Important announcement regarding Varden Nuttall
Varden Nuttall Limited (‘the Company’) was placed into Administration on 24 March 2016.
The Joint Administrators, Ben Woolrych & Phil Pierce of FRP Advisory LLP and Paul Boyle & Tom Bowes of Harrisons Business Recovery and Insolvency Limited, act as agents of the Company and without personal liability. Paul Boyle & Tom Bowes are licensed by the Insolvency Practitioners Association and Ben Woolrych & Phil Pierce are licensed by the Institute of Chartered Accountants of England and Wales, all Joint Administrators are bound by the Insolvency Code of Ethics.
Update on Completions - 18th August 2016
As regards the issuing of completion certificates the Joint Supervisors are pleased to advise that at the hearing before HHJ Pelling on 5th August 2016 we obtained the necessary Order to be able to start to issue customers with completion certificates. Work has started in this regard and we have a tight and strict process to follow in order to make sure the completion certificates are issued correctly and in the correct circumstances. Telephone calls to the office requesting an update will only serve to distract staff from completing the actual task of preparing the certificates, as a result, we ask that customers please bear with us whilst we undertake this exercise. We will post updates as and when we have progress to report.
Update on Completions - 8th July 2016
On 8 July 2016, the High Court considered an Application made by the joint New Supervisors of the IVAs of Varden Nuttall Limited – In Administration (“the Company”). The New Supervisors sought permission from the court to allow completion certificates to be issued to those customers who had complied with their obligations under their IVAs, notwithstanding the fact that creditors of those IVAs cannot be paid until the Company's accounts have been reconciled.
The court had to give a great deal of consideration to a technical legal point which meant that allowing completion certificates to be issued was not as straight forward as originally envisaged. However, the court was mindful of the need to allow those certificates to be issued and to allow customers of the Company to be able to get on with their lives.
In order to deal with the legal technicalities in a practical way, the court has proposed a solution whereby undertakings are given by the New Supervisors. These are in the process of being done. However, the court will still need to give final sign off before action can be taken. We are working with the court to ensure this is done at the earliest opportunity and we thank everyone for their patience throughout this process.
Last Updated 27 JUL 2016
Update on Completions - 1st June 2016
We understand your concern that having complied with the terms of your IVA, we have been unable to give you a certificate of completion in respect of your IVA and for you to be removed from the Individual Insolvency Register.
On 18th May the Joint Supervisors made an application to court with a view to dealing with the issue of “Certificates of Completion” for debtors who have come to the end of and successfully concluded the terms of their IVA.
Counsel for the Supervisors addressed the Court and produced a detailed argument in support of equating compliance by the debtor with “final completion”. The Court was understanding of the supervisors position and sympathetic to the plight of the Debtors.However, it became clear that the Court wanted to hear the matter on an inter parties basis, and reflect on the arguments. The Judge felt he had also to consider the interests of creditors and he was not convinced that it could safely be decided on a without notice basis that the IVAs had reached “final completion” under r.5.34 Insolvency Rules 1986. The Judge did not reach any decisions on the matters under discussion but he was throwing out a number of “what if” scenarios that he wished to be addressed upon by parties other than just the Supervisors.
The Judge was pressed a number of times to accept that “final completion” is achieved where a Debtor has fulfilled his/her obligations albeit there are other tasks to perform but he considered that arguably he was being asked to rewrite the Insolvency Rules 1986.
In short despite being presented with a reasoned argument the Court was not prepared to allow a report without the creditors and others being served and a relisted hearing for 8th July 2016. The main thrust of his concerns was based on bringing the IVAs to an end which might have adverse consequences for the creditors who are still to be paid and may wish to keep them open.
We were in the hearing for about 70 minutes with Counsel and the Judge debating these points and the Judge is very experienced in insolvency matters. He has featured in a significant number of cases dealing with IVA terms and the implications of block transfer orders and supervisors’ liabilities.
We realise that this is disappointing news but all matters in the Company Administration and the IVAs are reserved to this particular Judge and he was trying to be as helpful as he could be to the Supervisors. We are hopeful he is going to feel more amenable to making the Order requested following the on notice hearing on 8th July.
Please be assured that we understand your frustration in the delay but this is something beyond our control which we hoped would be resolved with our application on 18th May. We anticipate that the order will be made in July 2016 and will keep you fully informed of the court’s decision in due course.
Last Updated 02 JUN 2016