Limited and Mr Barry Lynch of Alvarez & Marsal Cayman Islands Limited, were appointed Joint Liquidators of Azure Resorts Limited ("ARL") and Azure XP Limited ("AXP")(together "the Companies").The appointments were made, in accordance with the Virgin Islands Insolvency Act 2003, by a qualifying resolution, passed by the members of the Companies.These Companies are now under the control of the Joint Liquidators. 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. university 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. Naturally we at TCA will be following developments closely and will report our findings as and when developments take place. https://find-and-update.company-information.service.gov.uk/search/companies?q, Azure and Barclays Partners Finance case reported in the Financial Times, Scammers Forced to Pay 15,000 in Court Costs, Double and Triple Check! KwikChex has been informed that Azure Services Ltd. of Malta has entered into liquidation proceedings. I am responsible for the creation, maintenance, and distribution of all Executive Level monthly Management Accounts. Customers had complained that the terms of the loans were not explained to them, and that proper credit checks were not carried out and that they were pressured into signing deals. We have seen many examples of attempts to defraud consumers in similar circumstances. Thank you for your enquiry. The Companies Act [CAP. 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. Turning to the website, it was only registered on16th September 2020and is set to expire on16th September 2021. 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. He said: I cant believe I fell for it. All shareholders have reaffirmed their commitment towards the future of the Golden Sands Resort as a high-end luxury destination. I knew I would have to attend a salesmeetingbut I had absolutely no plans to buy a timeshare.. Limited and Mr Barry Lynch of Alvarez & Marsal Cayman Islands Limited, were appointed Joint Liquidators of Azure Resorts Limited and Azure XP Limited. In November 2020 the bank was told by the Financial Conduct Authority to repay interest charged on loans issued between April 2014 and April 2016 by the timeshare operator Azure Services (now in liquidation). 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. All of these matters are likely to be complex and take some time and KwikChex will do all possible to provide updates. You can configure or reject the use of cookies or obtain more information in our Privacy Policy. Copyright 2023 Timeshare Termination Team. We have been advised by an Azure consumer of an important update from the Joint Liquidators. 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. MediaToday is an independent media house based in Malta. How the biggest companies plan mass lay-offs, The benefits of revealing neurodiversity in the workplace, Tim Peake: I do not see us having a problem getting to Mars, Michelle Yeoh: Finally we are being seen, Our ski trip made me question my life choices, Apocalypse then: lessons from history in tackling climate shocks. VCMS Malta is dedicated solely and exclusively to vacation club management services. Check if your Darrin Zammit Lupi/Reuters By Tamara Best. If you have any questions on this letter please contact the liquidators at the address provided in the letter. 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,. The target date for the completion of Air Malta's restructuring plan has been extended to the end of the month as the "sensitivity" of the task made it more difficult to meet the early January deadline, Timesofmalta.com reported. We queried this with the liquidators, who have replied advising that they have now updated these members. Re: Golden Sands, Mellieha. Here we go again. Support Times of Malta for the price of a coffee. Click here to view the PDF notification that has been issued concerning this. 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. Barclays told the tribunal that in 2017 it received only 63 mis-selling complaints of timeshare loans, two of which it upheld. The below update was sent to Azure consumers yesterday. The full statement can be read HERE. 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 was sold to Corinthia in 2015. x-Manchester United football players Gary Neville and Ryan Giggs once held shares in the company. The company ran into financial trouble towards the end of 2019. Dwejra and The Azure Window, Gozo's pride Concentration of natural monuments. The Azure Window, a limestone arch in Malta, was popular with locals and tourists. Matthew Vella is executive editor at MaltaToday. For cost savings, you can change your plan at any time online in the Settings & Account section. KwikChex has been in contact with a number of parties, including trustees and will continue to provide information to the best of our ability. Click here to browse all stories. 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. We use cookies to track the number of opens and clicks on both newsletters RDO Weekly News and RDO Insider. These cookies will be stored in your browser only with your consent. Azure hoped the company would move. When a company is deemed to be solvent, the liquidation process would typically involve a members' voluntary winding up which is triggered by the shareholders of the company. The statement may be viewed by following this link: https://www.corinthiagroup.com/wp-content/uploads/2020/05/Company-Announcement.pdf. We also use third-party cookies that help us analyze and understand how you use this website. For all the latest news and views from RDO. Inside Timeshare has received many enquiries as to what is going to happen to members of the "club"? Maltese Colleges Collaborate In Space Mission, Not Just For Thrift Lovers: Flea Market At Manikata's The Farmoury Happening This Weekend, Roberta Metsola Returns To Ukraine To Be With 'Brave People Who Inspired The World', Denied Maltese Citizenship By Naturalisation With No Reason Given, Polish Couple Wants Some Kind Of Explanation. 