On 28 April 2020, Mr Wesley Edwards of CVR Global (B.V.I.) 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. The Joint Liquidators act as agents of the Companies and without personal liability.
ANSWERS TO SOME COMMON QUESTIONS.
Why did the Company go into liquidation?
The Company was placed into liquidation by its shareholders in accordance with the British Virgin Islands Insolvency Act 2003 (the "Act"). The shareholders advise that they took this decision because the Company's financial position was deteriorating, creating sufficient doubt as to whether it would be able to pay its debts as they fall due and liquidation was required to mitigate losses to the Company's creditors.
What is liquidation?
Liquidation is a formal insolvency process governed by the Act the purpose of which is to protect an insolvent company's creditors. A liquidator is an officer of the court, his appointment is ratified by creditors. 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. 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. The club constitutions do not require the club manager to perform this role and you should therefore discuss this matter with the new club manager if appointed.
If my week was available for rental, what happens now?
The rental program was operated by the Company in its role as club manager to assist members in renting entitlements they did not wish to utilise in any given year. The club constitutions do not require the club manager to provide this service and you should therefore discuss this matter with the new club manager if appointed.
IF YOU PURCHASED A TIMESHARE AT GOLDEN SANDS AND PAID FOR IT USING FINANCE OR A CREDIT CARD THEN YOU MAY QUALIFY FOR A CLAIM.
THE MOST COMMON LENDERS AT AZURE WHERE BARCLAYS PARTNER FINANCE , HONEYCOMB FINANCE AND VACATION FINANCE LIMITED.
MOST GOLDEN SANDS OWNERS ARE VICTIMS OF THE INVESTMENT AND RESALE DEAL . IF YOU FEEL YOU HAVE BEEN MIS-SOLD , YOU PROBABLY HAVE.
FOR FREE ADVICE AND GUIDANCE ON YOUR BEST WAY FORWARD THEN GIVE US A CALL .