Embed Size (px)
Citation preview
Joint Liquidators’combinedfourthannual and draJIfinal progress reports
Parallel Realisations 1
Limited (formerly TheBritish School ofMotoring Limited) - inCreditors’ VoluntaryLiquidation
for the periods from 31 January 2016 to 30 January2017 and from 31 January 2017 to 10 March 2017
http ://pwc.co.uk/BSM
16 March 2017
Joint Liquidators’ combined fourth annual and draft final progress reports
Parallel Realisations 1 Limited (formerly The British School of Motoring Limited) - in Creditors’ Voluntary Liquidation
pwc
To all known members and creditors
16 March 2017
Dear Sir/Madam
Parallel Realisations 1 Limited (formerly The British School of Motoring Limited) — inCreditors’ Voluntary Liquidation (“the Company”)formerly trading from: 2nd Floor, Building 2610, The Quadrant, Aztec West, Bristol, BS32 4TR
This is our combined fourth annual progress report and draft final progress report to members and all knowncreditors in the above liquidation for the periods from 31 January 2016 to 30 January 2017 and from 31 January2017 to March 20
If you hfr any que ies ii connection with this report, please contact Sandra Audrews on 0113 289 4926.
Yours faithfully
D M HammondJoint liquidator
David Matthew Hammond and Robert Nichotas Lewis are licensed in the tinited Kingdom ta act as Insolvency Practitioners by the Institute afCharteredAccountants in England and Wales. Thejoint tiquidators are baund by the code of ethics which can befound at:htW://www.aov.tk/gpvernment/yubtjcatians/jnsalvenctj-yractijjaner-codevf-ethics.
The jaint tiquidatars are Data Controllers afpersonal data as defined by the Data Protection Act 1998. PricewaterhauseCoopers LLP wilt act as DataPracessar an their instructions. Persanat data wilt be kept secure and processed anlyfar matters relating ta the liquidation.
Joint Liquidators combined fourth annual and draft final progress reportsParallel Realisations 1 Limited (formerly The British School of Motoring Limited) - in Creditors’ Voluntary Liquidation
2
Definitions used in this report
Definition used Term
the Company Parallel Realisations 1 Limited
the Liquidators David Matthew Hammond
we and
our Robert Nicholas Lewis
the Rules Insolvency Rifles 1986
the Act Insolvency Act 1986
the Bank Barclays Bank Plc
ICAEW Institute of Chartered Accountants in England and Wales
Automobile Association Developments Limited
Parallel Realisations 2 Limited (formerly B$M Limited)
Joint Liquidators’ combined fourth annual and draft final progress reports
Parallel Realisations r Limited (formerly The British School of Motoring Limited) - in Creditors’ Voluntary Liquidation
pwc
the AA
PR2
3
Rmpwc
Table ofcontents1. Introduction 5
1.1. Why we’re sending you this report 51.2. Appointment of Administrators 51.3. Estimated dividend prospects 5
2. Progress made during the period 6
2.1. Assets realisations 62.2. Assets not specifically pledged 6
2.2.1. Transfer of funds from the administration 6
2.2.2. Administration VAT recovery 6
2.2.3. Book debts 6
2.2.4. Refunds 6
2.3. Other matters — leasehold property 72.4. Statutory and compliance — tax and VAT 72.5. Directors’ conduct 7
3. Outcome for creditors 8
3.1. Secured creditors 83.2. Preferential creditors (mainly employees) 8
3.3. Unsecured creditors 8
4. Liquidators’ fees and other financial information 9
4.1. Our fees 94.2. Our disbursements 94.3. Creditors’ rights 9
4.4. Receipts and payments account 9
4.5. Statement of expenses 9
5. final meetings of members and creditors io
Appendix A. - Statutory and other information
Appendix B. - Receipts and payments account for the periods from 31 January 2016 to 30 January 2017 andfrom 31 January 2017 to 10 March 2017
Appendix C. - Details of our remuneration and disbursements and other professional costs
Appendix D. - Statement of expenses for the periods from 31 Januaiy 2016 to 30 January 2017 and from 31January 2017 to closure
12
13
14
20
Joint Liquidators’ combined fourth annual and draft final progress reportsParallel Realisations 1 Limited (formerly The British School of Motoring Limited) - in Creditors’ Voluntamy Liquidation
4
-I.pwc
1. Introduction
1.1. Why we’re sending you this report
This is our combined fourth and final progress report to members and creditors. It will help if you read thisalongside our previous progress reports which can be found at http://pwc.co.uk/BSM.
This report provides a summary of:
• The steps taken during the fourth year of the liquidation and to the closure of the liquidation; and• A description of the outcome of the liquidation for unsecured creditors.
