 1 6.30 £4 , 223 20
Adm inistrative Set Up 0 . 00 £0 . 00 0 . 00 £0 . 00 0.00 £0 .00 1.1 6 £ 27 1 . 44 0 . 00 £0 . 00 0 .75 £ 79.50 1 .91 £350 .94
AppointrneMnotification 2. 50 £ 1, 237.50 0 . 00 £0 . 00 0 . 00 £0 .00 3.55 £830 . 70 0.00 £0 .00 2 .50 £265.00 8 .55 £2,333. 20
Mai nten ance of Record s 0 . 50 £247. 50 0 .25 £ 60 . 00 0 .00 £0.00 1 8.1 4 £4 ,244 .76 0.30 £ 54 .30 3. 07 £ 335.95 22.26 £4 ,942 .51
Statutory Reporting 0 . 00 £0 .00 7. 00 £1 ,680 .00 0 .00 £ 0.00 4 .50 £1 , 053. 00 0. 00 £0.00 0. 00 £ 0.00 1 1.50 £2, 7 3 3 .00
Realisation of Assets
Identifying , Securi n g, I nsuri n g 20 . 00 £ 9,525. 00 0 . 00 £0 .00 0. 00 £ 0.00 6 . 00 £ 1, 404 . 00 0 . 00 £ 0.00 0 . 00 £0 . 00 26.00 £ 1 0 , 929 . 00
Retentio n of Title 0. 00 £0.00 0. 00 £0.00 0.00 £0.00 0. 00 f0. 00 0.00 £0.00 0.00 £0. 00 0.00 £0.00
De bt C ollection 2 . 00 £930 .00 0 . 00 £0. 00 0.00 £0. 00 1 .07 £250 .38 0 .00 £0 . 00 0 .00 £0.00 3.07 £ 1,1 80 .38
Salesproperly , busi ness 8a ssets 7. 00 £ 3,255.0 0 1 . 00 £240 .00 0.00 £0 .00 0 .50 £117.00 0 .15 £27. 1 5 0.00 £0.00 8 .65 £ 3,639 .15
C red itors
C reditors - Com municationwith 2 .50 £1 ,162 .50 0 .90 £ 243. 60 0.00 £0. 00 28.7 4 £ 6,725. 1 6 9.70 £1 ,755. 70 2 . 50 £ 265. 00 44 . 34 £10 , 1 5 1 .96
C reditors C l ai ms 1 2.25 £5,876. 2 5 26.25 £6 , 300 .00 0.00 £0 . 00 7.1 8 £ 7 ,680. 1 2 0. 10 £18 .1 0 0 .00 £0 . 00 45.7 8 £1 3, 874 . 47
Inves tigati ons
SIP2 Review 0.00 £0.00 0.00 £0.00 0.00 £0. 00 1.25 £292.50 0. 00 £0.00 0.00 £0.00 1.25 £292.50
C DDA Repor ting 0.00 £0.00 0. 00 £ 0.00 0. 00 £0.00 0.00 £0. 00 0 .00 £0. 00 0. 00 £0.00 0. 00 £0.00
Antecedent Transactions 2 8 .00 £13,020.00 0.50 £1 54 .50 0 . 00 £0 .00 5.72 £1,338 .48 0 .00 £0 .00 0. 00 £0. 00 34 .22 £ 14 ,512.98
Trad i ng
M anagem ent of O peration s 0 .00 £ 0. 00 0.00 £ 0. 00 0 .00 £ 0.00 0 .00 £0 .00 0 .00 £0.00 0 .00 £0.00 0. 00 £0 .00
Accounti ng for Trading 0. 00 £0. 00 0. 00 £0. 00 0. 00 £0.00 0.00 £0. 00 0.00 £0.00 0.00 £0.00 0. 00 £0. 00
Ongoing Employees 0 . 00 £0. 00 0.00 £0. 00 0 .00 £0.00 0 .00 £ 0.00 3 . 50 £633 . 50 0 . 00 £0. 00 3.50 £633 .50
Tax
Tax 0 . 00 £0 .00 0 . 00 £0 . 00 0 .00 £0 . 00 0. 00 £0. 00 0 . 00 £0 .00 0 .00 £0.00 0. 00 £0 .00

80 . 25 £37 ,811 .25 38 .70 £9 , 390 . 80 0 .00 £0 . 00 77 . 81 £18 ,207 . 54 21 . 75 £3 ,441 . 75 8 . 82 £945 .45
Average hou rly cha rge out rate £4 7 1 . 1 7 £242 . 66 £0 . 00 £ 2 34 .00 £ 158 . 24 £1 07. 1 9

