It should be noted that the Radisson Blu Golden Sands Resort and Spa is not in liquidation and continues to operate normally, within the current restrictions of the travel environment. Customise . When you use our websites to view the information we make available, a number of cookies are used by others and by third parties to allow the website to function, to collect useful information about visitors and to help to make your user experience better. by TVM Newsroom August 20, 2022. Creditors will need to provide a list of what theyre owed so the company can estimate the amount of their claims. Please find attached a letter we have been asked to forward to you by the joint liquidators. A vote on the potential nominee for the office of the liquidator will also be taken. This certainly does not leave people with much time to organise, could it be that the whole point is to rush the liquidation through? RDO acknowledges that this is a very uncertain time for owners at either of the Clubs managed by the companies in liquidation, but would strongly advise owners to be very cautious regarding any approaches made regarding compensation claims, as we have seen many examples of attempts to defraud consumers in similar circumstances. The resorts owned by Azure - which boasted large lagoon swimming pools and luxury spas - were marketed as being backed by Mr Giggs and Mr Neville, who was made Malta's tourism ambassador in the. If you want to know more about what cookies are and how to control them, aboutcookies.org is a great resource. This means that every time you visit this website you will need to enable or disable cookies again. We use cookies to track the number of opens and clicks on both newsletters RDO Weekly News and RDO Insider. https://insidetimeshare.com/?s=exclusive+breaking+news. Naturally we at TCA will be following developments closely and will report our findings as and when developments take place. cvr.global. In fact, the Golden Sands Resort will fully honour all timeshare commitments arising from obligations entered into with existing members. You can find out more about which cookies we are using or switch them off in settings. The company, Azure Services Limited, markets timeshare at the resorts formerly owned by Island Hotels and Winston Zahra, of which Manchester United footballers Gary Neville becameanon-executivedirectorsin2009 after a 1.1 million investment. Check if your When a company is deemed to be solvent, the liquidation process would typically involve a members' voluntary winding up which is triggered by the shareholders of the company. Further updates are expected to be available next week. Azure Services Limited is an MFSA registered company currently owned by Corinthia and Mediterranean Overseas Holdings Limited. by Matthew Vella. Citrine, Capri, Burgundy, Blue Zircon, Erinite, Peridot, Jonquil, Indian red, light azure. We queried this with the liquidators, who have replied advising that they have now updated these members. It was sold to Corinthia in 2015. x-Manchester United football players Gary Neville and Ryan Giggs once held shares in the company. Azure hoped the company would move away from the sale of timeshare products and services and focus more on traditional high-end tourism at the resort. Alternatively, fill in your details and we will call back. A study in 2013 said that while erosion was . For all the latest news and views from RDO. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. 07-05-2020, 01:31 PM. Creditors will need to provide a list of what theyre owed so the company can estimate the amount of their claims. Boss the game, deliver masterful ball control, and be the apex Predator in your game. Information coming direct to KwikChex and in the media in Malta appears to confirm that timeshare ownership at the Golden Sand Resort in Malta will not be affected by the insolvency proceedings taking place concerning Azure Services Malta, which operated as the sales & marketing company for timeshares at the resort. Members of the timeshare clubs managed by the Company are considered to be a stakeholder in the liquidation to the extent that the Company remains the club managerfor Island Residence Club, The Heavenly Collection and Azure Ultra. The bank said it did not believe there were issues with affordability checks on the Azure loans and considered it "reasonable" that customers should repay them. Timeshare Group in Liquidation Hits the News Again. Meanwhile, creditors of Azure Services Ltd were notified about the agenda of next weeks meeting in a letter signed by directors Joseph Fenech and Alexander William Lawson. Kindly check your inbox after sign-up to confirm subscription. The other half is owned by a group of international investors specialising in timeshare resort operations. Adding further to the above article, the Corinthia group published an announcement on their website on 5th May 2020 giving their insight and comments regarding the Azure situation. For the sake of clarity, please see a copy of the response we received which also includes a link to a dedicated information website. The fact that a foreign company has a branch in Malta does not, of itself, constitute residence. This. We use Barclays had a contract with Azure Resorts Limited, which was authorised by the UK Financial Conduct Authority for credit brokering. The Azure Window during happier times. Azure Resorts Limited, which manages Golden Sands Island Residence Club based in Malta, (Island Residence Club, The Heavenly Collection (including Sands Towers), and Azure XP Limited, which manages Azure XP Membership Club, have both entered into liquidation on 27th April 2020. Azure Services, a Corinthia-owned tourism and timeshare company at the Radisson Blu Golden Sands, has filed for liquidation amid the COVID-19 pandemic, leaving roughly 30 jobs at risk. Here we go again. All content on this website is dependent on the opinion of the author. A public notice revealed that Azures creditors have been invited to a meeting on 11th May which will detail the winding down of the company. Prime Minister Joseph Muscat said the news was "heartbreaking". 