In Section 2 we provide more detailed information on what we’ve been doing during the period covered by thisreport and in Section 3 we provide information of the outcome for creditors.
By law, we have to give you certain statutory information. This is included in Appendix A.
1.2. Appointment ofAdministrators
On 31 January 2011, Matthew Hammond and I of PricewaterhouseCoopers LLP were appointed JointAdministrators of the Company. The administration ended on 31 January 2013 when the Company went intoCreditors’ Voluntary Liquidation and we were appointed as Joint Liquidators.
1.3. Estimated dividendprospects
% Recovery Forecast Timing
forpreferential creditors:i.e. former employees (for unpaid wages up to £8oo andholiday pay only) and unpaid pension contributions ill Not applicable Not applicablecertain circumstances:
For unsecured creditors: -
i.e. all other creditors who are neither secured nor This report: 1.44% .
I Dividend paidpreferential: Last report: 1.5% - 2%
No further dividend payments will be made.
Joint Uquidators combined fourth annual and draft final progress reportsParallel Realisations r Limited (formerly The British School of Motoring Limited) - in Creditors’ Voluntary Liquidation
5
pwc
2. Progress made during the period
2.1. Assets realisations
We’ve realised the Company’s assets as follows:
Reatisations31 January 2016 Total reatisations
to 30 January 31 January 2013
2017 to 10 March 2017
____
£ £
Assets not specifically pledged to a creditor
Motor vehicles - 1,972.44
Balance at bank — transfer from administration - 113,973.46Pre appointment VAT refund - 101,929.67Book debts - 15,013.67Refunds
- 4,032.42Interest 5,345.95 968.53
5,345.95 237,890.19
2.2. Assets not specifically pledged
2.2.1. Transfer of funds from the administration
As stated in our initial report, the sum of £113,973.46 was transferred into the liquidation from theadministration.
2.2.2. Administration VAT recovery
VAT return repayments of £101,929.67 relating to the Administration were recovered at the commencement ofthe liquidation.
2.2.3. Book debts
The majority of book debts were realised in the administration with a small amount of franchise debtsoutstanding and, as stated previously, Clarke Wilmott LLP continued to collect these on our behalf. We receiveda total of £15,013.67 in respect of book debts, of which £5,345.95 was received during the period of this report.Book debt collections are now complete.
2.2.4. Refunds
We previously reported that, following the completion of all property matters, we entered into discussions withthe respective councils which resulted in business rates totalling £3,889.61 being refunded. We also recovered awater rates reftind of £142.81.
There are no assets left to realise.
Joint Liquidators’ combined fourth annual and draft final progress reportsParallel Realisations 1 Limited (forinerh’ The British School of Motoring Limited) - in Creditors’ Voluntary Liquidation
6
pwc
2.3. Other matters — leaseholdproperty
On the conclusion of the administration, 17 leases remained as they had neither expired nor been surrendered.During the liquidation, the leases were disclaimed and this concluded all outstanding property matters.
2.4. Statutory and compliance - tax and VAT
We have prepared and submitted annual and final corporation tax returns and have obtained tax clearance.
We have prepared and submitted Forms VAT 426 in order to reclaim VAT paid in the liquidation. We anticipatereceiving further VAT refunds in relation to the final payments made in the liquidation.
2.5. Directors’ conduct
One of our duties was to look at the Company’s directors’ actions before it went into liquidation and duringadministration and consider any points raised by creditors. We finished our work on this and complied with ourobligation to submit a return or report to The Insolvency Service.
Joint Liquidators’ combined fourth annual and draft final progress reports
Parallel Realisations iLimited (formerly The British School of Motoring Limited) - in Creditors’ Voluntary Liquidation7
pwc
3. Outcomefor creditors
3.1. Secured creditors
At the date of the administration, the Bank was owed £13.7 million secured by fixed and floating charges overthe Company and PR2. When the vehicle and debtor collection process completed in the administration, thelevel of recoveries were much higher than anticipated. This, together with the recoveries from PR2, meant thatthe Bank was able to recover its lending in hill. In addition, surplus hinds of £1.3 million were transferred toPR2 during the administration.
3.2. Preferential creditors (mainly employees)
Although the transfer of the business to the AA included a transfer of employment of all employees, a number ofEmployment Tribunal claims were made against the Company. However, the awards made to those employeesranked as tinsecured claims in the liquidation.
Consequently the Company has no preferential creditors.
3.3. Unsecured creditors
The prescribed part is a hind that has to be made available for unsecured creditors. It’s paid out of “netproperty”. Net property is floating charge realisations after costs, and after paying - or setting aside enough topay - preferential creditors in hill. But it only has to be made available where the floating charge was created onor after 15 September 2003.
