MCR voted MidTier/Boutique Restructuring Firm
of the Year 2010
Satcover Limited (In Administration) ("SatC")
Satellite Direct UK Limited (In Liquidation) ("SatD")
(together "the Companies")
Updated 3rd June 2010
Satcover Limited (In Liquidation) Letter to Creditors dated 3 June 2010
Introduction and overview
Andrew Stoneman of MCR and Adrian Hyde of Chantrey Vellacott were appointed as Joint Administrators ("Administrators") of Satcover Limited on 29 October 2009. The Administrators are licensed by The Insolvency Practitioners' Association and The Institute of Chartered Accountants in England and Wales, respectively.
The affairs, business and property of SatC are being managed by the Administrators, who act as agents of SatC and without personal liability. The role of the Administrator is to deal with the business and assets of the insolvent estate. Their role is not to replace the Directors of SatC nor are the Administrators accountable for the management of the business prior to their appointment.
Andrew Stoneman of MCR and Adrian Hyde of Chantrey Vellacott were appointed as Joint Liquidators ("Liquidators") of Satellite Direct UK Limited on 8 July 2009. The Liquidators are licensed by the Insolvency Practitioners' Association.
The Companies provided satellite receiver and "set top box" service and warranty agreements. SatC dealt with direct debit payments from customers whilst SatD provided the engineers and service agreements.
The information provided to the Liquidators and Administrators to date has not been conclusive in terms of who customers of the Companies contracted with in terms of their service agreements, however, the Liquidators and Administrators are aware that many customers may have claims against the Companies in respect of annual service agreements, incorrectly drawn payments and other such claims.
A full list of the documents relating to Satcover Limited (In Administration) ("SatC"), Satellite Direct UK Limited (In Liquidation) ("SatD") - (together "the Companies") can be found by clicking the links below:
Copy of the Court Order;
Letter to Creditors dated 5 November 2009;
Letter to Customers dated 24 November 2009; and
Employee Frequently Asked Questions.
The Administration Order made in respect of Satcover Limited
The High Court of Justice in making the order for the Administration ordered the following:
1. During the period for which this order is in force the affairs, business and property of the Company be managed by the Joint Administrators hereinafter appointed.
2. Adrian Charles Hyde of Russell Square House, 10-12 Russell Square, London WC1B 5LF and Andrew Gordon Stoneman of 43-45 Portman Square, London W1H 6LY be appointed as Joint Administrators of the Company.
3. Any act required or authorised to be done by an administrator may be done by either or both of the Joint Administrators.
4. The winding up petition presented in respect of the Company by Her Majesty's Revenue and Customs ("HMRC") on 18th August 2009 (no 17671 of 2009) be dismissed, with HMRC's costs of and occasioned by the said petition to be paid as an expense of the Administration.
5. The Joint Administrators are relieved by the Court from the obligations imposed upon them
(i) by Paragraph 46(3) of the Schedule B1 to send notice of their appointment to each creditor of the Company of whom they are aware
(ii) by Paragraph 49 of the Schedule B1 and Rules 2.46 and 2.47 of the Insolvency Rules 1986 to serve reports and their proposals on the Company's unsecured creditors
Provided that
(iii) they place details of their appointment on the websites www.satcover.co.uk, www.mcr.uk.com, www.cvdfk.com ("the websites") and advertise their appointment in the Times newspaper by no later than 5 November 2009;
(iv) within 7 days of the date of this Order they advertise the contents of this Order and the availability of reports and proposals on the websites and in the Times and the Daily Mail;
(v) as soon as reasonably practicable they e-mail all creditors of whom they are aware and for whom they have e-mail addresses (a) giving them notice of their appointment and (b) notifying them that the Administrators' reports and proposals will be available on the websites;
(vi) in the case of creditors for whom they have no e-mail address, they write to such creditors as soon as reasonably practicable (a) giving them notice of their appointment and (b) notifying them that the Administrators' reports and proposals will be available on the websites.
6. The Applicant's costs of and occasioned by the Application, including the report prepared by Adrian Charles Hyde dated 16 October 2009, and all other legal and accountancy costs be paid as an expense of the Administration.
7. This order shall take effect from 11.15am on 29 October 2009.
Reports on the Progress of the Liquidation and Administration
A copy of the Joint Administrators report to creditors is attached below for creditors information:
Letter to Creditors dated 17 December 2009;
Statement of Proposals and Report to Creditors; and
Appendices to Report.
An update on the progress of the Liquidation will be sent to all known creditors of the SatD and published on or before 6 October 2010.
A copy of the Letter to Creditors dated 5 November 2009 is available by searching on on the MCR website at www.mcr.uk.com; or clicking here for a copy.
Please find an Employee Frequently Asked Questions Sheet for One4Staff Limited (In Administration) and Something Services Limited (In Administration) attached here.
Creditors Meeting
Please note that the first creditors meeting of the Group will be held at 2pm on Monday, 4 January 2009 at The Cumberland Hotel, London. Notice of the Meetings of Creditors is provided in the Statement of Proposals and Report to Creditors dated 17 December 2009. Creditors should note that attendance at the meeting is NOT compulsory.
Sale of Customer List
We confirm the customer list was sold to Sat Insure Plc on 24 November 2009 and understand that Sat Insure Plc will be in contact with all customers shortly.
Sat Insure Plc have agreed to write to all customers and enclose a copy of the attached letter from the Joint Administrators. A copy of this letter is available here for customers information.
By the Administrators and Liquidators
