azure malta liquidation azure malta liquidation

Exchange House, Cart; chantelle jamieson married Insiide Timeshare has received news that Azure Services Ltd, the sales and marketing arm for Radisson Blu and Golden Sands resorts in Malta have filed for liquidation. Call us on 01872 308699 for more information. On 28 April 2020, Mr Wesley Edwards of CVR Global (B.V.I.) It is mandatory to procure user consent prior to running these cookies on your website. Malta (356) 2247 6100 info@premium.com.mt. So far we have a nonexistent company that was formed less than two months ago, this is not looking good. Sign in to get trip updates and message other travellers.. Malta ; Hotels ; Things to do ; Restaurants ; Flights ; Holiday Rentals Re: Golden Sands, Mellieha. Sometimes we include content from other sites on our site, for example, YouTube videos. Crowdfunding Campaign To Fund Legal Challenge To DB Group Project Collects 18,000 In Just Over A Week, Get Nominating Now! This boot hits your feet like those well worn boots you default to. Several owner / members at Azure Malta the timeshare clubs Island Residence Club, The Heavenly Collection and Azure Ultra, have been asking KwikChex for further clarification as the information first released regarding insolvency processes was difficult to understand. Copyright 2023 Timeshare Termination Team. Azure Malta | 2,050 followers on LinkedIn. But Azure was found to have operated without authorisation under British law to act as financial broker between April 2014 and April 2016. We also use third-party cookies that help us analyze and understand how you use this website. For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk, Timeshare Consumer Association is a company limited by guarantee registered in England under number 12662338. You have been warned. Whilst it is too early to foresee the potential fallout from this news, we at TCA will be keeping a close eye on developments and will of course publish updates as and when. It was sold to Corinthia in 2015. A Financial Times report has revealed that Barclays has been ordered to repay the interests charges on loans issued between April 2014 and April 2016 by Azure Services, which filed for liquidation in May 2020. Limited and Mr Barry Lynch of Alvarez & Marsal Cayman Islands Limited. Support Times of Malta for the price of a coffee. KwikChex will provide free information assistance to any consumers affected by such matters. If you want to know more about what cookies are and how to control them, aboutcookies.org is a great resource. We also use social media buttons and/or plugins on this site that allow you to connect with your social media network(s) in various ways. We can honestly say without fear of contradiction that this is another scam in the making. Alternatively,download the update directly (PDF download). https://lovinmalta.com/news/maltese-time-share-company-at-golden-sands-files-for-liquidation-amid-covid-19-pandemic/ Report inappropriate content 1-2 of 2 replies Sorted by 1 Mozilla Firefox. You can revoke your consent any time on our Privacy Policy page. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. The UKs financial conduct watchdog is investigating 54 million in loans made to Golden Sands timeshare buyers. Azure Resorts Limited, which manages Golden Sands Island Residence Club based in Malta, (Island Residence Club, The Heavenly Collection (including Sands Towers)), and Azure XP Limited, which manages Azure XP Membership Club, have both entered into liquidation on 27 th April 2020. The other half is owned by a group of international investors specialising in timeshare resort operations. There Are Now Zero COVID-19 Patients In Maltas ITU, Get Nominating Now! For cost savings, you can change your plan at any time online in the Settings & Account section. download the update directly (PDF download). A liquidator is an officer of the court, his appointment is ratified by creditors. On 28 April 2020, Mr Wesley Edwards of CVR Global (B.V.I.) The company noted that it has every intention to ensure that the upcoming liquidation is conducted in an orderly manner and that timeshare owners will continue to enjoy the same service and benefits as they have for the past years. A vote on the potential nominee for the office of the liquidator will also be taken. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Gain a global perspective on the US and go beyond with curated news and analysis from 600 As we have published over the past weeks, Azure Services Ltd and Azure Resorts Limited are in the process of liquidation as are many of the other companies within the Limora Group such as Silverpoint. The Azure Window during happier times. Liquidation or dissolution is the procedure for concluding the affairs of a company when it decides to terminate its operations or when it cannot continue to operate by reason of its insolvency. A dedicated webpage has been set-up to keep owners and creditors informed https://cvr.global/azure/. We also use third-party cookies that help us analyze and understand how you use this website. I maintain all support systems and hierarchies that our reporting is based upon. Independent journalism costs money. Martin Brylka The company, Azure Services Limited, markets timeshare at the resorts formerly owned by Island Hotels and Winston Zahra, of which Manchester United footballers Gary Neville becameanon-executivedirectorsin2009 after a 1.1 million investment. Customise . The Times revealed last yearthat the Financial Conduct Authority (FCA) was investigating loans made to timeshare buyers at resorts in Malta which had been part-owned by Neville and Ryan Giggs,. Welcome to the start of another week with Inside Timeshare, today we publish the following press release from the Azure Malta Action and Support Group and their ongoing battle with Barclays Partner Finance. Azure, Golden Sands time share company 2 years ago Save For people with time share weeks at Golden Sands hotel, be aware Azure, the operator, has gone into liquidation. Facebook Twitter YouTube Pinterest. Latest TimeshareTaskForce Customer Testimonial, Request for Erasure/Remove Consent/Subject Access Request/Update Data. The Azure Window has collapsed and it is not just the top part which has fallen off - even the stacks have gone. These were formalities as such to enable the continuation of the liquidation process. Alex Lawson from Alvarez and Marsal (Cayman Islands) has appointed himself as an administrator/director to oversee the . He said: I cant believe I fell for it. Lawson is now listed as one of the directors along with Joseph Fenech, it is also interesting to see who the shareholders are, Corinthia (Malta) Staff Services Ltd and Mediterranean Overseas Holdings Ltd. Joseph Fenech is also a director of Corinthia. LTD. (Singapore, 8 Feb 2019 - ) KwikChexis a Registered Trademark, KwikChex Ltd, Here we go again. We use cookies to track the number of opens and clicks on both newsletters RDO Weekly News and RDO Insider. This category only includes cookies that ensures basic functionalities and security features of the website. Maintence Fee Calculator | Privacy Policy | Terms & Conditions | Cookies Policy. But the Upper Tribunal of the Tax and Chancery Chamber heard that customers complained that the terms of the loans were not explained to them, that proper credit checks were not carried out and that they were pressured into signing deals. Matthew Vella is executive editor at MaltaToday. The below update was sent to Azure consumers yesterday. The email received by the consumer from Azure contained the following information: Please notethis important update from the Joint Liquidators, which includes reference to the appointment of the new club manager. Website Terms & Conditions Meanwhile, creditors of Azure Services Ltd were notified about the agenda of next weeks meeting in a letter signed by directors Joseph Fenech and Alexander William Lawson. In recent months, the company had been going through a rough patch. A public notice revealed that Azures creditors have been invited to a meeting on 11th May which will detail the winding down of the company. Modern Slavery Statement, Registered with Data Protection Act, Registration Number: Z2749323. 11.00-27.00; 27.00-35.00; 35.00-43.00; 43.00-51.00; 51.00-59.00; 59.00-60.00; STOCK. Last December, it announced it would no longer sell timeshare and holiday clubs but focus on its existing members. We are not sure how this scam will pan out but there will certainly be a request for a financial payment to progress whatever they are promising. Login below for access to exclusive content. It is understood Barclays had a contract with Azure Resorts Limited, which was authorised by the FCA for credit broking, but later discovered the staff were employed by the unlicensed Azure Services Limited. Back in December last year Inside Timeshare reported that Azure Services Ltd had ended the sales of timeshare, this resulted in the loss of around 80 jobs. Meanwhile, any action taken with respect to the curtailment of employees will be made in line with all local regulations. Azure Services Ltd. Malta Liquidation 07/05/20. I know its a scam but they are scaring people by saying that the membership fees are being used to pay off the loan to FNTC as the loan is going to be called in early next year and VCMS will have no money to run the clubs therefore another liquidation. cvr.global. Employees were given the news