The prescribed part applied in this case as there was a floating charge created after 15 September 2003.
The amount of the prescribed part is:— 50% of net property tip to £10,000;— 20% of net property above £10,000; and— Subject to a maximum of £6oo,000.
The Company’s net property totalled £75,618.99 and the Prescribed Part was calculated at £18,123.80.However, as the secured creditors had been paid in hill, from PR2, there were surplus assets to distribute tounsecured creditors in addition to the Prescribed Part. On 14 July 2016 we declared a first and final dividend of1.44p in the £ to the unsecured creditors of the Company.
A summary of the position regarding the unsecured creditor claims is as follows:
Descrpn Number of claims — Value of claims ()Claims agreed 285 5,240,798.81
Claims rejected (in whole or in part) 4 820,422.60
No further dividends will be paid to the unsecured creditors of the Company.
Joint Liquidators combined fourth annual and draft final progress reportsParallel Realisations 1 Limited (formerly The British School of Motoring Limited) - in Creditors’ Voluntary Liquidation
8
pwc
4. Liquidators’fees and otherfinancialinformation
4.1. Ourfees
During the administration, creditors passed a resolution fixing the Administrators’ fees by reference to timeproperly given by the Administrators and their staff in dealing with the administration.
The fee basis agreed in the administration continued to apply in the liquidation. This means that our fees asLiquidators were calculated by reference to time properly charged.
from 31 January 2016 to 30 January 2017, we incurred time costs of £60,930.80 for 237.65 hours work, whichworks out at an average hourly rate of £256.39. From 31 January 2017 to 10 March 2017, we incurred time costsof £6,058.05 for 23.35 hours work, which works out at an average hourly rate of £259.45. The average hourlyrate in our last progress report was £236.73.
We include details of the time costs incurred from 31 Jantiary 2016 to 30 January 2017 and from 31 January2017 to 10 March 2017, by work type, at Appendix C.
Of the approved fees of £188,948.54 we have drawn £132,000.00 and anticipate that we will draw a further£3,851.69 but there won’t be enough funds to pay our costs in full.
further details of our fees are included in Appendix C.
4.2. Our disbursements
No disbursements arose in the period from 31 January 2017 to 10 March 2017. We’ve incurreddisbursements of £308.64 during the period from 31 January 2016 to 30 January 2017. We’ve drawn £280.15
of these. We anticipate that we will draw the balance of £28.39 prior to ceasing to act. Further details areprovided in Appendix C.
4.3. Creditors’ rights
Creditors have the right under Rules 4.49E and 4.131 of the Rules to request further information about, and tochallenge, the Liquidators’ fees and expenses.
You can get a copy of “A creditors’ guide to liquidators’ fees — England and Wales”, explaining creditors’ rights,on the ICAEW website at:
%2oliquidators%2ofees%2ofinal.ashx
You can ask for a copy free of charge by calling Sandra Andrews on 0113 289 4926.
4.4. Receipts andpayments account
A receipts and payments account for the periods from 31 January 2016 to 30 January 2017 and from 31 January2017 to 10 March 2017 is provided in Appendix B.
4.5. Statement ofexpenses
A statement of expenses for the periods from 31 January 2016 to 30 January 2017 and from 31 January 2017 toclosure is provided in Appendix D.
Joint Uquidators’ combined fourth annual and draft final progress reports
Parallel Realisations i Limited (formerly The British School of Motoring Limited) - in Creditors’ Voluntary Liquidation9
pwc
5. Final meetings ofmembers andcreditors
The work we need to do has now finished and we’re required to hold final meetings of members and creditors.Attached to this report is a notice of these meetings and a proxy form.
The purpose of the meetings is to present this report and for the creditors to consider our release. No formalresolutions will be considered but creditors may propose a resolution against our release. If there is no suchresolution, we’ll be released from any liabilities that may have been incurred.
If you require further explanation of any aspects of this report, but don’t wish to attend the meeting, pleasetelephone or write to Sandra Andrews on 0113 289 4926.
If you wish to attend the meeting, please telephone Sandra Aidrews so that arrangements can be made.
l.A.Te must have regard to the convenience of creditors when convening any general meeting. from experience,creditors don’t often attend such meetings and so this meeting is being convened at the offices of PwC, CentralSquare, 29 Wellington Street, Leeds, LSi 4DL in order to reduce costs. If you wish to attend the meeting butthink the venue is inconvenient, it can be reconvened at an agreed venue if you contact us within the next 7days. This is to ensure all other creditors can be told about the revised arrangements.
If you want to propose a resolution against our release the following paragraphs will apply:
Individual creditors (i.e. not limited companies):
You can vote by simply attending the meeting, provided a proof of debt has been lodged at the address stated inthe notice of the meeting before 12.00 noon on the wf)rkmg day before the meeting. If you don’t attend themeeting you may complete a proxy form to nominate:
• someone else to atteild and vote ftr you; or• the chair to vote on your behalf.
