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 to be wound up
PostPosted: Tue Jul 10, 2012 11:24 am 
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http://www.farepak.co.uk/


Martha H Thompson and Dermot Power of BDO LLP, Kings Wharf, 20-30 Kings Road, Reading, Berkshire, RG1 3EX were appointed Joint Liquidators of Farepak on 4 October 2007.

This follows the appointment of Martha H Thompson and Shagun Dubey of BDO LLP, Kings Wharf, 20-30 Kings Road, Reading, Berkshire, RG1 3EX as Joint Administrators over the assets and business of Farepak on 13 October 2006.

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 £.

Further details on dividend payments

By law, the Joint Liquidators must take certain steps during the time between the announcement of the dividend payment, and when the cheques are sent out to all creditors including customers and agents. Based on the time needed to complete these steps, which must take place at that time, the Joint Liquidators will aim to make payments at the end of August.




1. How much money will I get?

The work undertaken by the Joint Liquidators has increased the dividend payable to approximately 13p in the £, compared to nothing when Farepak went into administration. The Joint Liquidators will also distribute the £8m ex-gratia payment to customers and agents made by Lloyds Banking Group at the same time as the dividend payments, This will mean that Customers and agents will receive a total payment of approximately 32p in the £.

This will mean that, for example:

- a customer or agent with a claim of £100 will receive approximately £32;

- a customer or agent with a claim of £500 will receive approximately £160; and

- a customer or agent with a claim of £1,000 will receive approximately £320.

The Joint Liquidators will aim to make payments to Farepak’s 114,000 creditors at the end of August.

2. Why are payments being made by cheque, and not directly into bank accounts?

The Joint Liquidators are making the dividend payments by cheque because it is the best way of ensuring the money reaches the right person in this case.

3. Is this the final payment I will receive?

The dividend payment is the total and final payment that will be made to creditors. The dividend payment marks the end of the liquidation of Farepak for creditors, including customers and agents.

4. Why has the estimated dividend changed?

As with all administration and liquidation processes, it is not possible to calculate the exact dividend payment until all monies are recovered, the final number of creditors is known and all work is completed. For this reason, all dividend figures that have been shared by the Joint Liquidators (formerly Joint Administrators) to date have been based on projections and clearly set out as estimates.

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, the Joint Liquidators have been working throughout the course of the administration and liquidation to recover as much money as possible for creditors, including customers and agents. 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 are in a position to pay a dividend.

The work undertaken by the Joint Liquidators has increased the dividend payable to approximately 13p in the £, compared to nothing when Farepak went into administration. The Joint Liquidators will also distribute the £8million ex-gratia payment to customers and agents made by Lloyds Banking Group at the same time as the dividend payment. This means that customers and agents will receive a total payment of approximately 32p in the £.

Changes of personal details

Changes of name

Creditors who have changed their name since submitting their original claim but not notified the Claims Management Team should register their change of name by sending details of their name, their agent’s number, the amount of their claim, a copy of their marriage certificate or copies of other documentation 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 name over the telephone or via email for security reasons.

Changes of address

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.

Notification of customer / agent death

We are not able to deal with notifications of death over the telephone for security reasons. If you wish to notify us of the death of an agent or customer, please send a copy of the death certificate and the new address for correspondence together with the agent's number (if known), to: Claims Management Team, Farepak Food & Gifts Limited - In Liquidation, PO Box 3404 , Swindon, SN2 9EQ.


More information available from the above link or if anyone has any question please don't hesitate to ask.

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PostPosted: Tue Jul 10, 2012 12:38 pm 
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Suzy has updated the blog this morning. http://www.unfairpak.co.uk/news/ I just want to add my Thanks to everyone who has helped thus far but also to emphasise thanks to Vince Cable, he received some negativity when the court case collapsed but without him and the subsequent statement from Mr Justice Peter Smith, Lloyds would not of dug into their pockets for the 8 million which has boosted the final payout to approximately 32p in the £.

