KwikChexis a Registered Trademark, KwikChex Ltd, All rights reserved. Located on the West coast of Gozo, Dwejra is perhaps the most spectacular natural monument in Malta.. Geology, time, the elements and human intervention worked together to produce a fascinating area that features the Azure Window, an Inland sea, Fungus Rock, Dwejra bay, the Blue Hole, a watch tower and cart ruts. 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. university 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"). August 20, 2022. . The company ran into financial trouble towards the end of 2019. On 28 April 2020, Mr Wesley Edwards of CVR Global (B.V.I.) All content on this website is dependent on the opinion of the author. Click here to view the PDF notification that has been issued concerning this. Reference to the restructuring process was made in a company announcement issued on May 5 by International Hotel Investments, which incorporates the Corinthia Group. by Matthew Vella. analyse how our Sites are used. The Azure Group carried out the sales function of the timeshare operation at the Golden Sands Resort for the past 17 years. Compare Standard and Premium Digital here. Meet our staff and find out what it's like to work for Azure. If you are an owner that is currently involved in a claim alleging misselling of any type or have been approached in this regard with a view to making a claim, this is a separate but potentially connected matter likely to fall into a number of different categories, including matters associated with loans being reviewed by the UK Financial Conduct Authority (FCA) and claims that may have been or may in future be submitted to the UK Financial Ombudsman Service (FOS). Cookies are small files that are sent back and forth with web pages, which can be used to identify that you have previously visited a site or to store small bits of information locally with you. This boot hits your feet like those well worn boots you default to. We are not sure how this scam will pan out but there will certainly be a request for a financial payment to progress whatever they are promising. Insiide Timeshare has received news that Azure Services Ltd, the sales and marketing arm for Radisson Blu and Golden Sands resorts in Malta have filed for liquidation. So far we have a nonexistent company that was formed less than two months ago, this is not looking good. Mozilla Firefox. Kind regards, LTD. (Singapore, 8 Feb 2019 - ) KwikChex will be pleased to respond to any owners making checks in this regard. We again advise members / owners to be extremely cautious if approached regarding claims said to be connected to the liquidation process. So who are Themis? If they know more about you than they should, thats also not a good sign. Thu, May 12 - Thu, May 26 Wolverine Import . You can revoke your consent any time on our Privacy Policy page. 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You can revoke your consent any time using the Revoke consent button. 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. 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 is an ongoing review process by the UK Financial Conduct Authority (FCA) and will continue. Select Segment Commercial, then type "Microsoft Azure". A Financial Times report has revealed that Barclays has been ordered to repay the interests charges on loans issued between April 2014 and April 2016 by Azure Services, which filed for liquidation in May 2020. KwikChex has been informed that Azure Services Ltd. of Malta has entered into liquidation proceedings. The company hit the news after it faced allegations of misselling timeshares to hundreds of British holidaymakers in 2019. 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. Naturally we at TCA will be following developments closely and will report our findings as and when developments take place. Exchange House, Video taken by bystanders . Lovin Malta has spoken to previous customers of the timeshare operation who regularly described loans with generally high-interest rates. We recognise that we did not provide the right level of service for some customers who bought timeshare loans, Barclays said. Most scam companies have sliver tongued sales staff at the end of the phone who purport to turn lead into gold, unfortunately, quite the reverse tend to be the case and your hard earned gold will soon be turned into lead if you entertain them. 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. Be aware that disabling cookies will affect the functionality of this and many other websites that you visit. by are eddie and venom in a relationship / Friday, 24 June 2022 / Published in ansible yum check if package is installed. So effectively, its business as usual, but not according to Themis Resolution. But opting out of some of these cookies may have an effect on your browsing experience. 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. 