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. It is understood Barclays had a contract with Azure Resorts Limited, which was authorised by the FCA for credit broking, but later discovered the staff were employed by the unlicensed Azure Services Limited. We have specifically asked if owners have to contact the liquidators to ensure their rights are secured and / or complete the claim forms for creditors and have been advised that they do not have to do this. So effectively, its business as usual, but not according to Themis Resolution. Independent journalism costs money. The key difference is that before you actually place your order you need to confirm that your customer has signed the Microsoft Customer Agreement. This boot hits your feet like those well worn boots you default to. This is a story that Inside Timeshare has been following for quite some time and it is one that shows how financial institutions are actively involved in the selling of timeshare to the . In 2015, Corinthia Group assumed 50 per cent share of the company as part of their takeover of the Island Hotels Group. If you are approached, get all the details you can preferably asking those that make the approaches to put details in an email to you. Martin Brylka We have been advised by an Azure consumer of an important update from the Joint Liquidators. With regard to consumers that may have already been seeking to relinquish their timeshares or are actually involved in claims processes, these will need further assessment and KwikChex will be pleased to assist upon request. 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. 2,275 sales | 4.5 out of 5 stars. The UK financial conduct authority is investigating 54 million of loans made to timeshare buyers at the Golden Sands resort, a Radisson Blu franchise now owned by InternationalHotels Investments. The incident was a result of years of erosion, according to experts. 2020 KwikChex Ltd. Select Segment Commercial, then type "Microsoft Azure". https://timesharetaskforce.org/wp-content/themes/blake/, /home/customer/www/timesharetaskforce.org/public_html/, https://timesharetaskforce.org/wp-content/themes/blake, Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on Tumblr (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on Pinterest (Opens in new window), this important update from the Joint Liquidators. The enshittification of apps is real. Be aware that disabling cookies will affect the functionality of this and many other websites that you visit. It is mandatory to procure user consent prior to running these cookies on your website. Databases. The UKs financial conduct watchdog is investigating 54 million in loans made to Golden Sands timeshare buyers. That is to say, it was all planned to save as much cash as possible for the " Trotta " heirs. Privacy Policy Products Databases. With regard to matters related specifically to Azure Services Ltd. such as the review ordered of loans for timeshares that took place between 1 April 2014 and 24 April 2016, this matter remains ongoing. Well this is a bit difficult to deduce. There are no loans outstanding and even if there was it would be highly unlikely that First National Trustee Company (FNTC) would once again put the club in jeopardy. The winding up decision was taken through a resolution approved by the shareholders of Azure Services Ltd on April 27. It was set up by the Island Hotels Group in 2003. LTD. (Singapore, 8 Feb 2019 - ) Somerset, Please enable Strictly Necessary Cookies first so that we can save your preferences! For these to work the social media will set cookies through our site which may be used to enhance your profile on their site or contribute to the data they hold for various purposes outlined in their respective privacy policies. Complex issues have arisen related to administration and insolvency of a small number of timeshare businesses. Most readers know that Azure Malta went into liquidation earlier this year, however with the efforts of the joint liquidators a new management company was formed, being Vacation Club Services Limited (VCSL), to act as the new club manager. We use cookies on this site to enhance your user experience. Hours. We support credit card, debit card and PayPal payments. kenyon murray daughter Menu Toggle. A timeshare company at the Radisson Blu Golden Sands Resort and Spa has been placed in voluntary liquidation but the shareholders are pledging to honour all commitments with the thousands of its members. Barclays told the tribunal that in 2017 it received only 63 mis-selling complaints of timeshare loans, two of which it upheld. Response to our request for clarification below: At the current stage, the members do not have to contact the liquidators or complete the claim form. Website Terms & Conditions We will have more information in the coming weeks. Reference to the restructuring process was made in a company announcement issued on May 5 by International Hotel Investments, which incorporates the Corinthia Group. However, it remains to be seen whether they have been able to address questions surrounding the thousands of people from Malta, the UK, and Sweden who have long term contracts to stay at the hotel for one or two week periods every year. Azure Services Limited was an MFSA registered company owned by Corinthia and Mediterranean Overseas Holdings Limited. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk, Timeshare Consumer Association is a company limited by guarantee registered in England under number 12662338. Should you have any questions regarding Azure or any other timeshare, please feel free to contact us and we shall do our best to address your concerns. Now a Russian architect wants to build a mirrored steel archway in its place. Borrowers claimed that false representations were made about the financial impact of the loans, they were not properly informed of their duration and that vulnerable consumers were inappropriately treated. A liquidator is an officer of the court, his appointment is ratified by creditors. Azure has categorically denedhaving conducted inappropriate selling. Lovin Malta has spoken to previous customers of the timeshare operation who regularly described loans with generally high-interest rates. Attachment Club Transfer Communication (opens a PDF). In the case of a Members' Voluntary Winding Up, a Declaration of Solvency (Form B2), which must be signed by the majority of the Directors, must be filed at the Malta Business Registry. Inside Timeshare has received many enquiries as to what is going to happen to members of the "club"? 10am 4pm Mon-Fri (GMT) It uses cookies to detect how long people stay on the site, which pages they visit, their country of origin and whether they are a new or returning visitor. The company has always adhered to applicable regulations and is fully authorized in regards to all its business activities including consumer finance.. Roger Chessell, a Xagra resident, was at Dwejra when the window collapsed at . May 5, 2020 at 2:46 pm Azure Services, a Corinthia-owned tourism and timeshare company at the Radisson Blu Golden Sands, has filed for liquidation amid the COVID-19 pandemic, leaving roughly 30 jobs at risk. We also use social media buttons and/or plugins on this site that allow you to connect with your social media network(s) in various ways. Back in December last year Inside Timeshare reported that Azure Services Ltd had ended the sales of timeshare, this resulted in the loss of around 80 jobs. Malta's famous Azure Window rock arch has collapsed into the sea after heavy storms. At this stage, it is not clear how this may affect a number of issues, from continuing timeshare ownership, to the ongoing matters concerning legal challenges made regarding loans made for the . This category only includes cookies that ensures basic functionalities and security features of the website. Taunton, Telephoning from outside the UK: 00 44 1823 510625. Limited and Mr Barry Lynch of Alvarez & Marsal Cayman Islands Limited, were appointed Joint Liquidators of Azure Resorts Limited and Azure XP Limited. Given the current outlook, this scaling down process has run its natural course, and a liquidation process has in fact now commenced, the announcement read. Copyright 2023 Timeshare Termination Team. Radisson Blu Golden Sands. Most of its clients, who hailed from Malta, the UK and Sweden, had entered into contracts of up to 25 years, under which they had the right to holiday at the hotel for one or two weeks at a specific time of the year. From the copy email that we received, Themis are obviously mounting a cold calling campaign from stolen Azure client data. Helpline Hours This website uses cookies to improve your experience while you navigate through the website. Timeshare Watchdog were informed that Azure Services Ltd. of Malta entered into liquidation proceedings. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. August 11, 2022 09:19 Tista' taqra dan l-artiklu bil-Malti hawn The government has established advanced plans to dissolve Air Malta later this year and transfer its few remaining profitable assets to a new airline, similar to what has already been done in Italy with Alitalia. When we do this, YouTube may store cookies in order to track how people are watching videos on their site. Call us on 01872 308699 for more information. Add to cart . Mediterranean Overseas Holdings Ltd is also another company owned by the late Bob Trotta under the parent company the Limora Group. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. KwikChexis a Registered Trademark, KwikChex Ltd, For and on behalf of FNTC (UK) Ltd. Necessary cookies are absolutely essential for the website to function properly. RDO members can log in to rdo.org, and when they do we use cookies to track that they have logged in. MediaToday is an independent media house based in Malta. This is borne out by the fact that there is no reference to either the status of Ltd or SL on the website and furthermore there is no company registration number either. You can revoke your consent any time using the Revoke consent button. We are not sure how this scam will pan out but there will certainly be a request for a financial payment to progress whatever they are promising. Two geological wonders sit side-by-side on the Maltese island of Gozo: the Azure Window and the Blue Hole. Most readers know that Azure Malta went into liquidation earlier this year, however with the efforts of the joint liquidators a new management company was formed, being Vacation Club Services Limited (VCSL), to act as the new club manager. Darrin Zammit Lupi/Reuters By Tamara Best. That December, a large chunk of the workforce was told that they would be made redundant to make way for an elite team as part of a new strategy. The Azure Window, a natural rock arch in Malta and a backdrop for the "Game of Thrones" TV series, fell into the sea on Wednesday