Total Hours 227 , 33


Total Cost £69 ,796 .79
Ave rag e £307 .03
Appendix 6
S L LP
biPJQY
Ch artered Acco u ntants & Profession al Business Ad visers

HARLEQUIN MANAGEMENT SERVICES (SOUTH EAST) LIMITED


- IN ADMINISTRATION

A Creditor's Guide to Administrator's Fees and Shipleys' Guide to Fees


A CREDITORS ' GUIDE TO ADM I NISTRATORS ' FEES

ENGLAND AND WALES

Introduction

1.1 When a company goes into administration the costs of the proceedings are paid out
of its assets . The creditors , who hope eventually to recover some of their debts out of
the assets , therefore have a direct interest in the level of costs , and in particular the
remuneration of the insolvency practitioner appointed to act as administrator . The
insolvency legislation recognises this interest by providing mechanisms for creditors
to determine the basis of the administrator' s fees . This guide is intended to help
creditors be aware of their rights under the legislation to approve and monitor fees ,
explains the basis on which fees are fixed and how creditors can seek information
about expenses incurred by the administrator and cha ll enge those they consider to
be excessive ..

2 The nature of administration

2. 1 Administration is a procedure which places a company under the control of an


insolvency practitioner and the protection of the court with the following objective :

• rescuing the company as a going concern, or


• achieving a better result for the creditors as a whole than would be
likely if the company were wound up without first being in
administration,

or, if the administrator thinks ne ither of these objectives is reasonab l y


p ract icab l e

• realising property in order to make a distribution to secured or


preferential creditors .

The creditors ' committee

3. 1 The creditors have the right to appoint a committee with a minimum of 3 and a
maximum of 5 members . One of the functions of the committee is to determine the
basis of the administrator' s remuneration . The committee is normally established at
the meeting of creditors which the administrator is required to hold within a maximum
of 10 weeks from the beginning of the administrat i on to consider his p roposals . The
administrator must call the first meeting of the committee within 6 weeks of its
establishment , and subsequent meetings must be held either at specified dates
agreed by the committee , or when a member of the committee asks for one , or when
the administrator decides he needs to hold one . The committee has power to
summon the administrator to attend before it and provide information about the
exercise of his functions .

Fixing the adm i nistrator' s remuneration

4. 1 The basis for fixing the administrator ' s remuneration is set out in Rule 2 . 106 of the
Insolvency Rules 1986 , which states that it shall be fixed :

• as a percentage of the value of the property which the administrator


has to deal with,
• by reference to the time properly given by the administrator and his
staff in attending to matters arising in the administration, or
• as a set amount.
Any comb i nation of these bases may be used to fix the remunerat i on ,
and different bases may be used fo r different things done by the
administrator . Where the remuneration is fixed as a percentage , d i fferent
percentages may be used for different things done by the adm i nistrator .

It is fo r the creditors ' committee (if there is one) to dete rm i ne on wh i ch of these


bases , or combination of bases , the remuneration is to be fixed . Whe re it is fixed as a
percentage , it i s for the committee to dete rmine the percentage or percentages to be
appl ied , and where it i s a set amount , to determine that amount . Ru l e 2 . 106 says
that in arrivi ng at its decis i on the comm i ttee shall have regard to the fo ll owing
m atters :

• the complexity (or otherwise) of the case ;


• any responsibility of an exceptional kind or degree which falls on the
administrator ;
• the effectiveness with which the adm i nistrator appea rs to be carrying
out, or to have carried out, his duties ;
• the value and nature of the property which the administrator has to
deal with .

4.2 If there is no creditors ' committee , or the committee does not make the requisite
determination (and provided the circumstances described in paragraph 4 . 3 do not
apply) , the administrator' s remunerat i on may be fixed by a reso l ution of a meeting of
creditors hav i ng rega rd to the same matters as apply in the case of the comm i ttee . If
the remuneration is not fixed in any of these ways , it will be fixed by the court on
applicati on by the administrator , but the administrator may not make such an
application unless he has first tried to get his remuneration fixed by the committee or
creditors as described above , and in any case not later than 18 months after his
appointment .

4.3 There are special rules about creditors ' resolutions in cases where the administrator
has stated in his proposals that the company has insufficient property to enable a
distribution to be made to unsecured creditors except out of the reserved fund which
may have to be set aside out of floating charge assets .

