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Unfairpak Forum - How Farepak Stole Christmas • View topic - Farepak Website Updated

Unfairpak Forum - How Farepak Stole Christmas

On Friday 13th Oct 2006 - Farepak Hampers went into administration. Over 100,000 customers were told that no food hampers or vouchers or other goods will be supplied this Christmas as promised, and no refunds! Share your thoughts here...
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 Post subject: Farepak Website Updated
PostPosted: Fri May 04, 2007 6:01 pm 
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Hi Guys I have just had confirmation that website has been updated. http://www.farepak.co.uk any questions please feel free to ask although I still need to digest information myself and perhaps clarify a few things with administrations.

Updated 2 May 2007



Martha H Thompson and Shagun Dubey of BDO Stoy Hayward LLP, Kings Wharf, 20-30 Kings Road, Reading, Berkshire, RG1 3EX were appointed Joint Administrators over the assets and business of Farepak Food and Gifts Limited ("Farepak") on 13 October 2006.

It is the intention of the Joint Administrators to use this website as a way of updating all customers and agents affected by the Administration.

PLEASE NOTE THAT NO FURTHER MONEY SHOULD BE SENT TO FAREPAK. ANY ORIGINAL DOCUMENTATION SHOULD BE RETAINED AT THE PRESENT TIME AND NOT SENT TO FAREPAK.

In the meantime please send notice of any claim you may have:

· By post - for agents using Agent Letter and Proof of Debt to: Claim Registration Department, Farepak House, Westmead Drive, Westlea, Swindon, SN5 7YZ

We are not able to deal with changes of address over the telephone for security reasons. If you have moved since submitting your original claim, please register your change of address by sending details of your name, your agent's number, the amount of your claim, your old address, your new address and your signature to:

Claims Management Team, Farepak Food & Gifts Limited - In Administration, Farepak House, Westmead Drive, Westlea, Swindon, SN5 7YZ

Due to the volume of claims, and in order to keep administration costs as low as possible, the Administrators are unable to acknowledge each claim received. Since their appointment the Joint Administrators have been communicating with all agents to build up a comprehensive database of all customers who are owed money by Farepak. To date, over 122,000 claims totalling approximately £39 million have been received from customers.

Reporting Requirements

The Insolvency Act 1986 states that the Joint Administrators should report to all known creditors within four weeks of the six month anniversary of their appointment, which would be 13 April 2007. Because of the costs involved in reporting to all the creditors and because a report had been issued in January 2007, the Joint Administrators applied to Court to ask if they could delay the issue of the next report. The Court has Ordered that the Joint Administrators can send this when they are ready to finish the Administration. This is likely to be in approximately 3 months time. The Court has also Ordered that the next report can be issued in a simplified form like the January report.

The Joint Administrators will finish the Administration in approximately 3 months time and Farepak will enter Creditors’ Voluntary Liquidation, as approved by the creditors.

Once Farepak is in Liquidation, the Liquidator has greater powers of investigation.

Choice Gift Vouchers

The Joint Administrators of Farepak have been in discussion with the Administrators of Choice Gift Vouchers Limited (“Choice”). The Administrator of Choice has agreed that all customers of Farepak who had bought Choice Gift Vouchers will receive the same 80p dividend that customers of Choice will receive. The payment will be in the form of Say Shopping Gift Vouchers. Letters are being sent to all customers who have submitted a claim in respect of Choice Gift Vouchers, asking if they would like to receive these vouchers by completing a form and using the enclosed pre paid envelope to return it to the Administrators of Choice. If you have any questions about this, please contact the Administrator of Choice at:

Mr I. Stokoe

PricewaterhouseCoopers LLP

Benson House

33 Wellington Street

Leeds

LS1 4JP



Trust Monies

Historically, any money paid to Farepak by customers was not held in a separate bank account but shortly before Farepak went into Administration, the directors of Farepak tried to establish a Trust so that money paid by Farepak's customers after 11 October 2006 could be returned to customers if Farepak went into an insolvency process. The Trust was not set up properly and the Administrators applied to Court for help in sorting out the monies which were paid into the bank or a post office after 11 October 2006.

The Court ruled that, because the agents were agents of Farepak, the Administrators would need to prove when the monies were paid into Farepak's bank account. The hearing was adjourned to allow the Administrators to find a cost effective way of identifying whose money was whose. The database of customer claims has now been set up and the Administrators are working on this and hope to return to Court shortly to progress this.

