Information coming direct to KwikChex and in the media in Malta appears to confirm that timeshare ownership at the Golden Sand Resort in Malta will not be affected by the insolvency proceedings taking place concerning Azure Services Malta, which operated as the sales & marketing company for timeshares at the resort. Barclays Bank has been forced to compensate 1,500 customers who were missold timeshare loans worth up to 48 million by Malta's Azure Services, a Corinthia-owned tourism and timeshare company at the Radisson Blu Golden Sands. A vote on the potential nominee for the office of the liquidator will also be taken. Login below for access to exclusive content. I maintain all support systems and hierarchies that our reporting is based upon. As previously advised, the Azure companies and the Club are separate entities. Liquidation or dissolution is the procedure for concluding the affairs of a company when it decides to terminate its operations or when it cannot continue to operate by reason of its insolvency. The customer story you selected is no longer available. Barclays is to fully compensate almost 1,500 customers who were improperly sold timeshare loans by Azure in Malta worth a total of 48m. This means that every time you visit this website you will need to enable or disable cookies again. Exchange House, This boot hits your feet like those well worn boots you default to. . It was set up by the Island Hotels Group in 2003, which marketed timeshares at the Radisson Blu Golden Sands. The incident was a result of years of erosion, according to experts. It was set up by the Island Hotels Group in 2003, which marketed timeshares at the Radisson Blu Golden Sands. Adding further to the above article, the Corinthia group published an announcement on their website on 5th May 2020 giving their insight and comments regarding the Azure situation. Azure Resorts Limited, which manages Golden Sands Island Residence Club based in Malta, (Island Residence Club, The Heavenly Collection (including Sands Towers)), and Azure XP Limited, which manages Azure XP Membership Club, have both entered into liquidation on 27th April 2020. The Azure Window has collapsed and it is not just the top part which has fallen off - even the stacks have gone. If they know more about you than they should, thats also not a good sign. Check if your Helpline Hours By browsing this site you are giving your consent for us to set cookies. You may change or cancel your subscription or trial at any time online. 01908 881058 info@timeshareconsumerassociation.org.uk Donate, timeshare consumer association friendly timeshare advice since 1997. Necessary cookies are absolutely essential for the website to function properly. That December, a large chunk of the workforce was told that they would be made redundant to make way for an elite team as part of a new strategy. cvr.global. and other data for a number of reasons, such as keeping FT Sites reliable and secure, The resorts owned by Azure - which boasted large lagoon swimming pools and luxury spas - were marketed as being backed by Mr Giggs and Mr Neville, who was made Malta's tourism ambassador in the. RDO acknowledges that this is a very uncertain time for owners at either of the Clubs managed by the companies in liquidation, but would strongly advise owners to be very cautious regarding any approaches made regarding compensation claims, as we have seen many examples of attempts to defraud consumers in similar circumstances. KwikChex has been informed that Azure Services Ltd. of Malta has entered into liquidation proceedings. He said they are having hundreds of calls about it. It was sold to Corinthia in 2015. Hilton Grand Vacations (Formerly Diamond Resorts) European Resorts Have Been Recognized with a SILVER Award by World Tourism Responsible Awards During the 2022 WTM London Event. It has been brought to our attention that Azure Services Ltd have filed for liquidation. Sometimes we include content from other sites on our site, for example, YouTube videos. Azure Services Limited was an MFSA registered company owned by Corinthia and Mediterranean Overseas Holdings Limited. What is the typical timeframe for completion of liquidation procedures? They reaffirmed that the Golden Sands Resort will fully honour all timeshare commitments arising from obligations entered into with existing members. Please know what you are buying these are not beads, These are crystal stones set into a brass setting. Original . According to the Financial Conduct Authority of the UK, buyers claimed that the footballers links with the hotel were highlighted by sales staff who brokered 1,444 loans with Barclays bank - the Times of London reported. A company that is not resident in Malta is taxable on chargeable income and capital gains arising in Malta (unless such income/gains are subject to a specific exemption). If you are approached, get all the details you can preferably asking those that make the approaches to put details in an email to you. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Matthew Vella is executive editor at MaltaToday. You can revoke your consent any time using the Revoke consent button. For a full comparison of Standard and Premium Digital, click here. Azure Kubernetes Service Edge Essentials is an on-premises Kubernetes implementation of Azure Kubernetes Service (AKS) that automates running containerized applications at scale. Please find attached a communication regarding the appointment of a new Club Manager for Golden Sands Island Residence Club, The Heavenly Collection, Azure Experiences Membership Club (Azure X). Azure hoped the company would move. Azure Services Ltd did not. or We use cookies to ensure that we give you the best experience on our website. This has been With regard to matters related specifically to Azure Services Ltd. such as the review ordered of loans for timeshares that took place between 1 April 2014 and 24 April 2016, this matter remains ongoing. Ex-Manchester United football players Gary Neville and Ryan Giggs once held shares in the company. Upon a search of UK Companies House and the Spanish equivalent we can find no sign of the existence of this company. https://insidetimeshare.com/?s=exclusive+breaking+news. Huntingdon, England, United Kingdom. timeshares to hundreds of British holidaymakers in 2019. Facebook Twitter YouTube Pinterest. Azure Resorts Limited, which manages Golden Sands Island Residence Club based in Malta, (Island Residence Club, The Heavenly Collection (including Sands Towers)), and Azure XP Limited, which manages Azure XP Membership Club, have both entered into liquidation on 27 th April 2020. The Joint Liquidators are currently in discussions with third parties to appoint a new manager to the Clubs, and once this is completed owners will be able to use their timeshare entitlement in accordance with the relevant Club constitutions, rules and regulations. The landmark Azure Window, off the Maltese island of Gozo, has collapsed into the sea during a storm. The winding up decision was taken through a resolution approved by the shareholders of Azure Services Ltd on April 27. Privacy Policy I know there is no such thing as a freelunchbut it was such a good offer. This is not the first time that Azure has hit the headlines for all the wrong reasons: https://www.investegate.co.uk/m1-legal/rns/timeshare-mis-sellingthe-next-financial-scandal-/201901171348054103N/, https://www.thetimes.co.uk/article/gary-neville-s-link-to-alleged-mis-selling-of-malta-timeshares-pfxq0tznv. Re: Golden Sands, Mellieha. It first hit the news in 2019 for misselling timeshares to hundreds of British holidaymakers in 2019. The club constitutions do not require the club manager to provide this service and you should therefore discuss this matter with the new club manager if appointed.IF YOU PURCHASED A TIMESHARE AT GOLDEN SANDS AND PAID FOR IT USING FINANCE OR A CREDIT CARD THEN YOU MAY QUALIFY FOR A CLAIM.THE MOST COMMON LENDERS AT AZURE WHERE BARCLAYS PARTNER FINANCE , HONEYCOMB FINANCE AND VACATION FINANCE LIMITED.MOST GOLDEN SANDS OWNERS ARE VICTIMS OF THE INVESTMENT AND RESALE DEAL . Barclays, who decided to repay the interest rather than face a tribunal, will now refund about 30 million to the customers and classify the remaining funds as a bad debt. The official Island Hotels document explaining the footballers investments said: The high profile of each of the investors in the sporting field is calculated to enhance the groups overall public relations and image and profile., One of the timeshare buyers,CharlesRebbeck, 41, from East Sussex, told the Times of London that he received a cold call in the UK offering him a weeks holiday at the Golden Sands resort with his family for 150. Beware of Scammers, Pro Timeshare Resales exposed by Action 9. The decision resulted in the loss of around 80 jobs. When a company is deemed to be solvent, the liquidation process would typically involve a members' voluntary winding up which is triggered by the shareholders of the company. In # May 2020, members of the above Clubs received notification that Azure Resorts Limited, Azure Services Limited and Azure XP Limited had gone into Liquidation. British multinational banking giant Barclays will pay almost 181 million (215 million) in compensation to around 6,000 customers who were improperly sold timeshares in Malta via the now-defunct Azure Services, according to The Telegraph. Maintence Fee Calculator | Privacy Policy | Terms & Conditions | Cookies Policy. The Joint Liquidators act as agents of the Companies and without personal liability.ANSWERS TO SOME COMMON QUESTIONS.Why did the Company go into liquidation?The Company was placed into liquidation by its shareholders in accordance with the British Virgin Islands Insolvency Act 2003 (the "Act"). Declaration of Solvency. Click here to view the PDF notification that has been issued concerning this. or Azure Services Ltd was set up in 2003 when the resort, which belonged to Island Hotels Group, had opened its doors. Sign in to get trip updates and message other travellers.. Malta ; Hotels ; Things to do ; Restaurants ; Flights ; Holiday Rentals In November 2020 the bank was told by the Financial Conduct Authority to repay interest charged on loans issued between April 2014 and April 2016 by the timeshare operator Azure Services (now in liquidation). Liquidation lot - 750,000 plus preset crystals 2.5mm CrystalQueenDesigns Following Follow. This certainly does not leave people with much time to organise, could it be that the whole point is to rush the liquidation through? The UK financial conduct authority is investigating 54 million of loans made to timeshare buyers at the Golden Sands resort, a Radisson Blu franchise now owned by InternationalHotels Investments. All rights reserved. The FOS has also been informed the Administrator and the Mercantile Court are also investigating the point as the evidence suggests, the "liquidation" has been "manufactured". https://timesharetaskforce.org/wp-content/themes/blake/, /home/customer/www/timesharetaskforce.org/public_html/, https://timesharetaskforce.org/wp-content/themes/blake, Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on Tumblr (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on Pinterest (Opens in new window), this important update from the Joint Liquidators. The company has always adhered to applicable regulations and is fully authorized in regards to all its business activities including consumer finance.. 