In this case , if there i s no creditors ' comm i ttee , or the committee does not make the
requis i te dete rmination , the remuneration may be fixed by the app roval of -

• each secured creditor of the company ; or

• if the administ rator has made or intends to make a dist ri buti on to prefe rential
creditors -

- each secured creditor of the company ; and


- preferential creditors whose debts amount to more than 50% of the preferential
debts of the company , disregarding debts of any cred itor who does not respond
to an invitatio n to g ive o r withh ol d app rova l,

havi ng rega rd to th e sam e m atters as th e co m m ittee wou ld .

Note that there i s no requirement to hold a c red i tors ' meeti ng i n such cases unless a
meeting i s requisitioned by creditors whose debts amount to at l east 10 per cent of
the total debts of the company .

4.4 A resolution of creditors may be obtained by correspondence .

5. Review of remuneration

5. 1 Where the re has been a material and substantial change in c i rcumstances since the
basis of the administrator ' s remuneration was fixed , the admin i strato r may request
that it be changed . The request must be made to the same body as initially approved
the remuneration , and the same rules apply as to the original approval .

6. Approval of pre-administration costs

6. 1 Sometimes the administrator may need to seek approval for the payment of costs in
connection with preparatory work incurred before the company went i nto
administration but which remain unpaid . Such costs may relate to work done either
by the administrator or by another insolvency practitioner . Disclosure of such costs
must be included in the administrator ' s proposals and should follow the principles and
standards set out in section 7 .

6.2 Where there is a creditors ' comm ittee , it is for the comm i ttee to determine whethe r,
and to what extent, such costs should be approved for payment. If there is no
committee or the committee does not make the necessary determ i nation , or if it does
but the adm i nistrator, or other i nsolvency practitioner who has i ncurred pre-
adm i n i stratio n costs , co n s i de rs the amount ag reed to be insuffic i ent , a p p rova l m ay be
given by a meeting of cred i tors . Where the c i rcumstances described in paragraph 4 . 3
app ly , the determ i nation m ay be made by the same cred ito rs as approve the
administrator' s remuneration .

6.3 The administrator must convene a meting of the committee or the creditors for the
purposes of approving the payment of pre-adm i nistration costs if requested to do so
by another insolvency practitioner who has incurred such costs . If there is no
determination under these provisions , or if there is but the administrator or other
insolvency practitioner considers the amount agreed to be insufficient , the
administrator may apply to the court for a determination .

7 What information should be provided by the administrator?

7. 1 When fixing bases of remuneration

7. 1 . 1 When seeking agreement for the basis or bases of remuneration , the administrator
should provide sufficient supporting information to enab l e the committee or the
creditors to make an informed judgement as to whether the basis sought is
appropriate having regard to all the ci rcumstances of the case . The nature and extent
of the information provided will depend on the stage during the conduct of the case at
which approval is being sought . The append i x to this guide sets out a suggested
format for the provision of information .

7. 1 .2 If any part of the remuneration is sought on a time costs basis , the administrator
should provide details of the minimum time units used and current charge-out rates ,
split by grades of staff, of those people who have been or who are likely to be
involved in the time costs aspects of the case .

7. 1 .3 The administrator should also provide details and the cost of any work that has been
or is intended to be sub-contracted out that could otherwise be carried out by the
administrator or his or her staff.

7. 1 .4 If work has already been carried out , the administrator should state the proposed
charge for the period to date and provide an explanation of what has been achieved
in the peri od and how it was achieved , sufficient to enable the progress of the case to
be assessed and whether the proposed charge is reasonable in the circumstances of
the case . Where the proposed charge is calculated on a time costs basis , the
administrator should disclose the time spent and the average charge-out rates , in
larger cases split by grades of staff and analysed by appropriate acti vity . The
administrator should also provide details and the cost of any work that has been sub-
contracted out that could otherwise be carried out by the administrator or his or her
staff.
7.2 After the bases of remuneration have been fixed

The administrator is required to send progress reports to creditors at specified


intervals (see paragraph 8 . 1 below) . When reporting period i cal l y to cred i tors , in
addition to the matters specified in paragraph 8 . 1 , the administrator should provide an
explanation of what has been achieved in the period under review and how it was
achieved , sufficient to enable the progress of the case to be assessed . Creditors
should be able to understand whether the remuneration charged is reasonable in the
circumstances of the case (whilst recognising that the administrator must fulfil certain
statutory obligations and regu l atory requ i rements that might be perceived as bring i ng
no added value for the estate) . Where any remuneration is on a time costs basis , the
administrator should disclose the charge in respect of the period , the time spent and
the average charge-out rates , in larger cases split by grades of staff and analysed by
appropriate activity . If there have been any changes to the charge-out rates during
the period under review , rates should be d i sclosed by grades of staff, split by the
periods applicable . The administrator should also provide details and the cost of any
work that has been sub-contracted out that could otherwise be carried out by the
administrator or his or her staff.