First Creditors' Report

On 18 January 2007 the Joint Administrators sent out their first report to every creditor, including all agents and customers who have submitted a claim. Below is a link to the shortened version of the report sent to all customers and agents ("the Customers' Report"), along with a link to the full-length report that the Joint Administrators have filed at Companies House and the High Court ("the Creditors' Report")

The deadline for returning the pink voting forms in respect of the Joint Administrators' Proposals for the future of the Administration was 12 noon on 9 February 2007. Over 42,000 voting forms were received by the deadline and the results of the voting was as follows:

Resolution (a)
"that a creditors’ committee, as described in paragraph 13.2, be established to assist the Joint Administrators in discharging their function"
Result: Approved, with 98% of all votes in favour

Resolution (b)
"that the Joint Administrators continue to realise the property of Farepak in order to make a distribution to preferential creditors and have funds available for the unsecured creditors"
Result: Approved, with 98% of all votes in favour

Resolution (c)
"that the Joint Administrators exit the Administration by way of a Creditors’ Voluntary Liquidation and that Martha H Thompson and Dermot Power of BDO Stoy Hayward LLP be Joint Liquidators"
Result: Approved, with 97% of all votes in favour

Resolution (d)
"that the Joint Administrators’ remuneration be agreed on a time cost basis, subject to approval by the creditors’ committee, if appointed"
Result: Approved, with 96% of all votes in favour

Resolution (e)
"that, if no creditors’ committee is appointed, the Joint Administrators be discharged from liability under the Administration pursuant to Paragraph 98 of Schedule B1 of the Insolvency Act 1986 upon filing Form 2.34B (moving Farepak into Liquidation) and filing their final report"
Result: Approved, with 93% of all votes in favour

As directed by the Court, a letter has been sent to all agents setting out the results and agents have been asked to inform their customers. A copy of this letter is available below

Voting Results Letter

Customers' Report

Creditors' Report

In addition, below is a link to the customer claim form:

Customer Claim Form

The Customers' Report states that a Creditors' Guide to Administrators' Fees and a document which outlines the policy of BDO Stoy Hayward LLP in respect of fees will be available on this website. These documents are attached below.

Creditors' Guide to Administrators' Fees

Policy of BDO Stoy Hayward LLP in respect of Fees


--------------------------------------------------------------------------------

Please see below for answers to certain questions you may have.



1. When will I receive my Say Shopping Gift Vouchers from the Administrators of Choice Gift Vouchers Limited?

A letter will be sent to everyone who had purchased Choice Gift Vouchers through Farepak on Friday 4 May 2007. Please note this letter will only be sent to anyone who has claimed in respect of Choice vouchers.

The letter will enclose a form for you to complete and return to the Administrators of Choice using a pre paid envelope supplied. This form will confirm that you are happy to receive the vouchers.

2. What if I didn’t order any Choice Gift Vouchers from Farepak Food & Gifts Limited

You will not receive the letter set out in 1 above. Any amounts owing to you will be a claim against Farepak Food & Gifts Limited – In Administration.

3. What is the report dated 18 January 2007?

The Joint Administrators have written to all customers and agents of Farepak as required by the Insolvency Act 1986. The report explains what has happened in the Administration to date, what the Joint Administrators propose to do while they are still appointed and what will happen when the Administration ends. These are referred to as "the Joint Administrators' proposals".

4. Why are there two reports with the same date?

The Court allowed the Joint Administrators to send a shortened version of their report ("the Customers' Report") to agents and customers because of the numbers involved and the costs of postage. The full-length report ("the Creditors' Report") is available to download from this website.

5. What is the purpose of this report?

The main purpose of the report was to give agents and customers the opportunity to consider and vote on the proposals of the Joint Administrators. Voting closed at noon on 9 February 2007.

6. Can I still vote?

The voting deadline for the Joint Administrators’ proposals was noon on 9 February 2007. No further votes are being accepted.

7. What if I didn't vote?

Your claim is not affected if you did not vote.

8. I have not received an acknowledgement of my claim. Do I have to send a claim in again?

No. If you have already completed and returned a claim form, you do not have to repeat this. The Joint Administrators will have a record of you and your claim on their database already. The fact that you have received the report shows that you are included on the database.