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,. Under the Act, a company may be dissolved either on a . May 5, 2020 at 2:46 pm Azure Services, a Corinthia-owned tourism and timeshare company at the Radisson Blu Golden Sands, has filed for liquidation amid the COVID-19 pandemic, leaving roughly 30 jobs at risk. cookies You can revoke your consent any time using the Revoke consent button. This change was brought about by the recent construction of a 215 megawatt combined-cycle gas turbine (CCGT . Here we go again. Excluding bank holidays, Visit KwikChex Website Somerset, Prime Minister Joseph Muscat said the news was "heartbreaking". the amount of debt the airline has with local banks as well as foreign banks and when liquidation takes place what is to happen to the remaining employees who chose to remain and did not take the scheme. ForAzuretimeshare owners, the principal interest is in the continuing right to use their weeks at the resort and KwikChex is advised that there is no change to previous statements in this regard i.e., that the rights will continue as soon as the travelrestrictions related to Covid-19 are lifted. Azure Malta | 2,050 followers on LinkedIn. Malta's famous Azure Window rock arch has collapsed into the sea after heavy storms. Last December, it announced it would no longer sell timeshare and holiday clubs but focus on its existing members. We use cookies to track the number of opens and clicks on both newsletters RDO Weekly News and RDO Insider. I also produce all senior ad-hoc reports. Updates 07/05/20, 08/05/20, 13/05/20, 19/05/20, 20/05/20, 09/07/20, 07/08/20 & 07/09/20, Azure Services Ltd. Malta Liquidation 07/05/20. Databases. Well this is a bit difficult to deduce. At this stage, it is not clear how this may affect a number of issues, from continuing timeshare ownership, to the ongoing matters concerning legal challenges made regarding loans made for the . Keeping this cookie enabled helps us to improve our website. Kindly check your inbox after sign-up to confirm subscription. 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). 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. 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. Click here to browse all stories. We support credit card, debit card and PayPal payments. H eavy storms in the Mediterranean were the eventual undoing of Malta . We will provide members with updates on our progress through the dedicated website https://cvr.global/azure/. Free shipping for many products! 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. Limited and Mr Barry Lynch of Alvarez & Marsal Cayman Islands Limited, were appointed Joint Liquidators of Azure Resorts Limited ("ARL") and Azure XP Limited ("AXP")(together "the Companies").The appointments were made, in accordance with the Virgin Islands Insolvency Act 2003, by a qualifying resolution, passed by the members of the Companies.These Companies are now under the control of the Joint Liquidators. We would also urge Azure timeshare owners to be very cautious regarding any approaches made regarding compensation claims. 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. The full statement can be read HERE. Barclays Bank has been forced to compensate 1,500 customers who were missold timeshare loans worth up to 48 million by Maltas Azure Services, a Corinthia-owned tourism and timeshare company at the Radisson Blu Golden Sands. We are using cookies to give you the best experience on our website. I cant see this company registered at companies house and their website looks amateurish. All of these matters are likely to be complex and take some time and KwikChex will do all possible to provide updates. Copyright MediaToday Co. 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Executive We bring together luxury hotels, resorts, supercars, motorhomes and unforgettable experiences . Welcome to the start of another week with Inside Timeshare, today we publish the following press release from the Azure Malta Action and Support Group and their ongoing battle with Barclays Partner Finance. https://lovinmalta.com/news/maltese-time-share-company-at-golden-sands-files-for-liquidation-amid-covid-19-pandemic/ Report inappropriate content 1-2 of 2 replies Sorted by 1 The fact is that at present, both the status of the timeshare ownerships and the question of the challenged loans are going through legal processes and the outcomes are currently unknown. By browsing this site you are giving your consent for us to set cookies. We queried this with the liquidators, who have replied advising that they have now updated these members. Customers had complained that the terms of the loans were not explained to them, and that proper credit checks were not carried out and that they were pressured into signing deals. 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. All content on this website is dependent on the opinion of the author. 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. Azure Services, a Corinthia-owned tourism and timeshare company at the Radisson Blu Golden Sands, has filed for liquidation amid the COVID-19 pandemic, leaving roughly 30 jobs at risk. Azure hoped the company would move. This website uses cookies to improve your experience while you navigate through the website. For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk, Timeshare Consumer Association is a company limited by guarantee registered in England under number 12662338. Thank you for your enquiry. 386] regulates the liquidation of a company registered in Malta. 10am 4pm Mon-Fri (GMT) MediaToday is an independent media house based in Malta. We use cookies to ensure that we give you the best experience on our website. We recommend using Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. 