7.3 Disbursements and other expenses

7.3. 1 Costs met by and reimbursed to the administrator in connection with the
administrat i on should be appropriate and reasonable . Such costs wi ll fall into two
categori es :

• Categ ory 1 di sb ursements : These a re costs whe re th e re i s spe cific expe n d itu re
directly referable both to the admin i stration and a payment to an independent
third party . These may include , for example , adve rtising , room hire , storage ,
postage , te l ep hone c ha rges , trave l ex penses , a n d eq uiva l ent costs re i mb ursed to
the adm i nistrator or h i s or her staff.
• Category 2 d i sbu rsements : These a re costs that are directly refe rabl e to the
adm i nistration but not to a payment to an independent third party . They may
incl ude sha red or allocated costs that can be allocated to the adm i n i strati on on a
prope r and reasonable basis , for examp l e , bus i ness mileage .
Category 1 disbursements can be d rawn without prior approva l, although the
administrator should be prepa red to d i sc l ose info rmation about them in the same way
as any oth e r expenses . Categ o ry 2 d i sb ursements may be d rawn i f they have been
approved i n the same manner as the adm i n i strator' s remunerat i on . When seeking
approva l, the administrator shou l d explai n , for each category of expense , the basis on
which the charge is being made .

7.3.2 The following are not permissible :

• a charge calcu l ated as a percentage of remuneration ;


• an adm i nistration fee or charge additi onal to the admin i strator ' s remune ration ;
• recovery of basic overhead costs such as office and equipment rental ,
depreciation and finance cha rges .

Progress reports and requests for further Information

8. 1 The administrator is required to send a progress report to cred itors at 6-monthly


intervals . The report must include :

• details of the basis fixed for the remunerat i on of the adm i nistrator ( or if not fi xed
at the date of the report , the steps taken du ring the period of the report to fix it);
• if the basis has been fixed , the remuneration charged during the period of the
report , i rrespective of whether it was actually paid during that peri od ( except
where it is fixed as a set amount , in which case it may be shown as that amount
without any apportionment for the period of the report) ;
• if the report is the first to be made after the basis has been fixed , the
remuneration charged during the periods covered by the previous reports ,
together with a description of the work done during those periods , irrespective of
whether payment was actually made during the period of the report ;
• a statement of the expenses incurred by the administrator during the period of the
report , irrespective of whether payment was actually made during that period ;
• the date of approval of any pre-administration costs and the amount approved ;
• a statement of the cred i tors ' rights to request further information , as explained in
paragraph 8 . 2 , and the i r right to challenge the administrator ' s remunerat i on and
expenses .

8.2 Within 21 days of receipt of a progress report a creditor may request the administrator
to provide further information about the remuneration and expenses (other than pre-
administration costs) set out in the report. A request must be in writing, and may be
made either by a secured creditor, or by an unsecured creditor with the concurrence
of at least 5% in value of unsecured creditors (including himself) or the permission of
the court.

8.3 The admin i strato r must prov i de the requested i nformati on within 14 days , unless he
considers that :

• the time and cost i nvo l ved in preparing the informati on wou l d be excessive , o r
• disclosure would be prejudicial to the conduct of the adm i nistrat i on or m i ght be
ex pected to l ead to viol en ce aga in st any person , or
• the admin i strator i s subj ect to an obligation of confi denti ality in relation to the
i nformation requested ,

in which case he must give the reasons for not providing the information .

Any creditor may apply to the court within 21 days of the administrator's refusal to
provide the requested information, or the expiry of the 14 days time limit for the
provision of the information.

9. Provision of i nformation - additi onal requirements

The admin i strator must p rovide certain i nformat i on about time spent on a case , free
of charge , upon request by any creditor, director or sha reho l der of the company .

The information which must be provided is -

the total number of hours spent on the case by the administrator or staff
ass i gned to the case ;
for each grade of staff, the average hourly rate at which they are charged out ;
the number of hours spent by each grade of staff in the relevant period .