Another step complete in the long road we started after the Farepak collapse. Their is still work to be done and their are those who will still have negative comments or wish to ignore the positive steps already taken.

From us all at Unfairpak a special Thanks to Suzy and Linda for everything they have done in regard to being part of the Liquidation committee. Although they have both been bound by confidentiality agreements, it has been evident to me how frustrating, difficult and stressful the predicament has been for them both at times. Hats off to both of you ladies, their maybe a couple of people who think they could have done the job but they wouldn't have done it as good as you.

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PostPosted: Tue Jul 10, 2012 12:55 pm 
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Thanks a million Sharon. It has been a long hard slog but we stuck together as a Team. I want to name check Ian McCartney and Anne Snelgrove for all the fantastic work they did on our behalf. Everyone here at Unfairpak - you are fantastic especially Paul for setting up Unfairpak and putting up with all our technical enquiries, BDO, the liquidators, their legal team, the forensic accountants, the employees of Farepak who stayed on as the Claims Management Team and managed to keep their jobs not losing them as they did their savings and of course the media who helped us to keep this story in the news for almost 6 years.

Great Job Everyone =D> =D> =D> =D>

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PostPosted: Tue Jul 10, 2012 1:19 pm 
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Its been a long hard process but we got there in the end.

I would personally like to THANK Suzy, Linda and the liquidation committee. All the people behind the Farepak response fund. and secondly Unfairpak for keeping the matter in the open and not getting side tracked by others who have a totally different agenda.

Finally those on unfairpak I now call Friends.

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PostPosted: Tue Jul 10, 2012 1:21 pm 
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Cheers to FRIENDS David =D> =D>

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PostPosted: Tue Jul 10, 2012 2:05 pm 
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Pass the bottle........... To Friends.....Cheers

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PostPosted: Tue Jul 10, 2012 4:31 pm 
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CHEERS GUYS

WELL DONE TO ALL OF US INVOLVED

DIDNT WE DO WELL :wink:

=D> =D> =D>

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PostPosted: Tue Jul 10, 2012 5:52 pm 
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I'd just like to add my thanks too .....

HBOS =D> =D> =D> without you I wouldn't have made some wonderful friends :wink: :lol: :lol: :lol:

Seriously, well done to everyone concerned :mrgreen:

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PostPosted: Tue Jul 10, 2012 5:53 pm 
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girls you are all amazing, l want to thank you all once again, you all stuck with it and we did get a result, WELL DONE :D

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PostPosted: Tue Jul 10, 2012 7:55 pm 
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Question from one of the customers !!
Are they getting a cheque or are the cheques being sent to the agents to divvy out

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PostPosted: Tue Jul 10, 2012 8:28 pm 
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cheques go directly to customers :mrgreen:

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PostPosted: Tue Jul 10, 2012 9:54 pm 
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I'm afraid that I have come into all this news a bit late in the day , so quite a lot of catching up to do.

But I, like everyone else am delighted to hear that after such a long time fighting that we have at last received such an excellent and exciting end.

I too would like once again to add my thanks to Suzy for all that she has done for the thousands of savers who today will look forward to getting quite a lot of their money back when six years ago things looked so very different.

Thanks also go to Linda and Paul and to so many others who all know who they are but are too many to name on here but have done so much over so many years to get this well deserved conclusion.

Thanks again for all your efforts on behalf of 114,000 savers.

And as my fellow members of Unfairpak has said we have become good friends and been a wonderful diligent and loyal team, I am very proud to have been a very small part of this wonderful community. =D> =D> =D> =D> =D> =D>

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PostPosted: Tue Jul 10, 2012 11:51 pm 
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thx suzy will let her know :)

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PostPosted: Tue Jul 10, 2012 11:56 pm 
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Very Sick wrote:
I am very proud to have been a very small part of this wonderful community. =D> =D> =D> =D> =D> =D>


This community ain't going anywhere, so you are gonna continue to be proud staying here :mrgreen:

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PostPosted: Tue Jul 10, 2012 11:57 pm 
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Lol suzy , u tell him

John !! behave :lol:

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