The proxy form needs to be signed by you.
Limited companies:
A company is not physically able to attend meetings, so it must appoint someone to attend on its behalf by:• completing and returning a proxy form (even if you’re a director); or• producing at the meeting a sealed or certified copy of a board resolution authorising you to
represent that company at the meeting.
A company can also complete and return a proxy form to nominate:• someone else to attend and vote as its representative; or• the chair to vote as its representative.
The proxy form needs to be signed by someone authorised to sign on behalf of that company and the nature ofthat person’s authority should be stated.
A proof of debt also needs to be lodged at the address stated in the notice of the meeting before 12.00 noon onthe working day before the meeting.
Joint Liquidators’ combined fourth annual and draft final progress reportsParallel Realisations 1 Limited (formerly The British School of Motoring Limited) - in Creditors’ Voluntary Liquidation
10
pwc
Important information if you are submitting a proxy:
A proxy holder can vote either on yotir instruction or at their discretion as indicated on the completed proxyform.
The proxy form must be lodged at the address stated in the notice of the meeting before 12.00 noon on theworking day before the meeting.
Joint Uquidators’ combined fourth annual and draft final progress reports
Parallel Realisations 1 Limited (formerly The British School of Motoring limited) - in Creditors’ Voluntary Liquidationii
pwc
Name of company:
Registered number:
Registered office:
Former company names:
Trading names:
Trading address:
Names of liquidators and theiraddress(es):
Date of liquidators appointment:
Details of change in liquidators:
Details of prior administration:
1.44p in the £
Net property: £75,618.99
Prescribed part: £18,123.80
No
Joint Liquidators’ combined fourth annual and draft final progress reportsParal]el Realisations r Limited (formerly The British School of Motoring Limited) - in Creditors’ Voluntaty Liquidation
Appendix A. - Statutory and otherinformation
Parallel Realisa6ons 1 Limited
00291902
Central Square, 29 Wellington Street, Leeds, LS1 4DL
The British School of Motoring Limited
The British School of Motoring Limited, BSM
2’ Floor, Building 2610, The Quadrant, Aztec West, Bristol, BS324TR
______
David Matthew Hammond of PricewaterhouseCoopers LLP,Cornwall Court, Birmingham B3 2DT; and
Robert Nicholas Lewis of PricewaterhouseCoopers LLP, OneKingsway, Cardiff, CFio 3PW
_____
31 January 2013
None
On 31 January 2011 David Matthew Hammond and Robert NicholasLewis of PwC were appointed Joint Administrators of the Company.The administration was concluded on 31 January 2013 being thedate the Company moved into liquidation.
N/AEstimated dividend for preferentialcreditors:
Dividend paid to unsecured creditors:
Estimated values of the Company’snet property and prescribed part:
Whether and why the Liquidatorsintend to apply to court under Section176A(5) 1A86:
12
pwc
Appendix B. - Receipts andpaymentsaccountfor the periodsfrom 31
January 2016 to 30 January 2017 andfrom 31 January 2017 to 10 March 2017
floating Charge ReceiptsMotor VehiclesBook debtsBalance at bankPre-appointment VAT refundRefundsInterest received gross
Floating Charge PaymentsAgents’ feesBank chargesDebt collection feesLegal feesLegal disbursementsStorage costsStatutory advertisingLiquidators’ feesLiquidators’ disbursementsIrrecoverable VAT
Total Payments
VAT control account
Dividend of 1.44p in the £ paid tounsecured creditors on 21 July 2016
1,972.44
9,667.72113,973.46
101,929.67
4,032.42
968.53
1,972.44
15,013.67
113,973.46
101,929.67
4,032.42
968.53
Balance at bank 218,793.18 (213,397.04) (1,700.77) (3,695.37) -
Joint Liquidators’ combined fourth annual and draft final progress reporisParallel Realisations 1 Limited (formerly The British School of Motoring limited) - in Creditors’ Voluntary liquidation
Forthe periodfrom 31
January 2013
to 30 January2016
For the periodfrom 31
January 2016
to 30 January2017
Total for theperiod from 31
January 2017
to to March2017
() ()
Estimatedfuture costs
Estimatedtotal costs
(i) () ()
5,345.95
Total Receipts 232,544.24 5,345.95 -- 237,890.19
740.87 - - 740.87
- 37.50 - 25.75 63.25
167.67 2,391.13 - - 2,558.80
3,730.16 1,500.00 - - 5,230.16
78.00 - - - 78.00
7,838.92 6,913.51 1,417.31 - 16,169.74227.02 - - 73.00 300.02
- 132,000.00 - 3,851.69 135,851.69
- 988.20 - 28.39 1,016.59
- 262.08 - - 262.08
12,782.64 144,092.42 1,417.31 3,978.83 162,271.20
968.42 (968.42)
- 75,618.99
283.46 (283.46)
75,618.99
13
pwc
Appendix C. - Details ofourremuneration and disbursements andother professional costs
Background
This section sets out the process that was established for setting and monitoring the Liquidators’ remuneration.
