BREAKING NEWS Farepak to be Wound Up

It has been a long and sometimes difficult 5 1/2, almost 6 years, however, Unfairpak are pleased to announce that Farepak is finally to be wound up. 

We would like to thank BDO, the liquidators, their legal team, the forensic accoutants, the whole Team on Unfairpak, Ian McCartney, Anne Snelgrove and all other MPs involved in the battle and also the Media for allowing us to keep this story running.

Please see Press Release below.

 

Date 10 July 2012  
Subject Farepak Joint Liquidators announce dividend payment

 

Farepak Joint Liquidators announce dividend payment

 

The Joint Liquidators of Farepak have today announced that they will be making dividend payments to Farepak’s creditors, including customers and agents, at the end of next month.  In addition, the Joint Liquidators will at the same time distribute the £8million ex-gratia payment to customers and agents made by Lloyds Banking Group.   The ex-gratia payment will be issued by the Joint Liquidators at no additional cost.  The dividend payment – approved by the Liquidation Committee – marks the end of the liquidation of Farepak for creditors.

 

The Joint Liquidators have been working throughout the liquidation to recover as much money as possible for creditors as directed by the Liquidation Committee, which was set up by court order to represent all those who lost money as a result of the collapse of Farepak. This work has required the Joint Liquidators to investigate a number of possible claims and engage in legal proceedings with third parties.  The Joint Liquidators have now finished their investigations and recovered as much money as possible for creditors and are in a position to pay a dividend. 

 

Farepak collapsed leaving no money to pay a dividend to its creditors.   The Joint Liquidators are now able to confirm that a payment will be made to customers and agents of approximately 32p in the £.  This sum includes the dividend payment of approximately 13p in the £ secured by the Joint Liquidators and the £8million ex-gratia payment made by Lloyds Banking Group.  The Joint Liquidators will aim to make payments to Farepak’s 114,000 creditors at the end of August. 

 

When added to the 17.5p in the £ given to all customers and agents by the Farepak Response Fund charity, set up by the Department for Trade and Industry in 2006, the dividend payment means that customers and agents of Farepak will have received a total of approximately 50p in the £.

 

Creditors who have changed their address since submitting their original claim but not notified the Claims Management Team should register their change of address by sending details of their name, their agent’s number, the amount of their claim, their old address, their new address and their signature to Claims Management Team, Farepak Food & Gifts Limited – In Liquidation, PO Box 3404, Swindon, SN2 9EQ within two weeks.  The Claims Management Team is not able to deal with changes of address over the telephone or via email for security reasons. 

 

– Ends –

 

Note to editors BDO LLP, a UK limited liability partnership registered in England and Wales under number OC305127, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. A list of members’ names is open to inspection at our registered office, 55 Baker Street, London W1U 7EU.  BDO LLP is authorised and regulated by the Financial Services Authority to conduct investment business.

 

The combined fee income of all the BDO Member Firms, including the members of their exclusive alliances, was €4.06 billion in 2011. The global network provides business advisory services in 135 countries, with almost 48,800 people working out of 1,118 offices, worldwide.

 

BDO is the brand name for the BDO International network and for each of the BDO Member Firms.

 

BDO Northern Ireland, a partnership formed in and under the laws of Northern Ireland, is licensed to operate within the international BDO network of independent member firms.

 

Contacts Laura Gainsford and Rebecca Harper at Blue Rubicon on behalf of BDO LLP

 

 

Tel: 0207 260 2700

Fax: 0207 260 2701

Email: bdo@bluerubicon.com

http://www.bdo.uk.com/news.html

10 thoughts on “BREAKING NEWS Farepak to be Wound Up

  1. I was an agent for Farepak and had several customers. I have just read in the Daily Record finance page thatall customers and agents will have to make a claim individually. Is this correct because I’m sure not many people will have read this? Please advise

    • Hi Flora. Did you not submit a claim for yourself and your customers to the administrators back in 2006/07?

      Can we respectively suggest that you join http://www.unfairpak.co.uk/forum Choose a username and password and answer the question which will either be Farepak or Grinch. We will activate your account.

      Once on site, if you go to Welcome & General Announcements and post in the NEW MEMBERS LIQUIDATION thread – just click “post reply” and type your question out.

      If this is not possible, please email suzy@unfairpak.co.uk or sharon@unfairpak.co.uk and one of the girls will get back to you. We would suggest it is better if you are on site.

  2. Why were agents not notified individually instead of relying on hearing from other people. Do agents now require to submit another claim?

    • Hi Isabel, if you lodged your claim in 2006/07 on behalf of yourself and your customers you do not need to do anything unless someone has changed address, changed name or sadly died.

      If it is the case that one of the above apply to you then let us know and we shall tell you what to do. If none apply, then expect cheques in September.

  3. Hi,I filled out all the claim forms at the time along with customers.two of the customers have moved to Ireland so can you tell me how everybody will be claimed if moved address.
    I have had a lot of questions asked me as I had paid in 0ver £8,000 with myself and customers so would like to know .

    • Hi, your customers have to write to Claims Management Team, Farepak Food & Gifts Limited – In Liquidation, PO Box 3404 , Swindon, SN2 9EQ with details of their old and new addresses.

    • If customers have married then you must send a photocopy of the marriage certificate and if sadly people have passed away, you must send a photocopy of the death certificate to Claims Management Team, Farepak Food & Gifts Limited – in Liquidation, PO Box 3404, Swindon SN2 9EQ.

  4. since confirming my details to the claims management team for myself and on behalf of my customers i have not heard anything from them as to when we will be receiving any compensation yours miss christine wood

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