The period for which the informati on must be provided i s the period from appoi ntment
to the end of the most recent period of s i x months reckoned from the date of the
administrator ' s appointment , or where he has vacated office , the date that he vacated
offi ce .

The information must be provided within 28 days of receipt of the request by the
administrator , and requests must be made within two years from vacation of office .
10 What if a creditor is dissatisfied?

101 If a creditor believes that the administrator's remuneration is too high, the basis is
inappropriate, or the expenses incurred by the administrator are in all the
circumstances excessive he may, provided certain conditions are met, apply to the
court.

10 . 2 Applicati on may be made to the court by any secured creditor , or by any unsecured
creditor provided at least 10 per cent in value of unsecured creditors
(including himself) agree , or he has the permission of the court . Any such application
must be made within 8 weeks of the applicant receiving the administrator' s progress
report in which the charging of the remuneration or incurring of the expenses in
question is first reported (see paragraph 8 . 1 above) . If the court does not dismiss the
application (wh i ch it may if i t considers that i nsufficient cause is shown ) the applicant
must give the adm i nistrator a copy of the application and supporting evidence at least
14 days before the hearing .

10 . 3 If the court considers the application well founded , it may order that the remuneration
be reduced , the basis be changed , or the expenses be disal lowed or repaid . Unless
the court orders otherw i se , the costs of the applicat i on must be paid by the applicant
and not as an expense of the administration .

11 What if the administrator is dissatisfied?

11 . 1 If the admin i strator considers that the remuneration fixed by the creditors ' committee
is insufficient or that the bas i s used to fix it is inappropriate he may request that the
amount or rate be increased , or the basis changed , by resoluti on of the creditors . If
he considers that the remuneration fixed by the comm ittee or the cred itors is
insufficient or that the basis used to fix it is inappropriate , he may apply to the cou rt
for the amount or rate to be increased or the basis changed . If he deci des to appl y to
the court he must give at l east 14 days ' notice to the members of the creditors '
committee and the committee may nom i nate one or more of its membe rs to appea r
or be represented on the applicat i on . If there is no committee , the administrator ' s
noti ce of h i s application must be sent to such of the company ' s creditors as the court
may direct , and they may nominate one or more of the ir number to appear o r be
represented . The court may order the costs to be pa i d as an expense of the
administration .

12 Othe r matters rel ating to remuneration

12.1 Where there are joint administrators it is for them to agree between themselves how
the remuneration payable should be apportioned. Any dispute arising between them
may be referred to the court, the creditors' committee or a meeting of creditors.

12.2 If the administrator is a solicitor and employs his own firm to act on behalf of the
company, profit costs may not be paid unless authorised by the creditors' committee,
the creditors or the court.

12.3 If a new administrator is appointed in place of another, any determination, resolution


or court order which was in effect immediately before the replacement continues to
have effect in relation to the remuneration of the new administrator until a further
determination, resolution or court order is made.

12.4 Where the basis of the remuneration is a set amount, and the administrator ceases to
act before the time has elapsed or the work has been completed for which the
amount was set, application may be made for a determination of the amount that
should be paid to the outgoing administrator. The application must be made to the
same body as approved the remuneration. Where the outgoing administrator and the
incoming administrator are from the same firm, they will usually agree the
apportionment between them.
13 . Effecti ve date

This guide applies where a company enters administration on or after 1 November


2011 .
Appendix

Suggested format for the provision of information

P rofessional guidance issued to insolvency practitioners sets out the following suggested
format for the provision of information when seeking approval of remuneration. However, the
level of disclosure suggested below may not be appropriate in all cases, and will be subject to
considerations of proportionality. In larger or more complex cases the circumstances of each
case may dictate the information provided and its format.