The basis of our fees and certain disbursements was agreed in the prior administration by the creditors at ameeting held on 24 february 2011 and have transferred across to the liquidation in accordance with the Rules.
The basis of our fees is by reference to time properly given. Details of the amount we have drawn can be foundin Section 4.
Liquidators’ charging policy
The time charged to the liquidation is by reference to the time properly given by our staff and us in attending tomatters arising.
It is our policy to delegate tasks in the liquidation to appropriate members of staff, considering their level ofexperience and any requisite specialist knowledge needed and they are supervised accordingly to maximise thecost effectiveness of the work performed.
Our junior people have done the routine work in the liquidation to keep the costs down. But we and our seniorstaff have supervised them and we have dealt with any complex or significant matters ourselves.
Matters of particular complexity or significance requiring more exceptional responsibility are undertaken bysenior staff or the liquidators themselves.
Details of subcontracted work
We have not subcontracted out any work.
Narrative of key areas of work carried out for the period 31 January 2016 to 10 March 2017
There remain a iiumber of distinct work streams within the work we have done. It should be noted thatindividuals will have worked in more than one area. The activities of these work streams are summarised below:
What, if any, financialbenefit the workprovided to creditors
Why the work was OR whether it wasArea of work Work undertaken necessary required by statute
Strategy &planmng • Case strategy and • for the proper • Controls efficiencies,update meetings management of the time costs and
• Team briefings case ensures continuedcase progression
Joint Liquidators’ combined fourth annual and draft final progress reportsParallel Realisations 1 Limited (fonnerlv The British School of Motoring Limited) - in Creditors’ Voluntaiy Liquidation
14
Filing statutorydocuments with theRegistrar ofCompanies
• Updating andmaintaining the casewebsite
• Responding tocreditors regardingtheir enquiries
• Ensuring allcreditors arecorrectlyfiled andinformation ismaintained
• Calculation,declaration andpayment offirst andfinal dividend
• Agreement ofcreditor claimsfordividend purposes
• Processing receiptsand payments
• Producing bankreconcitiations
• Processing dividendcheques
• Dealing withuncashed cheques
• Reviewing theCompany’s tax andVATposition andpreparing returns
• Obtaining taxclearance
Contacting agentsand solicitors toensure allfinalaccounts have been
To ensure alt •
creditors receive theinformation they areentitled to during theliquidation
To ensure dividendcalculated and paidproperty
• Proper and efficientstewardship andaccounting foradministrationfunds
• To pay afirst andfinal dividend tocreditors
• Required by statuteor other legalrequirement
Legal requirement
Direct benefitthrough receipt ofdividend
• Required by statuteand legislation
Required by statuteor other legalrequirement
• Ensures anyavailable tax andVAT recoveries aremadefor theinsolvency estate
Required by statuteand legislation
Joint Liquidators’ combined fourth annual and draft final progress reportsParallel Realisations r Limited (formerly The British School of Motoring Limited) in Creditors’ Voluntary Liquidation
pwc
Statutory & compliance • Preparing the • To comply withLiquidators’progress statutory and otherreports obligations placed on
the liquidators•
Creditors
Accounting & treasury
Tax and VAT
Closure •
• To comply with legalrequirements
• For the propermanagement of thecase
•
• To comply withpaid statutory and other
15
pwc
Preparation offinal obligations placed onreport the liquidators
Hourly rates
In common with all professional firms, scale rates increase from time to time over the period of theadministration of each insolvency case. PricewaterhouseCoopers LLP, or any successor firm, reserves the rightto change the rates and grade structures. During the periods covered by this report the charge out rates wereincreased on 1 July 2016.
Set out below are the relevant maximum charge-out rates per hour worked for the grades of staff actuallyinvolved on this assignment. All staff who work on this assignment (including cashiers, support and secretarialstaff) charge time directly to the assignment and are included within any analysis of time charged. Time ischarged by reference to actual work carried out on the assignment in six minute units. The minimum timecharged is three minutes (i.e. 0.5 units). There was no allocation of any general costs or overhead costs.