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. The decision resulted in the loss of around 80 jobs. Registered Office: Artemis House, 4a Bramley Road, Mount Farm, Milton Keynes, MK1 1PT. We will provide members with updates on our progress through the dedicated website https://cvr.global/azure/. Malta (356) 2247 6100 info@premium.com.mt. Who to fire? 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. 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). Alex Lawson from Alvarez and Marsal (Cayman Islands) has appointed himself as an administrator/director to oversee the . Two geological wonders sit side-by-side on the Maltese island of Gozo: the Azure Window and the Blue Hole. 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. But Azure was found to have operated without authorisation under British law to act as financial broker between April 2014 and April 2016. Azure Services Ltd Malta Liquidation. August 20, 2022. . 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. You have been warned. This is borne out by the fact that there is no reference to either the status of Ltd or SL on the website and furthermore there is no company registration number either. The Azure Group initially introduced the Island Residence Club in 2003 and after establishing the Club as one of Europe's most exclusive Vacation Owne See more 34,952 people like this 34,480 people follow this http://www.azuregoldensands.com/ +356 2356 1000 info@azure.com.mt There have also been claims that false representations were also made about the loans financial impact. 07-05-2020, 01:31 PM. Select Segment Commercial, then type "Microsoft Azure". However, the JLs would advise you to seek your own independent legal advice as to the terms of your loan agreement as they may vary from person to person and institution to institution.If my week was on the resales register, what happens now?The resales register was operated by the Company in its role as club manager to assist members in disposing of entitlements they no longer desired to hold. Somerset, "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. I cant see this company registered at companies house and their website looks amateurish. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. You also have the option to opt-out of these cookies. The company hit the news after it faced allegations of misselling timeshares to hundreds of British holidaymakers in 2019. Azure Kubernetes Service Edge Essentials is an on-premises Kubernetes implementation of Azure Kubernetes Service (AKS) that automates running containerized applications at scale. That is to say, it was all planned to save as much cash as possible for the " Trotta " heirs. It was set up by the Island Hotels Group in 2003, which marketed timeshares at the Radisson Blu Golden Sands. 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. Some consumers have also been seeking clarification regarding the earlier court order concerning loans made to purchase timeshare between 1 April 2014 and 24 April 2016. You can still enjoy your subscription until the end of your current billing period. Do your own due diligence, check the registration of the company, if there is no registration then it is not a legitimate company. Premium access for businesses and educational institutions. The company, Azure Services Limited, markets timeshare at the resorts formerly owned by Island Hotels and Winston Zahra, of . 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. 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. Established to ensure that Members at the Radisson Blu Resort & Spa Golden Sands, Malta continue to enjoy all the benefits and entitlements at their home resort in Malta and also beyond the shores of our Mediterranean island. 2,275 sales | 4.5 out of 5 stars. August 11, 2022 09:19 Tista' taqra dan l-artiklu bil-Malti hawn The government has established advanced plans to dissolve Air Malta later this year and transfer its few remaining profitable assets to a new airline, similar to what has already been done in Italy with Alitalia. Azure Malta | 2,050 followers on LinkedIn. Click here to view a copy of the PDF of decision made in August 2018 by Judge Timothy Herrington. Website Terms & Conditions Lovin Malta has spoken to previous customers of the timeshare operation who regularly described loans with generally high-interest rates. Martin Brylka British multinational banking giant Barclays will pay almost 181 million (215 million) in compensation to around 6,000 customers who were improperly sold timeshares in Malta via the now-defunct Azure Services, according to The Telegraph. Cookies are small files that are sent back and forth with web pages, which can be used to identify that you have previously visited a site or to store small bits of information locally with you. 12-14 The Crescent, LTD. (Singapore, 8 Feb 2019 - ) Well this is a bit difficult to deduce. Timeshare Consumer Association Limited is registered as a data controller with the information commissioners office (ico) under registration number: ZA765267. Tue 09:00 - 17:00. A vote on the potential nominee for the office of the liquidator will also be taken. and other data for a number of reasons, such as keeping FT Sites reliable and secure, 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. KwikChex will be pleased to respond to any owners making checks in this regard. We recognise that we did not provide the right level of service for some customers who bought timeshare loans, Barclays said. A liquidator is an officer of the court, his appointment is ratified by creditors. personalising content and ads, providing social media features and to The tourism and timeshare company centred on the Radisson Blu Golden Sands filed for liquidation in May 2020. 