109519. There are no loans outstanding and even if there was it would be highly unlikely that First National Trustee Company (FNTC) would once again put the club in jeopardy. Mediterranean Overseas Holdings Ltd is also another company owned by the late Bob Trotta under the parent company the Limora Group. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. VCSL in turn has established a company in Malta called VCMS Co Limited, which will employ local staff to service the clubs members. If you have any questions on this letter please contact the liquidators at the address provided in the letter. This is an ongoing review process by the UK Financial Conduct Authority (FCA) and will continue. Turning to the website, it was only registered on16th September 2020and is set to expire on16th September 2021. You can prevent the setting of cookies by adjusting the settings on your browser (see your browser Help for how to do this). Ex-Manchester United football players Gary Neville and Ryan Giggs once held shares in the company. 11.00-27.00; 27.00-35.00; 35.00-43.00; 43.00-51.00; 51.00-59.00; 59.00-60.00; STOCK. Maltese Colleges Collaborate In Space Mission, Not Just For Thrift Lovers: Flea Market At Manikata's The Farmoury Happening This Weekend, Roberta Metsola Returns To Ukraine To Be With 'Brave People Who Inspired The World', Denied Maltese Citizenship By Naturalisation With No Reason Given, Polish Couple Wants Some Kind Of Explanation. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Registered Office: Artemis House, 4a Bramley Road, Mount Farm, Milton Keynes, MK1 1PT. Meanwhile, creditors of Azure Services Ltd were notified about the agenda of next weeks meeting in a letter signed by directors Joseph Fenech and Alexander William Lawson. Please ensure you have filled out all required fields, Timeshare Termination Team | Timeshare | Timeshare Exit | Timeshare Claims. Add to cart . In the interim, should you have any queries pertaining to the liquidation process and/or the appointment of the new Club manager, please contact azureresortsliquidation@cvr.global. Rizzo, Farrugia & Co. (Stockbrokers) Ltd. 2023. Borrowers claimed that false representations were made about the financial impact of the loans, they were not properly informed of their duration and that vulnerable consumers were inappropriately treated. The Times revealed last yearthat the Financial Conduct Authority (FCA) was investigating loans made to timeshare buyers at resorts in Malta which had been part-owned by Neville and Ryan Giggs,. This change was brought about by the recent construction of a 215 megawatt combined-cycle gas turbine (CCGT . cookies All shareholders have reaffirmed their commitment towards the future of the Golden Sands Resort as a high-end luxury destination. Most readers know that Azure Malta went into liquidation earlier this year, however with the efforts of the joint liquidators a new management company was formed, being Vacation Club Services Limited (VCSL), to act as the new club manager. LTD. (Singapore, 8 Feb 2019 - ) The company ran into financial trouble towards the end of 2019. 07376192, Data Protection Policy A vote on the potential nominee for the office of the liquidator will also be taken. Several owner / members at Azure Malta the timeshare clubs Island Residence Club, The Heavenly Collection and Azure Ultra, have been asking KwikChex for further clarification as the information first released regarding insolvency processes was difficult to understand. We can honestly say without fear of contradiction that this is another scam in the making. Request for Erasure/Remove Consent/Subject Access Request/Update Data These have in the main affected only sales and marketing operations, but not the operations of the resorts themselves and owners will still (subject to Covid-19 restrictions) be able to enjoy the use of their timeshares. Timeshare Termination Team is a trading style of Exit My Timeshare Group. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Click here to browse all stories. KwikChex will be pleased to respond to any owners making checks in this regard. Copyright 2023 Timeshare Termination Team. Telephoning from outside the UK: 00 44 1823 510625. In December, a large chunk of the workforce was told that they would be made redundant to make way for an elite team as part of a new strategy. You can revoke your consent any time on our Privacy Policy page. I cant afford the loan and have negotiated with Barclays to reduce therepaymentsbut I still owe 15,000.. The window is a towering rock formation reaching 328 feet (100 meters) high with a . Compare Standard and Premium Digital here. But the Upper Tribunal of the Tax and Chancery Chamber heard that customers complained that the terms of the loans were not explained to them, that proper credit checks were not carried out and that they were pressured into signing deals. We use our own and third-party cookies for analytical purposes and to show you personalized advertising based on a profile prepared from your browsing habits (for example, pages visited). Darrin Zammit Lupi/Reuters By Tamara Best. If you disable this cookie, we will not be able to save your preferences. With regard to consumers that may have already been seeking to relinquish their timeshares or are actually involved in claims processes, these will need further assessment and KwikChex will be pleased to assist upon request. Thu, May 12 - Thu, May 26 Wolverine Import . Registered Office: Artemis House, 4a Bramley Road, Mount Farm, Milton Keynes, MK1 1PT. KwikChex will be pleased to help evaluate any such approaches. There have also been claims that false representations were also made about the loans financial impact. Creditors will need to provide a list of what theyre owed so the company can estimate the amount of their claims. A timeshare company at the Radisson Blu Golden Sands Resort and Spa has been placed in voluntary liquidation but the shareholders are pledging to honour all commitments with the thousands of its members. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2018 Resort Development Organisation, Company No. It collapsed on Wednesday morning after being battered by a storm. This is borne out by the fact that there is no reference to either the status of Ltd or SL on the website and furthermore there is no company registration number either. Further updates are expected to be available next week. I am responsible for the creation, maintenance, and distribution of all Executive Level monthly Management Accounts. Kind Regards 12-14 The Crescent, Keeping this cookie enabled helps us to improve our website. Corinthia Group said action regarding the curtailment of employees would be made in line with all local regulations while emphasising that it remained fully committed to the future of the Golden Sands Resort as a high-end luxury destination. 07-05-2020, 01:31 PM. Executive There Are Now Zero COVID-19 Patients In Maltas ITU, Get Nominating Now! Around 80 people lost their jobs right before Christmas. But Azure was found to have operated without authorisation under British law to act as financial broker between April 2014 and April 2016. The bank said it did not believe there were issues with affordability checks on the Azure loans and considered it "reasonable" that customers should repay them. azure malta liquidation. It should be noted that the Radisson Blu Golden Sands Resort and Spa is not in liquidation and continues to operate normally, within the current restrictions of the travel environment. The statement may be viewed by following this link: https://www.corinthiagroup.com/wp-content/uploads/2020/05/Company-Announcement.pdf. by Matthew Vella. | Azure is a sales and marketing company, constantly innovating and leading the evolution of the travel and leisure industry We believe in empowering people to live the experiences they love. We make use of a tool from Google called Google Analytics, which tells us about the way people are using rdo.org. The telephone number:01935 548 026, the STD code is for Yeovil in Somerset; although we very much doubt that any such company exists in Yeovil. Once again it is Alex Lawson of Alvarez and Marsal of the Cayman Islands who has been appointed administrator, as we know he and his company are behind the mass liquidations of all of the companies owned by the late Robert Bob Trotta. In addition, shareholders have also reaffirmed that the Golden Sands Resort will fully honour all timeshare commitments arising from obligations entered into with existing members. A liquidator is an officer of the court, his appointment is ratified by creditors. Azure Services Limited is an MFSA registered company currently owned by Corinthia and Mediterranean Overseas Holdings Limited. This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages. The liquidator has a fiduciary duty to act in the best interests of creditors and has a duty to investigate the causes of the liquidation.The liquidator is tasked with gathering in the assets of an insolvent company, realising them and making distributions, net of costs, to creditors.My timeshare is in Malta, why is this liquidation in the British Virgin Islands?Whilst your timeshare entitlement is at the Golden Sands Resort in Malta, the Company is domiciled in the British Virgin Islands and the liquidation must therefore be conducted under the laws of the British Virgin Islands, including the Act.If I purchased my week using a loan, do I still need to pay this loan?The JLs advise that, whilst the clubs remain active and can service its members, your obligations will remain consistent with what they were prior to the liquidation. You have been warned. The Azure Window, a natural rock arch in Malta and a backdrop for the "Game of Thrones" TV series, fell into the sea on Wednesday in a storm. Click here to view a copy of the PDF of decision made in August 2018 by Judge Timothy Herrington. The company hit the news after it faced allegations of misselling timeshares to hundreds of British holidaymakers in 2019. 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