Narrative overvi ew of the case

In all cases, reports on remuneration should provide a narrative overview of the case. M atters
relevant to an overview are:
• the complexity of the case;
• any exceptional responsibility falling on the administrator;
• the administrator's effectiveness;
• the value and nature of the property in question.
The information provided will depend upon the basis or bases being sought o r reported upon ,
and the stage at which it is be i ng provided . An ove rview might incl ude :
• an exp l anati on of the nature , and the administrator' s own initial assessment , of the
ass i gnment (incl ud in g th e antici pated retu rn to cred i to rs ) and the outcom e (if k n own );
• initial views on how the assignment was to be handled , including decis i ons on staffing o r
subcontracting and the appointment of advisers ;
• a ny s i gn i ficant aspects of th e case , part icu l a rl y th ose that affect th e remu n e ratio n an d
cost expended ;
• the reasons for subsequent changes in strategy ;
• the steps taken to establish the vi ews of creditors , particularly i n re l ation to agree i ng the
strategy fo r the assignment , budgeting , and fee drawing ;
• any existing agreement about remune ration ;
• details of how other profess i ona l s , inc l uding subcontracto rs , were chosen , how they were
contracted to be pa i d , and what steps have been taken to review the i r fees ;
• in a l arge r case , particular ly if it involved trading , considerati ons about staffing and
ma nag i ng th e ass i gnme nt a n d how strategy was set a n d revi ewed;
• details of work undertaken during the period ;
• any add itiona l value brought to the estate during the peri od , for which the administ rator
wishes to claim increased remuneration .

Time cost basis


Whe re any part of the remuneration i s or i s proposed to be ca l cu l ated on a time costs bas i s ,
requ ests for a n d repo rts o n rem une ratio n sh ould p rovi de :
• An exp l anation of th e ad m inistrator' s t i m e c ha rg i ng policy , cl ea rly statin g th e uni ts of
ti me that have been used , the grades of staff and rates that have been charged to the
assignment , and the policy for recovering the cost of support staff. There is an
expectation that time will be recorded in units of not greater than 6 minutes .
• A description of work carried out , which might include :
- details of work undertaken during the pe ri od , related to the tabl e of time spent for the
period ;
- an explanati on of the grades of staff used to undertake the different tasks carri ed out
and the reas o ns why i t was app ro p ri ate fo r t hose g ra des to be used ;
- any comments on any figures in the summary of time spent accompany i ng the
request the administrator wishes to make .
• T i me spe nt and c ha rge-o ut s u mma ri es , in an ap p ro pri ate form at .
It is useful to provide time spent and charge-out value information in a tabular form for each of
the time periods reported upon, with work classified (and sub-divided) in a way relevant to the
circumstances of the case

The following areas of activity are suggested as a basis for the analysis of time spent:

• Administration and planning


• Investigations
• Realisation of assets
• Trading
• Creditors
• Any other case-specific matters

The following categories are suggested as a basis for analysis by grade of staff:

• Partner
• Manager
• Other senior professionals
• Assistants and support staff

The level of disclosure suggested above will not be appropriate in all cases, and
considerations of proportionality will apply:

where cumulative time costs are , and are expected to be , less than £10 , 000 the
administrato r should , as a min i mum , state the number of hours and average rate per hour
and explain any unusual features of the case ;
where cumulative time costs are , or are expected to be , between £10 , 000 and £50 , 000 , a
time and charge-out summary similar to that shown above will usually provi de the
appropriate level of detail (subject to the explanation of any unusual features) ;
where cumulative time costs exceed , or are expected to exceed , £50 , 000 , further and
more detailed analysis or explanation will be warranted .
Shipleys LLP
10 Orange Street, Haymarket, London WC2H 7DQ

CREDITORS ' GUIDE TO FEES


EFFECTIVE FROM I MAY 2013
CHARGE-OUT RATES

Staff Allocation and Support Staff

An objective and practical approach is taken to each case which incl udes active Principal
i nvolvement from the outset . Other members of staff wi ll be ass i gned on the basis of
experience and specific sk i lls to match the needs of the case . Set out below are the relevant
charge-out rates per hour worked for the grades of all staff. Time is charged by reference to
actual work carried out on each ass i gnment . There has been no al l ocat i on of any general or
overhead costs .

Charge -out rate (£ per hour)


Grade
plus VAT where appli cable
Prin ci pal * 465 - 495
Manager 240 - 325
Assistant Manager 230 - 240
Sen i or Adm i n i strator 220 - 235
Admin istrator 125 - 185
Assistant & Cashier 110 - 260
* or equivalent

NB : Ti me costs are ca l culated at 6 m i nute un its

The time of support staff is not charged to a case except when the i nitial set up is being
performed and appointment documentation is prepared . Support staff will also occas i onally
charge their time when perform i ng a sizeable adm i nistrat i ve task within the case . Support
staff charge their time at the £110/hr Assistant rate shown on the preced i ng table .

Special ist departments with the firm such as Tax and VAT may somet i mes charge their t i me
if and when the Office Holders may require the i r expert advice . The figures below provide
details of the charge-out rates per hour worked for typ i ca l staff invo lved in this way .

