Hi, there is a letter up there now, about this meeting, from today 14th April. Signed J Stafford.
Proposed liquidation of Jim Langan Furniture Value Limited
The Directors of the Company have decided to convene a creditors’ meeting of the Company to be held at the Stillorgan Park Hotel, Stillorgan on 27 April 2009 at 9.30am.
For guidance as to what happens at a creditors meeting, you may go to our firm’s website,
www.liquidation.ie, and insert “creditors meetings” into the search facility (near the top right hand side of the home page), which will take you to a page called “Creditors guide to creditors meetings”. This page explains the procedures at creditors meetings.
It is the Directors’ responsibility to notify, in writing, all creditors of the Company. It is also the Directors’ responsibility to prepare a Statement of Affairs, which should detail the Company’s assets, and schedule out the Company’s creditors. The directors must post the notices to creditors no later than 17th April 2009.
The assets of the company will remain under the control of the directors until a liquidator is appointed on 27th April 2009.
If creditors of the Company do not receive written notice of the creditors meeting, they are still entitled to attend the creditors’ meeting itself and notify the Directors of their claim.
Creditors, if they wish, may write directly to the Company notifying it of their claim in advance of the creditors meeting. In this regard, I understand that the Directors propose to change the current registered address of the Company in Liffey Valley Retail Park to the following address:
Parkside House
Main Street
Castleknock
Dublin 15
It will not be possible for any liquidator to predict what the prospects of a dividend for unsecured creditors will be until their investigations are completed.
It is apparent that a large number of individuals have paid deposits but have not yet received their furniture. Accordingly, a key task for any liquidator in the liquidation of the Company will be to carry out an investigation into these deposits and, inter alia, determine if any specific furniture has been specifically allocated to such deposits. If certain furniture has been specifically allocated to certain depositors, then it is likely that those depositors will be allowed to collect those items of furniture provided they pay the balance of the monies due. If furniture has not been specifically allocated in respect of a deposit paid, then the depositor will have an unsecured claim against the Company. It is likely that a complicating factor in the liquidation itself will be that certain trade creditors may claim Retention of Title on the remaining stock.
As the proposed liquidator of the Company I am unable to provide any further guidance to the creditors of the Company. However, if I am appointed liquidator, one of my immediate priorities will be to secure the Company’s books and records, secure the remaining assets and determine what claims depositors and Retention of Title creditors have on such assets. In this regard, I am making provisional plans to organise staffing, security, insurance and valuers.
If I am appointed liquidator of the Company I propose to keep the creditors of the Company (and in particular those individuals who have paid deposits) updated on a regular basis by updating this web page.
Jim Stafford
14 April 2009