Specialist departments with our firm, such Tax, VAT, Property and Pensions were also used where expert advicewas required. Such specialist rates do vaty but the figures below provide an indication of the maximum rate perhour:
Grade Maximum rate per Maximum rate per Specialisthour hour maximum rate
(from 1 July 2015 to 30 (from 1 July 2016) per hour
June2016 () ()()
___________________________
Partner 590 6oo 1,250
.Pcctor 49 -50 150
Senior Manager 425 435 970
?flaer 34,SçniorAssoc ale 255 o 515As ociate 170 255
Support staff 87 89 150
Our relationships
We have had no business or personal relationships with the parties who approve our fees or who provideservices to the liquidation where the relationship could give rise to a conflict of interest.
Payments to associates
We have made no payments to associates.
Disbursements for services provided by our firm (Category 2 disbursements)
Our firm’s expenses policy allows for all properly incurred expenses to be recharged to the case. Disbursementswere charged to the assignment as follows:
Photocopying At 4 pence per sheet copied, only charged for circulars to creditors and other bulk copying.
Mileage At a maximum of 71 pence per mile (up to 2,000cc) or 93 pence per mile (over 2,000cc).
Joint Liqiiidators’ combined fourth annual and draft final progress reportsParallel Realisations r Limited (formerly The British School of Motoring Limited) in Creditors’ Voluntary Liquidation
r6
-..pwc
Our disbursements in the periods from 31 January 2016 to 30 January 2017 and from 31January 2017 to 10 March 2017.
No disbursements arose in the period from 31 January 2017 to 10 March 2017. The following disbursements(excluding VAT) were incurred in the period from 31 January 2016 to 30 January 2017.
Category 1: £
Postage 169.45
Total: 169.45
Category : £
Mileage: Nil
Printing 139.19
Total: 139.19
The statement of expenses at Section 6 show what we have drawn in total in relation to our disbursements.
Other professional advisors we’ve used
A summary of legal and other professional firms and subcontractors instructed in the periods from 31 January2016 to 30 January 2017 and from 31 January 2017 to closure is below:
Name of firm / Service Reason Basis of fees Amount paid inorganisa6on provided selected period (fr)
Clarke Wilmott LLP Debt collection Expertise % of realisations 2,391.13
Eversheds LLP Legal advice Industry knowledge Timecosts 1,500.00
and expertise
Our choice was based on the advisers’ experience, the complexity and type of work and the basis of the feearrangement. We’re satisfied that the fees charged are reasonable.
Joint Liquidators’ combined fourth annual and draft final progress reportsParallel Realisations r Limited (formerly The British School of Motoring Limited) - in Creditors’ Voluntary Liquidation
17
-.-
pwc
Ana
lysi
sof
our
time
cost
sby
grad
ean
dw
ork
area
from
31
Janu
ary
20
16
to3
0Ja
nuar
y2
01
7
1 4 6 7 8 9
10 12
To
talf
ort
hep
eri
od
o.6
o0
.00
5.8
514.6
51
84
.30
28.8
03•
451
Bro
ughtfo
rward
at30
Jan
2016
Tot
al
Tota
lhours
15.3
0
1.2
0
135.7
0
2420
26.6
5
29
.80
o.8
o
3.0
0
237
.65
1
5640
61
8o
1.7
1
Tim
eco
st £
3,0
31
.00
26
45
0
349
19.0
0
4952
.05
7,4
29
.75
8,8
86.o
o
33
0.0
0
1,1
18.5
0
I6
o,9
3o.8
o
I12
1,9
59.6
91
I182,8
go.4
9
Aver
age
hou
rly
rate £
19
81
0
22
0.4
2
257.3
2
20
4.6
3
278
.79
29
8.1
9
41
2.5
0
279.6
3
256.