in a storm. Premium access for businesses and educational institutions. But the Upper Tribunal of the Tax and Chancery Chamber heard that customers complained that the terms of the loans were not explained to them, that proper credit checks were not carried out and that they were pressured into signing deals. This is not the first time that Azure has hit the headlines for all the wrong reasons: https://www.investegate.co.uk/m1-legal/rns/timeshare-mis-sellingthe-next-financial-scandal-/201901171348054103N/, https://www.thetimes.co.uk/article/gary-neville-s-link-to-alleged-mis-selling-of-malta-timeshares-pfxq0tznv. or During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Mon 09:00 - 17:00. Complaints Policy The below update was sent to Azure consumers yesterday. Thank you for your enquiry. The telephone number:01935 548 026, the STD code is for Yeovil in Somerset; although we very much doubt that any such company exists in Yeovil. and other data for a number of reasons, such as keeping FT Sites reliable and secure, These cookies will be stored in your browser only with your consent. It was set up by the Island Hotels Group in 2003, which marketed timeshares at the Radisson Blu Golden Sands. Check if they have a website, and more importantly check when the domain was registered, below we list the sites which may assist: UK Company check:https://find-and-update.company-information.service.gov.uk/search/companies?q, Spanish Company check:http://www.infocif.es/, Domain check:https://whois.domaintools.com/. Do your own due diligence, check the registration of the company, if there is no registration then it is not a legitimate company. We are using cookies to give you the best experience on our website. In December, a large chunk of the workforce was told that they would be made redundant to make way for an elite team as part of a new strategy. This website uses cookies to improve your experience. KwikChex has been in contact with a number of parties, including trustees and will continue to provide information to the best of our ability. These cookies do not store any personal information. Hilton Grand Vacations (Formerly Diamond Resorts) European Resorts Have Been Recognized with a SILVER Award by World Tourism Responsible Awards During the 2022 WTM London Event. KwikChex continues to urge caution regarding any approaches to timeshare owners by businesses offering compensation services and will be pleased to help owners evaluate any such approaches. Barclays Bank has been forced to compensate 1,500 customers who were missold timeshare loans worth up to 48 million by Malta's Azure Services, a Corinthia-owned tourism and timeshare company at the Radisson Blu Golden Sands. We use cookies to ensure that we give you the best experience on our website. journalists in 50+ countries covering politics, business, innovation, trends and more. All rights reserved. So far we have a nonexistent company that was formed less than two months ago, this is not looking good. Liquidation or dissolution is the procedure for concluding the affairs of a company when it decides to terminate its operations or when it cannot continue to operate by reason of its insolvency. download the update directly (PDF download). Under Azure plan, select Add to cart. Azure Services Ltd Malta Liquidation. Sources have claimed that the company also applied for and received the COVID-19 supplement for the April salary. Azure Liquidation Updates Updates 07/05/20, 08/05/20, 13/05/20, 19/05/20, 20/05/20, 09/07/20, 07/08/20 & 07/09/20 Azure Services Ltd. Malta Liquidation 07/05/20 KwikChex has been informed 0 The customer story you selected is no longer available. Inside Timeshare published the 6 part series on the liquidations of Limora Investments Ltd and other companies in the group and the reasons behind them, see the link to all the articles below. We recognise that we did not provide the right level of service for some customers who bought timeshare loans, Barclays said. The fact is that at present, both the status of the timeshare ownerships and the question of the challenged loans are going through legal processes and the outcomes are currently unknown. The spectacular Azure Window rock arch on Malta's island of Gozo collapsed into the sea in 2017. ForAzuretimeshare owners, the principal interest is in the continuing right to use their weeks at the resort and KwikChex is advised that there is no change to previous statements in this regard i.e., that the rights will continue as soon as the travelrestrictions related to Covid-19 are lifted. According to its website, Azure Services Ltd, which employed 180 staff, had more than 5,500 members. 01908 881058 info@timeshareconsumerassociation.org.uk Donate, timeshare consumer association friendly timeshare advice since 1997. The email received by the consumer from Azure contained the following information: Please notethis important update from the Joint Liquidators, which includes reference to the appointment of the new club manager. Whilst it is too early to foresee the potential fallout from this news, we at TCA will be keeping a close eye on developments and will of course publish updates as and when. Click here to view a copy of the PDF of decision made in August 2018 by Judge Timothy Herrington. If you are an Azure Ultra Club Member and have not received this advice, or have concerns about the content of the advice, please contact us and we will provide free assistance. analyse how our Sites are used. They reaffirmed that the Golden Sands Resort will fully honour all timeshare commitments arising from obligations entered into with existing members.
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