Meetings of Creditors
In the the High Court of Justice
Business and Property Courts in Leeds Court Number: CR-2021-LDS-000150
POWER SOLUTIONS (UK) LIMITED
(Company Number 02594225)
Registered office: 22a Main Street, Garforth, Leeds, LS25 1AA
Principal trading address: Hlb House, 68 High Street, Tarporley, Cheshire, CW6 0AT
This notice is given in accordance with the requirements of rules 15.8 and 15.6 of the Insolvency (England and Wales) Rules 2016 (IR 2016) and section 246ZE of the Insolvency Act 1986 (IA 1986). References in this notice to rules and sections are, unless expressly provided otherwise, respectively references to the rules of the IR 2016 and to sections of the IA 1986.
Any creditor entitled to attend and vote at this physical meeting is entitled to do so either in person or by proxy. Creditors wishing to vote at the meeting must (unless they are individual creditors attending in person) lodge their proxy with the convener before they may be used at the meeting.
Unless there are exceptional circumstances, a creditor will not be entitled to vote unless his written statement of claim, ('proof'), which clearly sets out the name and address of the creditor and the amount claimed, has been lodged and admitted for voting purposes. Proofs must be delivered by 4pm the business day before the meeting.
Unless they surrender their security, secured creditors must give particulars of their security, the date when it was given and the estimated value at which it is assessed if they wish to vote at the meeting.
Philippa Smith of the company Smith & Barnes Insolvency Ltd (the convener), give notice to creditors of the following decisions on which creditors' votes are sought:
1. 1. That the Proposals of the Administrator be approved [with the following modification]*:-
That interim dividends shall be paid to creditors at 6 monthly intervals from the net realisations available, subject to the Administrator holding a reserve of net realisations of at least £50,000 immediately after the payment of such dividends (until such time as a final dividend is paid).
Creditors agree that, in order that the Administrator can be certain of the level of each creditor’s claim for the purposes of paying dividends, all creditors wishing to receive a dividend must have submitted a valid proof of debt (save for creditors who have small debts of £1,000 or less and which are included in the company’s statement of affairs). Each creditors proof of debt must be their best and reasonable estimate of what they anticipate the full value of their claim will be during the course of the Administration. Each creditor’s claim will then be adjudicated upon and, if agreed by the Administrator, accepted as a final claim in the Administration for dividend purposes.
There will be no subsequent adjustment or variation to any creditor claim once it has been adjudicated upon and agreed (whether as a result of any claw backs or other factors), subject to a creditor’s right to challenge the Administrator’s decision on their proof under Rule 14.8 of the Insolvency (England and Wales Rules) 2016.
Creditors’ claims will be adjudicated upon in accordance with the provisions of the Insolvency Act 1986 and the Insolvency (England and Wales) Rules 2016. As such, if any element of a creditor’s claim is deemed to exceed the amount that would properly and reasonably be estimated as being due to them, the Administrator will notify them of this and the reasons why they consider it to be excessive and would allow the creditor the opportunity to challenge that decision (and for any such challenge to be determined) before a dividend is paid
*creditors are asked to delete the text in square brackets if they wish to vote forthe approval of the Proposals as they are currently drafted / without this proposed modification.
2. Whether a creditors’ committee be established.
3. That pursuant to paragraph 97 of Schedule B1 of the Insolvency Act (as amended),Philippa Smith of Smith & Barnes Insolvency Practitioners Ltd is replaced by Simon Bonney and Michael Kiely of Quantuma Advisory Ltd with immediate effect.
The decision procedure will take the form of a physical meeting which due to Covid-19 will be held remotely via (d) the Zoom platform at (d) 11:00am on (d) 23 June 2021 (the decision date). If creditors would like to attend this meeting in person, then the access details are below:-
https://us02web.zoom.us/j/87454895389?pwd=RnhOWWRJM255SHBxa3BoUlVNTUJnUT09
Meeting ID: 874 5489 5389
Passcode: 159634
Please note the following important information:
- (e) As a result of the requirement to hold a physical meeting following a request by creditors meeting the thresholds in section 246ZE(7), the original decision procedure or deemed consent procedure in respect of the decision[s] which are the subject of this notice are superseded.
- (f) The meeting may be suspended or adjourned by the chair of the meeting and must be adjourned if it is so resolved at the meeting.
- A creditor must have delivered to the convener a proof in respect of the creditor’s claim in accordance with rule 15.28 by 4pm on the business day before the meeting i.e. by 4pm on (g) 22 June 2021 failing which the vote by the creditor will be disregarded.
- [(hh) A creditor whose debt is treated as small (£1,000 or less) in accordance with rule 14.31(1) must still deliver a proof in accordance with rule 15.28 by 4pm on the business day before the meeting i.e. by 4pm on (g) 22 June 2021 if that creditor wishes to vote.
- [(hh) A creditor who has opted out from receiving notices may nevertheless vote if the creditor provides a proof in accordance with rule 15.28 by 4pm on the business day before the meeting i.e. by 4pm on (g) 22 June 2021.
- (i) Any proxy must be delivered to the convener or chair before it may be used at the meeting. A blank proxy form accompanies this notice.
- (j) The convener may permit a creditor to attend a physical meeting remotely if the convener receives a request to do so in advance of the meeting.
- (k) A complaint may be made in accordance with rule 15.38 by a person who is or claims to be an excluded person or by a person who attends the meeting and claims to have been adversely affected by the actual, apparent or claimed exclusion of another person. Any such complaint must be made as soon as reasonably practicable and, in any event, no later than 4pm on the business day following the day on which the person was, appeared or claimed to be excluded. However, where the complainant has requested an indication of what occurred during that person’s claimed exclusion in accordance with rule 15.37, the complaint must in any event be made no later than 4pm on the business day following the day on which the complainant received the indication.
- (l) A creditor may appeal a decision in accordance with rule 15.35. (nn) Any appeal must be made not later than 21 days after the decision date.
Administrator: Philippa Smith (IP number 18670) of Smith & Barnes Insolvency Practitioners Ltd , 22A Main Street, Garforth, Leeds, LS25 1AA.
Date of Appointment: 31 March 2021
For further details contact Adele Sheridan on 0113 532 3278