391
Jo
int
Liq
uida
tors
’co
mbi
ned
four
than
nual
and
draf
tfi
nal
prog
ress
repo
rts
Par
alle
lR
eali
sati
ons
iLim
ited
(for
mer
lyT
heB
riti
shS
choo
lof
Mot
orin
gL
imit
ed)
-in
Cre
dito
rs’
Vol
unta
ryL
iqu
idati
on
Asp
ect
ofas
signm
ent
Senio
r
Part
ner
Dir
ecto
rM
anag
erSe
nior
Man
ager
Ass
oci
ate
Stra
tegy
&Pl
anni
ng
Ass
ets
Cre
dito
rs
Acc
ount
ing
and
trea
sury
Stat
utor
yan
dco
mpl
ianc
e
Tax
&V
AT
Em
ploy
ees
&pe
nsio
ns
Clo
sure
proc
edur
es
1.4
5
0.1
0
1.4
0
Ass
oci
ate
Secre
tari
al
0.5
0
2.7
5
0.0
5
1.35
275
8.8o
0.5
0
8.1
5
9.6
0
1.35
0.4
0
0.9
0
0.7
0
119.8
5
12.8
5
19.0
5
26.9
5
0.7
0
3.3
°
4.85
1.0
0
4.4
0
2.4
5
0.1
0
0.4
5
0.7
0
0.2
5
i8
pwc
Ana
lysi
sof
our
tim
eco
sts
bygr
ade
and
wor
kar
eafr
om31
Janu
ary
2017
to10
Mar
ch2
01
7
Join
tL
iquid
ators
’co
mbin
edfo
urt
han
nual
and
draf
tfi
nal
pro
gre
ssre
port
sP
aral
lel
Rea
lisa
tions
1L
imit
ed(f
orm
erly
The
Bri
tish
Sch
ool
ofM
oto
ring
Lim
ited
)-
inC
red
ito
rs’
Volu
nta
ryL
iqu
idat
ion
Sen
ior
Sen
ior
Asp
ect
of
assi
gnm
ent
Part
ner
Dir
ecto
rM
anag
erM
anag
erA
ssoci
ate
Ass
oci
ate
Sec
reta
rial
iS
trat
egy&
Pla
nnin
g-
--
-0.2
0-
0.20
2C
redi
tors
--
-1
.70
--
3A
ccou
ntin
gan
dtr
easu
ry-
--
0.1
50,9
0-
-
4S
tam
toiy
andco
mpli
ance
--
--
11.3
0-
-
5T
ax&
VA
T-
--
-0.3
0-
-
6C
losu
repr
oced
ures
--
-o.
so8.
50-
-
Bro
ugh
tfo
rward
at3
0Ja
n2017
ITot
al
ITota
lfort
heperi
od
I-
--
0.3
22.9
-0.
21
Tota
lhours
0.4
0
1.7
0
1.0
5
11
.30
0.3
0
8.6
o
I23
.351
I80
1.71
1
I8
25
.06
1
Aver
age
ho
url
yra
te £
174.5
0
260.0
0
27
2.1
4
260.0
0
260.0
0
260.9
9
259.4
51
Tim
eco
st £
6g
.So
442.0
0
28
5.7
5
2,9
38
.00
78
.00
2,2
4450
I6,0
58.0
51
I182,8
90.4
91
I188,9
48.5
41
19
-
pwc
Appendix D. - Statement ofexpensesfor the periodsfrom 31 January2016to 30 January 2017 andfrom 31
January 2017 to closureThe Rules requires this progress report to include a statement of expenses incurred by the Liquidators duringthe period of the report, irrespective of whether payment has been made or not. This relates to all costsincurred, and not just the Liquidators’ disbursements. Such summaries of expenses are found below:
Summary of expenses for the period from 31 January 2016 to 30 January 2017
Summary of anticipated expenses for the period from 31 January 2017 to closure
Joint Liquidators’ combined fourth annual and draft final progress reportsParallel Realisations 1 Limited (formerly The British School of Motoring Limited) - in Creditors’ Voluntary Liquidation
Unpaid Expenses Expenses Expensesexpenses incurred in paid in this unpaid as
as at 31 this period period at 30
January January2016 2017
(1) () (1) (L)
Bank charges- 37.50 37.50 -
Debt collection fees - 2,391.15 2,391.15 -
Legal fees - 1,500.00 1,500.00 -
Storage costs - 6,913.51 6,913.5; -
Liquidators’ fees 121,959.69 60,930.80 132,000.00 50,890.49
Liquidators’ disbursements 708.05 308.64 988.30 28.39Irrecoverable VAT - 262.08 262.08 -
122,667.74 72,343.68 144,092.54 50,918.88
Unpaid Estimated Expenses Expensesexpenses expenses to anticipated unpaid at
as at 31 be to be paid closureJanuary incurred to in this
2017 closure period(it) (1) () (1)
Statutory advertising - 73.00 73.00 -
Storage costs - 1,417.31 1,417.31 -
Liquidators’ fees 50890.49 10,000.00 3,851.69 57,038.80Liquidators’ disbursements 28.39 - 28.39 -
Bank charges - 25.75 25.75 -
50,918.88 11,516.06 5,396.14 57,038.80
20
Parallel Realisation 1 Limited - In Creditors Voluntary Liquidation
NOTICE IS HEREBY GIVEN, pursuant to Section io6 of the Insolvency Act 1986, that final meetingsof members and creditors of the above named Company will be held at the offices ofPricewaterhouseCoopers LLP, Central Square, 29 Wellington Street, Leeds, LSi 4DL on 31 May 2017
at 10.00 a.m. and 10.30 a.m. respectively, for the purpose of receiving an account of the Liquidators’acts and dealings and of the conduct of the winding up.