9. How much will I be paid?

The report explains that, on present information, there will be sufficient funds available to enable a small dividend to be paid to unsecured creditors, which includes all agents and customers. On present information, the estimated dividend is likely to be in the region of 5p in the £.

10. Why wasn't there a creditors' meeting?

A creditors' meeting was held by post, not as a physical meeting. The business of the meeting was to consider and vote on the Joint Administrators' proposals, which the creditors did by post rather than in person. The Joint Administrators were concerned that agents and customers who had already suffered a loss might have to take time off work and spend money on travelling to a meeting, and also that the costs of hiring a venue large enough to hold the number of creditors would be significant.

11. I have not received a report - please can you send me one?

You can download a copy of the report from this website. If you have submitted a claim form, then a report will have been posted to you. If you have not submitted a claim form, you can download a copy of the claim form from this website.

12. I have collected money from my customers but not yet paid it in. What should I do?

Farepak is no longer accepting money from its customers and it should be returned to your customers and their payment book signed to show the money has been returned.

13. I pay by Direct Debit. What should I do? Do I need to cancel the instruction with my bank?

Yes, please cancel any instruction to pay by Direct Debit.

14. Will I get my commission?

You will have a claim against Farepak in respect of your commission and the Joint Administrators will be working to calculate this claim. You should include details of this claim when completing a claim form.

15. I've still got some Choice vouchers, what should I do?

Please notify the Claims Management Team, Farepak Food & Gifts Limited - In Administration, Farepak House, Westmead Drive, Westlea, Swindon, SN5 7YZ as soon as possible if you want to claim your dividend from the Administrators of Choice.

16. I've still got vouchers left from last year. Are they still ok to spend?

The Joint Administrators understand that any vouchers, other than Choice vouchers, which you hold will be valid and can be used.


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PostPosted: Fri May 04, 2007 6:03 pm 
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Thanks Suzy.

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PostPosted: Fri May 04, 2007 6:33 pm 
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Okay clarification received. If you HAD choice vouchers from 2005 and were not able to spend them because choice went bust you are entitled to a claim on Choice in Administration and will receive 80 pence back in vouchers for every £1 spent.

It does NOT apply to orders for 2006 Choice vouchers and we are still at the hands of Farepak Food & Gifts in Administration.

Hope this helps everyone.

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PostPosted: Fri May 04, 2007 6:35 pm 
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Thanks Suzy!

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PostPosted: Fri May 04, 2007 6:46 pm 
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thaks suzy

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 Post subject: Choice vouchers
PostPosted: Mon May 07, 2007 3:50 pm 
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I ordered Choice vouchers for 2006 and then Farepak changed them to Bonusbond. I still have the original order so why can't we also make a claim against Choice??? That is what I originally wanted to purchase as did many others so why should we lose out to Farepak again? It feels as if we have been robbed twice by Farepak. Choice were the main reason that Farepak went under as it changed the way vouchers were handled and therefore funding. I say it is worth haggling choice as 80p in the £ is the best offer we will ever get that's for sure!!! Surely they also should have some liability in this as it is mainly because of them that we are in this mess. For a minute I thought we were getting our money back and it was a nice minute but I should have known better!

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PostPosted: Mon May 07, 2007 5:54 pm 
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We can't claim against Choice Christine because there was no actual order put forward by Farepak for a set amount of vouchers. Yes we ordered them through Farepak but Farepak had not ordered them from Choice :(

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Thanks, Suzy. Still feels as if we have been robbed twice! I thought it was too good to be true to get 80p in the £. Good luck to those that still have them left. It is a real shame there is no way around this as they must still have a lot of money left if they can give that good a return.

It is probably because Farepak bailed them out when they went bust. Can Farepak not make a counter claim on Choice as they had to give their customers money when they went under??? What about Farepak's administrators can they not do this on our behalf? I.E. DO CHOICE OWE FAREPAK MONEY???

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PostPosted: Tue May 08, 2007 9:33 pm 
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choice went bust because 2 major creditors (both hamper companys) failed to pay on time(feb) forcing choice into admin
it is well documented who 1 of these company is the other late payer was farepak
so there money probs were there as far back as last feb
farepak did eventually clear there debt to choice as late as june i believe

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Yeah, that's right. Och, well we did try!

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i thought when i first read it you might be getting more back if you ordered choice vouchers. :D thanks for clarifying the situation. :(


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