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. We have specifically asked if owners have to contact the liquidators to ensure their rights are secured and / or complete the claim forms for creditors and have been advised that they do not have to do this. Azure Liquidation Updates Updates 07/05/20, 08/05/20, 13/05/20, 19/05/20, 20/05/20, 09/07/20, 07/08/20 & 07/09/20 Azure Services Ltd. Malta Liquidation 07/05/20 KwikChex has been informed 0 Taunton, Creditors have been notified that on May 11 a telephone conference would be. This change was brought about by the recent construction of a 215 megawatt combined-cycle gas turbine (CCGT . He said he was assured he would be able to sell the one-bedroom apartment in 2015 when it would be worth 24,000 but has been unable to find a buyer. Members of the timeshare clubs managed by the Company are considered to be a stakeholder in the liquidation to the extent that the Company remains the club managerfor Island Residence Club, The Heavenly Collection and Azure Ultra. cvr.global. It was sold to Corinthia in 2015. 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. When I gothomeI thought, what the hell am I doing?Rebbeckwas left to care for his two children after his wife died in 2016. Company No. 3D-printed Demonscale elements spread farther across the surface let you control the ball with every part of your foot. I cant afford the loan and have negotiated with Barclays to reduce therepaymentsbut I still owe 15,000.. IHI owns 50% of the Golden Sands Resort and the Azure Group. The customer story you selected is no longer available. This website uses cookies to improve your experience. I maintain all support systems and hierarchies that our reporting is based upon. Build in the cloud with an Azure free account Create, deploy, and manage applications across multiple clouds, on-premises, and at the edge Start free Pay as you go Popular services free for 12 months View all services + 55+ other services free always View all services + Start with USD200* Azure credit The Financial Times said that the customers were charged in excess of 9%. At this stage, it is not clear how this may affect a number of issues, from continuing timeshare ownership, to the ongoing matters concerning legal challenges made regarding loans made for the . There Are Now Zero COVID-19 Patients In Maltas ITU, Get Nominating Now! Standard Digital includes access to a wealth of global news, analysis and expert opinion. 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?. We are using cookies to give you the best experience on our website. The government had set itself the ambitious target of having the plan in place by early January for submission . 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. Azure Services Limited was an MFSA registered company owned by Corinthia and Mediterranean Overseas Holdings Limited. 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. If you are approached we would advise that you get as much information as possible and contact the Timeshare Helplineand advice.This free service is funded byEUROCand is operated by Kwikchex, who areapproved by the UK Trading Standards: We booked a holiday for March 2020 with azure at the radison blu but could not travel due to COVID As the company is in liquidation we want to know how to claim for a refund. In 2017 Malta switched its primary source of energy from heavy fuel oil to natural gas. Barclays, who decided to repay the interest rather than face a tribunal, will now refund about 30 million to the customers and classify the remaining funds as a bad debt. 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. Copyright 2023 Times of Malta. 109519. We support credit card, debit card and PayPal payments. 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. The company has always adhered to applicable regulations and is fully authorized in regards to all its business activities including consumer finance.. By browsing this site you are giving your consent for us to set cookies. 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. All content on this website is dependent on the opinion of the author. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. But is it bad? Most scam companies have sliver tongued sales staff at the end of the phone who purport to turn lead into gold, unfortunately, quite the reverse tend to be the case and your hard earned gold will soon be turned into lead if you entertain them. Registered Office: Artemis House, 4a Bramley Road, Mount Farm, Milton Keynes, MK1 1PT. Creditors will need to provide a list of what theyre owed so the company can estimate the amount of their claims. Azure Services Ltd. Malta Liquidation 07/05/20. H eavy storms in the Mediterranean were the eventual undoing of Malta . This category only includes cookies that ensures basic functionalities and security features of the website. So effectively, its business as usual, but not according to Themis Resolution. Kindly check your inbox after sign-up to confirm subscription. by TVM Newsroom August 20, 2022. You can prevent the setting of cookies by adjusting the settings on your browser (see your browser Help for how to do this). KwikChex will continue to provide updates. Modern Slavery Statement, Registered with Data Protection Act, Registration Number: Z2749323. Mon 09:00 - 17:00. You can find out more about which cookies we are using or switch them off in settings. 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. 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 Independent journalism costs money. We recently published a revised version of our. In 2015, Corinthia Group assumed 50 per cent share of the company as part of their takeover of the Island Hotels Group. From the copy email that we received, Themis are obviously mounting a cold calling campaign from stolen Azure client data. It pointed out that operations were being scaled down since December as its allocation of timeshare at the Golden Sands Resort had been largely sold out. This Declaration of Solvency is a very important statement in which the majority of the Directors declare that they have made a full . Products Databases. All Rights Reserved. Search. Kind regards, 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. According to its website, Azure Services Ltd, which employed 180 staff, had more than 5,500 members. Compare Standard and Premium Digital here. It is mandatory to procure user consent prior to running these cookies on your website. In the meantime, we strongly recommend that those likely to be affected creditors and timeshare owners, register their interest as per the notice by sending an email to the following address rrohan@alvarezandmarsal.comAs there is an initial creditors meeting (by telephone conference call) at 17.00 hrs Central European Time on Monday 11 May, you may wish to do this as a matter of urgency. The PN says the PM should make the future of Air Malta clear. Hours. Inside Timeshare published the 6 part series on the liquidations of Limora Investments Ltd and other companies in the group and the reasons behind them, see the link to all the articles below. journalists in 50+ countries covering politics, business, innovation, trends and more. Following a company announcement made by International Hotel Investments plc (IHI) on 11 December 2019 whereby it informed the market that the operations of the Azure Group were being scaled down given that its allocation of timeshare at the Golden Sands Resort had been largely sold out, the company issued another announcement on 5 May 2020 which stated that the scaling down process of the Azure Group has run its natural course and a liquidation process has commenced. 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. Kind Regards It is understood that the Shareholders of Azure Services Ltd passed a resolution for the company to be wound up under a creditors voluntary winding up on 27 April 2020. Find many great new & used options and get the best deals for 1887 US Indian Head Penny Coin - Estate Find Blue Book Collection Liquidation at the best online prices at eBay! This certainly does not leave people with much time to organise, could it be that the whole point is to rush the liquidation through? We again advise members / owners to be extremely cautious if approached regarding claims said to be connected to the liquidation process. Around 80 people lost their jobs right before Christmas. Maintence Fee Calculator | Privacy Policy | Terms & Conditions | Cookies Policy. KwikChex has been in contact with the liquidators, who continue to reassure that the benefits of timeshare ownership will remain. Excluding bank holidays, Visit KwikChex Website It was sold to Corinthia in 2015. What should a secular society really look like? Under the Act, a company may be dissolved either on a . Helpline Hours You can revoke your consent any time on our Privacy Policy page. We use cookies on this site to enhance your user experience. RDO acknowledges that this is a very uncertain time for owners at either of the Clubs managed by the companies in liquidation, but would strongly advise owners to be very cautious regarding any approaches made regarding compensation claims, as we have seen many examples of attempts to defraud consumers in similar circumstances. We will have more information in the coming weeks. We use cookies to ensure that we give you the best experience on our website. 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 International Hotels Investments. Prime Minister Joseph Muscat said the news was "heartbreaking". This is one of the points on the agenda for the meeting via telephone conference call on 11 May 2020 which creditors will be voting on. Login below for access to exclusive content. It has been brought to our attention that Azure Services Ltd have filed for liquidation. download the update directly (PDF download). 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. All content on this website is dependent on the opinion of the author. By using this site, you agree to our Privacy Policy including the use of cookies to enhance your experience. Azure Services Limited is an MFSA registered company currently owned by Corinthia and Mediterranean Overseas Holdings Limited.
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