through an e-mail sent by the companys head of finance and corporate affairs, Mark Galea, who thanked them for their years of service. These cookies will be stored in your browser only with your consent. The key difference is that before you actually place your order you need to confirm that your customer has signed the Microsoft Customer Agreement. The first creditors meetings have taken place with regard to the various Azurecompanies. Premium access for businesses and educational institutions. In addition, shareholders have also reaffirmed that the Golden Sands Resort will fully honour all timeshare commitments arising from obligations entered into with existing members. KwikChex has been informed that Azure Services Ltd. of Malta has entered into liquidation proceedings. Creditors have been notified that on May 11 a telephone conference would be. There are no loans outstanding and even if there was it would be highly unlikely that First National Trustee Company (FNTC) would once again put the club in jeopardy. The Azure Window, a natural rock arch in Malta and a backdrop for the "Game of Thrones" TV series, fell into the sea on Wednesday in a storm. It was set up by the Island Hotels Group in 2003. In the interim, should you have any queries pertaining to the liquidation process and/or the appointment of the new Club manager, please contact azureresortsliquidation@cvr.global. Tue 09:00 - 17:00. We support credit card, debit card and PayPal payments. We make use of a tool from Google called Google Analytics, which tells us about the way people are using rdo.org. Video taken by bystanders . Meet our staff and find out what it's like to work for Azure. The UK financial conduct authority is investigating 54 million of loans made to timeshare buyers at the Golden Sands resort, a Radisson Blu franchise now owned by InternationalHotels Investments. August 20, 2022. . We recommend using In the case of a Members' Voluntary Winding Up, a Declaration of Solvency (Form B2), which must be signed by the majority of the Directors, must be filed at the Malta Business Registry. KwikChex will be pleased to help evaluate any such approaches. 386] regulates the liquidation of a company registered in Malta. Elon Musks Twitter is dying a slow and tedious death. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2018 Resort Development Organisation, Company No. There have also been claims that false representations were also made about the loans financial impact. Sources told Lovin Malta that the decision to liquidate the company was taken on 27th April but staff were only informed on 5th May. The question that Inside Timeshare asks now is who are the creditors? Are they all those consumers who purchased the investment weeks and never received the rentals or the sales they were promised, or is it just another way of avoiding the possibility of legal action in the Maltese courts against Azure, just like Silverpoint in Tenerife?. Azure Services Limited was an MFSA registered company owned by Corinthia and Mediterranean Overseas Holdings Limited. Who to fire? The Joint Liquidators are currently in discussions with third parties to appoint a new manager to the Clubs, and once this is completed owners will be able to use their timeshare entitlement in accordance with the relevant Club constitutions, rules and regulations. For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk, Timeshare Consumer Association is a company limited by guarantee registered in England under number 12662338. Excluding bank holidays, Visit KwikChex Website When I gothomeI thought, what the hell am I doing?Rebbeckwas left to care for his two children after his wife died in 2016. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. For all the latest news and views from RDO. We refer you to an article published on the website of Inside Timeshare yesterday (05/05/2020), which we reproduce below: Today Inside Timeshare has been notified that Azure Services Limited, the sales and marketing company behind the sales of timeshare and vacation club memberships at the Radisson Blu Resort and Spa, Golden Sands in Malta has now filed for liquidation. Malta's famous Azure Window rock arch has collapsed into the sea after heavy storms. Then in February of this year, we reported on the new product being launched, Azure X and Azure XP which replaced the discredited investment weeks previously sold. Timeshare Consumer Association Limited is registered as a data controller with the information commissioners office (ico) under registration number: ZA765267. We'll assume you're ok with this, but you can opt-out if you wish. Two geological wonders sit side-by-side on the Maltese island of Gozo: the Azure Window and the Blue Hole.