Limited and Mr Barry Lynch of Alvarez & Marsal Cayman Islands Limited, were appointed Joint Liquidators of Azure Resorts Limited and Azure XP Limited. Databases. There Are Now Zero COVID-19 Patients In Maltas ITU, Get Nominating Now! A voluntary winding up typically takes between 12 and 16 months from the date of the decision to wind up the company. If you are an Azure Ultra Club Member and have not received this advice, or have concerns about the content of the advice, please contact us and we will provide free assistance. In a statement published on 5th May 2020, IHI, the holding company for the Corinthia Hotels Group, who own 50% of the Golden Sands Resort and the Azure Group, stated that the shareholders remain committed to the future of the Golden Sands Resort as a high-end luxury destination. In recent months, the company had been going through a rough patch. Borrowers claimed that false representations were made about the financial impact of the loans, they were not properly informed of their duration and that vulnerable consumers were inappropriately treated. It said it was facing a number of litigation claims from clients who allege misrepresentation. Last December, it announced it would no longer sell timeshare and holiday clubs but focus on its existing members. 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. Free shipping for many products! IHI owns 50% of the Golden Sands Resort and the Azure Group. We use cookies to ensure that we give you the best experience on our website. Sources told Lovin Malta that the decision to liquidate the company was taken on 27th April but staff were only informed on 5th May. We also use third-party cookies that help us analyze and understand how you use this website. For and on behalf of FNTC (UK) Ltd. 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. We use our own and third-party cookies for analytical purposes and to show you personalized advertising based on a profile prepared from your browsing habits (for example, pages visited). Inside Timeshare has received many enquiries as to what is going to happen to members of the "club"? Boss the game, deliver masterful ball control, and be the apex Predator in your game. Anglian Water Services. He said: I cant believe I fell for it. Timeshare Termination Team is a trading style of Exit My Timeshare Group. Be aware that disabling cookies will affect the functionality of this and many other websites that you visit. But is it bad? We support credit card, debit card and PayPal payments. 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. Search. The government had set itself the ambitious target of having the plan in place by early January for submission . However, it seems the COVID-19 pandemic derailed their plans, with the tourism effectively shut down for at least the next few months due to the outbreak. Neville, 43, resigned as a director of Island Hotels in September 2015 when the company was merged with IHI plc. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. 10am 4pm Mon-Fri (GMT) All of these matters are likely to be complex and take some time and KwikChex will do all possible to provide updates. May 5, 2020 at 2:46 pm Azure Services, a Corinthia-owned tourism and timeshare company at the Radisson Blu Golden Sands, has filed for liquidation amid the COVID-19 pandemic, leaving roughly 30 jobs at risk. A study in 2013 said that while erosion was . Dwejra and The Azure Window, Gozo's pride Concentration of natural monuments. Azure Services Limited was an MFSA registered company owned by Corinthia and Mediterranean Overseas Holdings Limited. It first hit the news in 2019 for misselling timeshares to hundreds of British holidaymakers in 2019. The PN says the PM should make the future of Air Malta clear. The liquidator has a fiduciary duty to act in the best interests of creditors and has a duty to investigate the causes of the liquidation.The liquidator is tasked with gathering in the assets of an insolvent company, realising them and making distributions, net of costs, to creditors.My timeshare is in Malta, why is this liquidation in the British Virgin Islands?Whilst your timeshare entitlement is at the Golden Sands Resort in Malta, the Company is domiciled in the British Virgin Islands and the liquidation must therefore be conducted under the laws of the British Virgin Islands, including the Act.If I purchased my week using a loan, do I still need to pay this loan?The JLs advise that, whilst the clubs remain active and can service its members, your obligations will remain consistent with what they were prior to the liquidation. He said they are having hundreds of calls about it. Creditors have been notified that on May 11 a telephone conference would be held to appoint Richard Galea Debono as liquidator. However, it remains to be seen whether they have been able to address questions surrounding the thousands of people from Malta, the UK, and Sweden who have long term contracts to stay at the hotel for one or two week periods every year. Nov 2021 - Present1 year 5 months. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Please find attached a communication regarding the appointment of a new Club Manager for Golden Sands Island Residence Club, The Heavenly Collection, Azure Experiences Membership Club (Azure X). H eavy storms in the Mediterranean were the eventual undoing of Malta . Huntingdon, England, United Kingdom. Information coming direct to KwikChex and in the media in Malta appears to confirm that timeshare ownership at the Golden Sand Resort in Malta will not be affected by the insolvency proceedings taking place concerning Azure Services Malta, which operated as the sales & marketing company for timeshares at the resort. The Financial Times said that the customers were charged in excess of 9%. Taunton, Most of its clients, who hailed from Malta, the UK and Sweden, had entered into contracts of up to 25 years, under which they had the right to holiday at the hotel for one or two weeks at a specific time of the year. The Azure Window, a limestone arch in Malta, was popular with locals and tourists. In # May 2020, members of the above Clubs received notification that Azure Resorts Limited, Azure Services Limited and Azure XP Limited had gone into Liquidation. We can honestly say without fear of contradiction that this is another scam in the making. Timeshare Watchdog were informed that Azure Services Ltd. of Malta entered into liquidation proceedings. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2018 Resort Development Organisation, Company No. In 2017 Malta switched its primary source of energy from heavy fuel oil to natural gas. Kind regards, Beware of Scammers, Pro Timeshare Resales exposed by Action 9. Under Azure plan, select Add to cart. Ex-Manchester United football players Gary Neville and Ryan Giggs once held shares in the company. The first creditors meetings have taken place with regard to the various Azurecompanies. Naturally we at TCA will be following developments closely and will report our findings as and when developments take place. Most readers know that Azure Malta went into liquidation earlier this year, however with the efforts of the joint liquidators a new management company was formed, being Vacation Club Services Limited (VCSL), to act as the new club manager. KwikChex will continue to provide updates. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. It was sold to Corinthia in 2015. With regard to matters related specifically to Azure Services Ltd. such as the review ordered of loans for timeshares that took place between 1 April 2014 and 24 April 2016, this matter remains ongoing. This has been 07-05-2020, 01:31 PM. Given the current outlook, this scaling down process has run its natural course, and a liquidation process has in fact now commenced, the announcement read. organisation Prime Minister Joseph Muscat said the news was "heartbreaking". Registered Office: Artemis House, 4a Bramley Road, Mount Farm, Milton Keynes, MK1 1PT. Elon Musks Twitter is dying a slow and tedious death. As previously advised, the Azure companies and the Club are separate entities. So who are Themis? Exchange House, This website uses cookies to improve your experience while you navigate through the website. Barclays is to fully compensate almost 1,500 customers who were improperly sold timeshare loans by Azure in Malta worth a total of 48m. Once again it is Alex Lawson of Alvarez and Marsal of the Cayman Islands who has been appointed administrator, as we know he and his company are behind the mass liquidations of all of the companies owned by the late Robert Bob Trotta. This website uses cookies to improve your experience while you navigate through the website. The UKs financial conduct watchdog is investigating 54 million in loans made to Golden Sands timeshare buyers. As mentioned in the FAQs, we are working diligently to transfer the role of club manager so that the club can continue and members remain able to utilise their timeshare holiday entitlement. ForAzuretimeshare owners, the principal interest is in the continuing right to use their weeks at the resort and KwikChex is advised that there is no change to previous statements in this regard i.e., that the rights will continue as soon as the travelrestrictions related to Covid-19 are lifted. The Azure Group carried out the sales function of the timeshare operation at the Golden Sands Resort for the past 17 years. Do your own due diligence, check the registration of the company, if there is no registration then it is not a legitimate company. In 2015, Corinthia Group assumed 50 per cent share of the company as part of their takeover of the Island Hotels Group. Alternatively,download the update directly (PDF download). Major shareholder Corinthia Group expressed its intention to conduct the liquidation process in an orderly manner and that timeshare owners would continue to enjoy the same service and benefits as they had in past years. The official Island Hotels document explaining the footballers investments said: The high profile of each of the investors in the sporting field is calculated to enhance the groups overall public relations and image and profile., One of the timeshare buyers,CharlesRebbeck, 41, from East Sussex, told the Times of London that he received a cold call in the UK offering him a weeks holiday at the Golden Sands resort with his family for 150. Declaration of Solvency. Keeping this cookie enabled helps us to improve our website. You have been warned. Products Databases. A timeshare company at the Radisson Blu Golden Sands Resort and Spa has been placed in voluntary liquidation but the shareholders are pledging to honour all commitments with the thousands of its members. LTD. (Singapore, 8 Feb 2019 - ) 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. 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. AZURE AVIATION LIMITED (United Kingdom, 10 Mar 2022 - ) AZURE AVIATION PRIVATE LIMITED (India, 27 Sep 2019 - ) Azure Dragon Aviation Limited (Hong Kong, 9 Jul 2019 - ) Azure Aviation Ltd. (Bahamas) Sino Azure Aviation Consulting Company Limited (Hong Kong, 20 Jan 2014 - ) AZURE DRAGON AVIATION PTE. 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 27th April 2020. After sitting through a five-hour sales pitch that featured photographs of Neville andGiggs, he agreed to pay 13,300 for a one-week timeshare with a 25-year contract. It is mandatory to procure user consent prior to running these cookies on your website.
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