Charge-out rate (£ per hour)


Grade
plus VAT where applicable
Tax Principal* 300-400
Tax Manager 250
Tax Practitioner 200
Tax Assistant 145
DISBURSEMENTS

Category 1 Disbursements

These are costs where there is specifi c expenditure d i rectly referable both to the
appointment in quest i on and a payment to an independent third party . Examples of
equiva lent costs that may be reimbursed to the offi ce holders without uplift and do not require
prior approval are g iven below :

Category Basis of Charge


Indemnity Bond At cost of mandatory cover required in accordance with the
Insolvency Act 1986 for each a ppointment
Insurance of assets At cost in relation to asset coverag e req uirements
Com an searches At cost incurred
Travel All forms other than milea g e at actual cost
Room Hire All external venues at actual cost
Statione ry At cost incurred
Storage Charge at actual cost incurred for storage (and retrieval, when
a ro riate of records.
Other At actual cost charg ed

Category 2 Disbursements

These are costs that are directly referable to the appointment in quest i on but not to an
independent third party . They may incl ude shared or allocated costs that can be allocated to
the appointment on a proper and reasonable basis . In the event of charging for Category 2
disbursements the followi ng items of expend iture are recharged on the basis specifi ed :

Category Basis of Charge


Business Milea g e Motor vehicle at 40 p per mile
Internal Room Hire Held at Shipleys LLP, 10 Orange Street, Haymarket, London
WC2H 7DQ: £50
Photoco in Specific calculation of 25 pence per sheet x number of creditors
Facsimiles £1 for 1S page and 10 pence for each additional p a g e

Subcontractors

Details and the cost of any work wh i ch has been or i s intended to be sub-contracted out that
could otherwise by carried out by the office holder or his staff will be provided i n any report
which incorporates a request for approval of the bas i s upon which remuneration may be
charged .

Professional Advisors

Details of any professional advisor(s) used will be given in reports to creditors. Unless
otherwise indicated the fee arrangement for each is based on hourly charge out rates, which
are reviewed on a regular basis , together with the recovery or relevant disbursements. The
choice of professional advisors is based around a number of factors including, but not
restricted to, their expertise in a particular field, the complexity or otherwise of the
assignment and their geographic location.
Appendix 7
ship y - 1e s ,-,-,)
C ha rtered Acc o u ntants & Profess i onal B u sin es s Adv i sers

HARLEQUIN MANAGEMENT SERVICES (SOUTH EAST) LIMITED


- IN ADMINISTRATION

Form 2 . 206 - Notice of a Meeting of Creditors


Rule 2 . 35 Form 2 .20B

Notice of a meeting of creditors


Name of Company Company number
Harlequin Management Services (South East) Limited 4205220
- In Administration

In the Court case number


High Court of Justice , Chancery Divi s ion, London 2989 of 2013
[full name of court]

(a) Insert full name(s) and


address(es) of the Notice is hereby given by (a) Anthony Peter Davidson & Stephen Blandford Ryman, both of Shipleys LLP,
administrator(s) 10 Orange Street, Haymarket, London WC2H 7DQ

that a meeting of the creditors of (b) Harlequin Management Services (South East) Limited (In
(b) Inse rt full nam e and
address of re gistered offi ce Administration) C/o of Shipleys LLP, 10 Orange Street, Haymarket, London, WC2H 7DQ
of the company

(c) Insert details of place


(c) Earls Court Conference Centre, Warwick Road, London SW5 9TA
of meeting

(d) Insert date and time of


on (d) 12th July 2013 at 11 . 00 a . m .
meeting

The meeting is :

* Delete as applicable *(1) an initial creditors ' meeting under Paragraph S lof Schedule B 1 to the Ins olvency Act 1986 ("the
Schedule");

I invite you to attend the above meeting .

A Proxy Fo i s enclosed which should be completed and returned to me by no later than 12 . 00 hours on
the bus ine s s befo the a fixed for the meetin ' ou cannot attend and wish to be repre sented .

In order to be titl vot under Rul . 38 the rt^eetingyou must g ive to me , not later than 12 . 00
hours on the i da be re the fixe or the m^ting , details in writing of your claim .

