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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PostPosted: Mon Oct 01, 2012 10:45 pm 
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thanx i didnt know anything about cheques being sent out and i was a agent it wasnt till one of my customers told me i knew


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PostPosted: Tue Oct 02, 2012 12:19 pm 
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It's not been made clear in my opinion........

My agent thought she would receive the money to distribute and I therefore didn't realise I had to change my address until 22nd September.....(I learned that from trawling through various websites trying to find out when the cheques would be going out). I called the administrators on Monday 24th September and was told that if my change of address was received in the next 2 days I would make the first run of cheques which would be sent out in 2/3 weeks time. I sent my letter Special Delivery that day (24th) but unfortunately it didn't get there next day due to a Royal Mail mix up and only arrived on Wednesday 26th September (still within 2 days......or so I thought....wrong)! I was called by the administrators and told that my cheque would now go to my old address (despite being told I had 2 days to get my new address to them and them knowing that a change of address for me was on the way)!! Very annoying......!! My agent says she has no recollection of providing my address and she now thinks that several of her customers have moved. I have been told by the administrators that it could be another 2/3 weeks after the initial 2/3 weeks before I get my money!!

It's obvious that none of the administrators have lost money!!

I class myself (and my agent) as intelligent human beings but have found the whole process confusing!!

Hopefully I am not the only one.......?!


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PostPosted: Tue Oct 02, 2012 12:21 pm 
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Angie many thanks for posting those responses which are very accurate.

Suzy

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PostPosted: Tue Oct 02, 2012 12:30 pm 
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Minihendoo wrote:
It's not been made clear in my opinion........

My agent thought she would receive the money to distribute and I therefore didn't realise I had to change my address until 22nd September.....(I learned that from trawling through various websites trying to find out when the cheques would be going out). I called the administrators on Monday 24th September and was told that if my change of address was received in the next 2 days I would make the first run of cheques which would be sent out in 2/3 weeks time. I sent my letter Special Delivery that day (24th) but unfortunately it didn't get there next day due to a Royal Mail mix up and only arrived on Wednesday 26th September (still within 2 days......or so I thought....wrong)! I was called by the administrators and told that my cheque would now go to my old address (despite being told I had 2 days to get my new address to them and them knowing that a change of address for me was on the way)!! Very annoying......!! My agent says she has no recollection of providing my address and she now thinks that several of her customers have moved. I have been told by the administrators that it could be another 2/3 weeks after the initial 2/3 weeks before I get my money!!

It's obvious that none of the administrators have lost money!!

I class myself (and my agent) as intelligent human beings but have found the whole process confusing!!


It has been made clear to Agents since 2006 when they first submitted claims that cheques would eventually be sent directly to customers. Agents should have received a yearly update every October since 2007! I am sorry your change of address did not make it in time for deadline and that you Will have to wait for second run of cheques.

Hopefully I am not the only one.......?!

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PostPosted: Tue Oct 02, 2012 6:20 pm 
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suzy wrote:
Minihendoo wrote:
It's not been made clear in my opinion........

My agent thought she would receive the money to distribute and I therefore didn't realise I had to change my address until 22nd September.....(I learned that from trawling through various websites trying to find out when the cheques would be going out). I called the administrators on Monday 24th September and was told that if my change of address was received in the next 2 days I would make the first run of cheques which would be sent out in 2/3 weeks time. I sent my letter Special Delivery that day (24th) but unfortunately it didn't get there next day due to a Royal Mail mix up and only arrived on Wednesday 26th September (still within 2 days......or so I thought....wrong)! I was called by the administrators and told that my cheque would now go to my old address (despite being told I had 2 days to get my new address to them and them knowing that a change of address for me was on the way)!! Very annoying......!! My agent says she has no recollection of providing my address and she now thinks that several of her customers have moved. I have been told by the administrators that it could be another 2/3 weeks after the initial 2/3 weeks before I get my money!!

It's obvious that none of the administrators have lost money!!

I class myself (and my agent) as intelligent human beings but have found the whole process confusing!!

Hopefully I am not the only one.......?!

It has been made clear to Agents since 2006 when they first submitted claims that cheques would eventually be sent directly to customers. Agents should have received a yearly update every October since 2007! I am sorry your change of address did not make it in time for deadline and that you Will have to wait for second run of cheques.


Minihendoo, I think Suzy must have been posting from her phone so I've just highlighted what shehas said. :)


Last edited by Angie Plant on Tue Oct 02, 2012 6:24 pm, edited 2 times in total.

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PostPosted: Tue Oct 02, 2012 6:22 pm 
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Angie thanks for sorting my quote out. Im not using pc been using my phone. It's great to have you onboard here and your knowledge is so helpful.

Thanks

Suzy

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PostPosted: Tue Oct 02, 2012 6:26 pm 
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suzy wrote:
Angie thanks for sorting my quote out. Im not using pc been using my phone. It's great to have you onboard here and your knowledge is so helpful.

Thanks

Suzy

We will wait and see, everyone gets fed up of me eventually! :) Give it time and you might hold a different opinion.

Thank you anyway Suzy. :D :D :D :D


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PostPosted: Wed Oct 03, 2012 8:51 am 
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Well I certainly appreciate it very much :D

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PostPosted: Thu Oct 04, 2012 8:05 am 
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For information, cheques are now at printing stage, you can expect to receive same towards middle or end of October.

Suzy

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PostPosted: Thu Oct 04, 2012 3:02 pm 
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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.

Dividend Payment to Creditors, Including Customers and Agents

Following the announcement that the Joint Liquidators will be making dividend payments to creditors, including customers and agents, the Joint Liquidators confirmed that they would provide an extension to the deadline for customers and agents to make sure their claims and details are correct. The deadline was extended from 24 July 2012 to 28 August 2012.

This deadline has now passed and the Joint Liquidators and the Claims Management Team have worked through the letters that were received to make sure that the claims and details of all customers and agents are up to date.

The process of producing the cheques is underway and because there are 114,000 creditors, including agents and customers, this process takes some time. The Joint Liquidators can confirm that cheques will be sent out in the next 2-3 weeks.

As the Joint Liquidators have begun the process of producing the cheques, the Joint Liquidators are no longer able to accept any new claims from customers and agents.

Further information about the Dividend Payment

In addition to making dividend payments to Farepak’s creditors, including customers and agents, the Joint Liquidators of Farepak will at the same time distribute the £8 million voluntary payment to customers and agents made by Lloyds Banking Group. The voluntary payment will be issued by the Joint Liquidators at no additional cost.

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 send cheques out to Farepak’s 114,000 creditors in the next 2-3 weeks.

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

Below are answers to some questions you may have:


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 send cheques out to Farepak’s 114,000 creditors in the next 2-3 weeks.


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. 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 £.


Report to Creditors

Please click here for information about the 2011 report to creditors

Trust Monies

Please click here for information about the Trust monies ruling on 31 July 2009.

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