Creditors

Creditors FAQs

What type of creditor am I?

Creditors are classified as to the type of claim they have, these types will determine the quantum of distribution they will receive as the funds for each type is ring fenced.

The three main types of creditor are:

• Secured;

• Preferential; and

• Unsecured.

Secured creditors have security registered at Company House. According to the directors’ statement of affairs, there are no secured creditors in either company.

Preferential creditors primarily consist of employees for arrears of wages, accrued holiday pay, unpaid contributions to occupational pension schemes and state scheme premiums, all within certain limits. As of December 2020 this will also include certain aspects of HMRC’s claim, these claims will rank as secondary preferential claims (paid after the preferential element of employee claims) and consist of the VAT, PAYE and NIC deductions. Preferential creditors rank ahead of all other creditors when realisations are achieved from assets where there is no fixed charge registered.

Unsecured creditors are all other unsecured and non-preferential creditors (with the exception of shareholders/members). These are usually the normal “trade” creditors. They rank below preferential and secured creditors.

Shareholders/members will be the last class of creditor to receive a distribution and they will only receive a distribution after everyone else has been paid in full.

What further information will I receive?

The Joint Liquidators will write to all known creditors of the Companies within 28 days of the appointment date (per the creditor list obtained from the Company’s books and records) to formally notify them of the liquidation appointment. This will be accompanied by a general website notice informing creditors that most future documents for creditors will be posted to a website rather than being delivered by post.

The Joint Liquidators are also required to provide a written update on the liquidation to all known creditors every 12 months. This report will be published on the website within two months of every 12 month anniversary or earlier if the liquidation comes to an end.

Estimated timeframe for reviewing my claim and paying a dividend?

The liquidation process is complex and it takes time to assess the Companies’ position and provide an estimate of the value or timing for reviewing claims and making a distribution. The officeholders will include an update of dividend prospects and, if possible, a timeframe in their annual reports.

How to submit a claim

We have written to all known creditors and provided a claim form to complete and return to us. If you are owed money by GPD, please return your claim form to uk_goldpropertydevelopments@pwc.com. If you are owed money by GPC, please return your claim form to uk_goldpropertyconstruction@pwc.com.

In preparation for submitting your claim please ensure that you have all relevant details such as your order confirmation or receipt, invoices or other documentation demonstrating the amount owed to you.