Goldtrail

Begbies Traynor

FAQs re: Administrators Proposals and initial meeting of Creditors

Legend:

‘ATOL’ – Air Travel Organisers Licence – administered by the CAA.

‘CAA’ – Civil Aviation Authority.

‘Travel Agent’ – a term to define a travel agency and for purposes of this section of FAQ’s, has no bearing on the type of transaction undertaken between the travel agent and Goldtrail Travel Limited.

The Administrators’  the Joint Administrators of Goldtrail Travel Limited, being Jamie Taylor and Mark Fry, to be corresponded to at The Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex, SS1 2EG, or by telephone 01702 467 255; by fax: 01702 467 201 or by e-mail Southend@begbies-traynor.com.

‘Creditor’  - a person / company owed money by Goldtrail Travel Limited as at the date of Administration, being 16th July 2010.

 

Administrator’s Proposals and the Initial meeting of creditors

 

 

QUESTION: I am a creditor of Goldtrail Travel Limited and have looked at the Proposals. Do I need to do anything?

 

ANSWER: The Administrator’s task is to maximise recoveries for the benefit of creditors as a whole. The Administrator’s Proposals is a very important document which details, amongst other issues, how and why the administrators will be undertaking their tenure in office. The Administrator’s have already optimised their plan for recoveries and have presented this in the Proposals. Creditors are requested to vote on the Proposals. You should use the proxy form at the end of the Proposals to submit your vote.

 

 

 

QUESTION: There is an ‘Initial Meeting of Creditors’ – should I attend or be represented?

 

ANSWER: If you are owed money by Goldtrail Travel Limited, then it is your right to attend the meeting, but you are not obliged to. If you are unable to attend physically on the date set, you may complete the proxy form at the back of the Proposals and return it. You may wish to give your say (your vote) to someone else in your place. In that case, please write their name on the proxy form where indicated and before doing so, make sure that they will be present at the meeting. You may, finally, give the vote to the Chairman of the Meeting, which will be one of the Joint Administrators in person. This will ensure that your vote is not wasted.

 

 

 

QUESTION: If I don’t attend the meeting, or vote, or send a representative in my place, will this affect my claim against Goldtrail Travel Limited?

 

ANSWER: No, absolutely not. Your claim for monies from Goldtrail Travel Limited is a separate issue entirely and has it’s own method of being dealt with.

 

 

 

QUESTION: The proxy form asks whether or not I wish to be on a creditors committee…what is it and do I want to be on it if there is one?

 

ANSWER: The committee is a representative body of the creditors. Every creditor has a right to nominate themselves for membership of the Creditor’s Committee. The committee, by law, must comprise of not less than three and not more then five creditors. It is established to assist the administrators in their duties if required or seek approval for undertaking certain steps, for example, the means by which the Administrator’s should be paid for what they are doing.

It is a cost effective and easy means for the administrators to communicate with the creditors where decision requiring creditor input are needed, especially in cases such as the one in hand where potentially, there are many hundreds or potentially thousands of individual creditors.

 

The Administrator’s will still report to creditors as a whole throughout the administration period.

 

 

 

QUESTION: Do I get paid for being on the committee?

 

ANSWER: No, being on the committee is a voluntary position. The Administrators are authorised by law to recompense any legitimate expenses incurred by committee members in attending meetings of the committee. These are at cost and paid on the basis of evidence of expense supplied (for example, a train ticket to reach the meeting venue).

 

Last updated 16 September 2010