If you are not attending the meetings, in order to be entitled to vote, creditors must ensure thatproxies are returned no later than midday on the business day before the meeting toPricewaterhouseCoopers LLP Central Square, 29 Wellington Street, Leeds, LS1 4DL. If you have notalready done so, creditors must submit a statement of claim either at or before the meeting.
No formal resolutions will be put to the meeting, however, creditors may resolve against the JointLiquidators’ release. In the absence of such a resolution, he Joint Liquidators will automatically bereleased from any liabilities they may have incurred.
Dated this 16t day of March 2017
hM Harnnd
Joint Liquidator
Rule 8.1
Notes to helpcompletion of the
form
Please give full nameand address forcommunication
Please insert name ofperson (who must be
18 or over) or thechairman of the
meeting (see notebelow). If you wish toprovide for alternative
proxy-holders in thecircumstances thatyour first choice is
unable to attendplease state the
name(s) of thealternatives as well
Appendix DForm 8.5
Insolvency Act 7986
Proxy (Creditors’ Voluntary Winding Up)Parallel Realisations 1 Limited — In Creditors Voluntary Liquidation
Name of member
Address
Name of proxy-holder
2
3
Please delete wordsin brackets if the
proxy-holder is only tovote as directed i.e.
he has no discretion
Any other resolutionswhich the proxy-
holder is to proposeor vote in favour of oragainst should be set
out in numberedparagraphs in the
space provided belowparagraph 1. If more
room is requiredplease use the other
side of this form.
This form must besigned
Only to be completedif the member has not
signed in person
I appoint the above person to be my/the member’s proxy-holder at the meeting ofmembers to be held on 31 May 2017, or at any adjournment of that meeting. Theproxy-holder is to propose or vote as instructed below [and in respect of any resolutionfor which no specific instruction is given, may vote or abstain at his/her discretion].
Voting instructions for resolutions
Signature Date
Name in CAPITAL LETTERS
Position with member or relationship tomember or other authority for signature
Please note that if you nominate the chairman of the meeting to be your proxyholder, helshe will either be the current liquidator or a member of their staff.Remember: there may be resolutions on the other side of this form.
Rule 8.1
Notes to helpcompletion of the
form
Please give full nameand address forcommunication
Please insert name ofperson (who must be
18 or over) or thechairman of the
meeting (see notebelow). If you wish toprovide for alternative
proxy-holders in thecircumstances thatyour first choice is
unable to attendplease state the
name(s) of thealternatives as well
Appendix DForm 8.5
Insolvency Act 1986
Proxy (Creditors’ Voluntary Winding Up)Parallel Realisations 1 Limited — In Creditors Voluntary Liquidation
Name of creditor
Address
Name of proxy-holder
2
3
Please delete wordsin brackets if the
proxy-holder is only tovote as directed i.e.he has no discretion
Any other resolutionswhich the proxy-
holder is to proposeor vote in favour of oragainst should be set
out in numberedparagraphs in the
space provided belowparagraph 1. If more
room is requiredplease use the other
side of this form.
This form must besigned
Only to be completedif the creditor has not
signed in person
I appoint the above person to be my/the creditor’s proxy-holder at the meeting ofmembers to be held on 31 May 2017, or at any adjournment of that meeting. Theproxy-holder is to propose or vote as instructed below [and in respect of any resolutionfor which no specific instruction is given, may vote or abstain at his/her discretion].
Voting instructions for resolutions
Signature Date
Name in CAPITAL LETTERS
Position with member or relationship to
creditor or other authority for signature
Please note that if you nominate the chairman of the meeting to be your proxyholder, he/she will either be the current liquidator or a member of their staff.
Remember: there may be resolutions on the other side of this form.
Form 4.68
The Insolvency Act 1986
Liquidator’s ProgressReport S. 192Pursuant to section 192 of theInsolvency Act 1986
To the Registrar of Companies
For official use
Company Number00291902
Name of Company(a) Insert full
name of company (a) Parallel Realisations 1 Limited (formerly BSM Limited)
(b) Insert fullname(s) andaddress(es)
We (b) David Matthew Hammond of PricewaterhouseCoopers LLP, CornwallCourt, Birmingham, B3 2DT and Robert Nicholas Lewis ofPricewaterhouseCoopers LLP, One Kingsway, Cardiff, CF10 3PW
the Liquidators of the Company attach a copy of our Progress Report undersection 192 of the Insolvency Act 1986 for the period 31 January 2016 to 30January 2017
Signed Date 16 March 2017
_______________________________________________________________
Presenter’s name,address and
reference(if any)
Sandra AndrewsPricewaterhouseCoopers LLPCentral Square29 Wellington StreetLeedsLS1 4DL
For Official Use
Liquidation Section Post Room