Signed
Joint

Dated 2 (^/o

* Delete as applicable A copy of the *proposals / r-ovised pf;epese^s is attached


Appendix 8
shi l e ys LL P) -
ChaRered Accountants & Profess i onal B u siness Adv i sers

HARLEQUIN MANAGEMENT SERVICES (SOUTH EAST) LIMITED


- IN ADMINISTRATION

Proof of Debt Form


PROOF OF DEBT

In the High Court of Justice No 2989 of 2013

Harlequin Management Services ( South East) Limited ( In Administration )

Date of Administration : 3rd May 2013

1 Name of creditor

2 Address of creditor

3 Total claim including VAT and interest as at the date of the


Administration Order £

4 Details of documents by which debt can be substantiated .


Copies must be attached unless previously submitted

5 If claim includes VAT , show

(a) Amount of VAT £

(b) Amount of claim Net of VAT £

6 Amount of any interest included in claim £

7 Is the whole or part of the debt preferential? Yes / No

If so , state amount , and details £

8 Particulars of how and when debt incurred

9 Particulars and value of any security held and the date it was
given

10 Signature of creditor or other authorised person

Name in BLOCK LETTERS :

Telephone number:

Creditor's reference :

Date

11 Position or Relationship with Creditor


For Use of Administrator Only

12 Admitted to vote for £

Date

Administrator

13 Admitted preferentially Admitted non-preferentially


for £ for £

Date Date

Administrator Administrator
Appendix 9
sh i l e ys L L P) -
C ha rtered Accountants & P ro fessio n al Bus i ne ss Advis ers

HARLEQUIN MANAGEMENT SERVICES (SOUTH EAST) LIMITED


- IN ADMINISTRATION

Proxy
Rule 8 . 1 Insolvency Act 1986 Form 8 . 2

Proxy (Administration)

Harlequin M anagement Services (South East) Limited


- In Administration

Name of Creditor

Address

P lease insert n a m e of
Name of Proxy Holder
pe rson (wh o m u st be 1 8 or
over) or the Chairman of
th e Meet in g . I f yo u wish to
provide for alternative
p roxy h o lde rs in th e
circu ms ta nces th at yo ur 2
first c h oice i s un ab le to
att e n d p lease state th e
name (s ) of the a lt e rn ativ es
as well

Please delete words in I appoint the above person to be my/the creditor ' s proxy holder at the meeti ng of
brackets if the proxy holder
is only to vote as directed creditors to be held on Friday 12th July 2013 at 11 . 00 a . m ., or at any adjournment of
i . e. he has no d iscretion that meeti ng . The proxy holder is to propose or vote as instructed below (and in
respect of any resolution for which no specific instruction is given , may vote or abstain
at h is/her discretion) .

Voting Instructions for resolutions


* P lease de lete as
appropriate
For the acceptance /rejection* of the Joint Administrators ' Proposals :

(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 ;
(Accept/Reject)

(b) If appropriate the Joint Administrators will take all steps necessary to settle
outstanding Administration costs and issue proposals with regards to a
Company Voluntary Arrangement;
(Accept/Reject)

(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;
(Accept/Reject)

(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 B1 of the Insolvency Act 1986;
(Accept/Reject)

(e) Should the Company enter Creditors Voluntary L i quidation 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
L iquidators can be undertaken by either one of them acting independently ;
(Accept/Reject)

(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;
(Accept/Reject)

Softwa re S u pp lied by Turnkey Comp ute r Te chnology Limit e d, G l asg ow


(g) Upon the appointment of Anthony Davidson and Stephen Ryman as Jo i nt
Administrators of the Company ceasing to have effect , they will be discharged
from all liability in respect of any actions as Joint Administrators ;
(Accept/Reject)

(h) The basis of the Joint Administrators ' Post Appo i ntment 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 Meeti ng 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
(Accept/Reject)

(i) The Joint Adm i nistrators 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 ".
(Accept/Reject)

2. Creditors ' Committee

For the appointment of

of

representing

as a member of the creditors' committee.

Pre Appointment Costs

(a) The basis of the Joint Administrators' Pre Appointment cost of £33 , 113 . 86 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 be settled
in full from the funds held i n the Joint Administrators bank account ;
(Accept/Reject)

(b) The basis of Charles Russell LLP Pre Appointment cost of £9 , 918 . 50 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 be settled
i n full from the funds held in the Joint Administrators bank account ;
(Accept/Reject)

This form must be signed


Signature Date

Name in CAPITAL LETTERS

O nly to be comp leted if th e Position with creditor or relationship to creditor or other authority for signature
cred itor h as n ot s ig n ed in
pe rs o n

Remember: there may be resolutions on the other side of this form

S oftwa re S u p plied by T urn key C om p uter Technol og y Limited , G l as g ow