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. A study in 2013 said that while erosion was . cvr.global. Given the current outlook, this scaling down process has run its natural course, and a liquidation process has in fact now commenced, the announcement read. Timeshare Group in Liquidation Hits the News Again. AZURE AVIATION LIMITED (United Kingdom, 10 Mar 2022 - ) AZURE AVIATION PRIVATE LIMITED (India, 27 Sep 2019 - ) Azure Dragon Aviation Limited (Hong Kong, 9 Jul 2019 - ) Azure Aviation Ltd. (Bahamas) Sino Azure Aviation Consulting Company Limited (Hong Kong, 20 Jan 2014 - ) AZURE DRAGON AVIATION PTE. 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. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. Judge Timothy Herrington said the FCA acted unlawfully in giving a validation order - that meant Barclays could enforce the loans because the regulator had not considered the evidence of potential consumer detriment, albeit unsubstantiated at this stage. Limited and Mr Barry Lynch of Alvarez & Marsal Cayman Islands Limited. Ex-Manchester United football players Gary Neville and Ryan Giggs once held shares in the company. Boss the game, deliver masterful ball control, and be the apex Predator in your game. personalising content and ads, providing social media features and to In recent months, the company had been going through a rough patch. TA1 4EB, (Please contact us by web form, email or phone for quickest response), Registered in the UK The Azure Window has collapsed and it is not just the top part which has fallen off - even the stacks have gone. After sitting through a five-hour sales pitch that featured photographs of Neville andGiggs, he agreed to pay 13,300 for a one-week timeshare with a 25-year contract. 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. There Are Now Zero COVID-19 Patients In Maltas ITU, Get Nominating Now! 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. You also have the option to opt-out of these cookies. This category only includes cookies that ensures basic functionalities and security features of the website. It was set up by the Island Hotels Group in 2003. The first creditors meetings have taken place with regard to the various Azurecompanies. VCSL in turn has established a company in Malta called VCMS Co Limited, which will employ local staff to service the clubs members. Whilst it is too early to foresee the potential fallout from this news, we at TCA will be keeping a close eye on developments and will of course publish updates as and when. Barclays had a contract with Azure Resorts Limited, which was authorised by the UK Financial Conduct Authority for credit brokering. The Azure Window, a natural arch off the coast of Gozo in Malta, collapsed into the sea on March 8. 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. IHI owns 50% of the Golden Sands Resort and the Azure Group. The remaining 50% is owned by international investors specializing in timeshare resort operations. Kind Regards Azure Golden Sands is a 5-star Mediterranean resort in Malta. I maintain all support systems and hierarchies that our reporting is based upon. Beware of Scammers, Pro Timeshare Resales exposed by Action 9. 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. KwikChex will provide free information assistance to any consumers affected by such matters. "Today Inside Timeshare has been notified that Azure Services Limited, the sales and marketing company behind the sales of timeshare and vacation club memberships at the Radisson Blu Resort and Spa, Golden Sands in Malta has now filed for liquidation. They reaffirmed that the Golden Sands Resort will fully honour all timeshare commitments arising from obligations entered into with existing members. This Declaration of Solvency is a very important statement in which the majority of the Directors declare that they have made a full . For and on behalf of FNTC (UK) Ltd. 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. A liquidator is an officer of the court, his appointment is ratified by creditors. Upon a search of UK Companies House and the Spanish equivalent we can find no sign of the existence of this company. Liquidation is a formal insolvency process governed by the Act the purpose of which is to protect an insolvent company's creditors. Nevertheless, the position that we are adopting on behalf of our clients is that our clients are . KwikChex has been in contact with the liquidators, who continue to reassure that the benefits of timeshare ownership will remain. I know its a scam but they are scaring people by saying that the membership fees are being used to pay off the loan to FNTC as the loan is going to be called in early next year and VCMS will have no money to run the clubs therefore another liquidation. Malta Malta's Azure Window collapses after heavy storm - video The landmark limestone arch that once featured in Clash of the Titans and Game of Thrones has tumbled into the sea . For all the latest news and views from RDO. It was set up by the Island Hotels Group in 2003, which marketed timeshares at the Radisson Blu Golden Sands. 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 International Hotels Investments. Employees were given the news through an e-mail sent by the companys head of finance and corporate affairs, Mark Galea, who thanked them for their years of service. These cookies do not store any personal information. When you use our websites to view the information we make available, a number of cookies are used by others and by third parties to allow the website to function, to collect useful information about visitors and to help to make your user experience better. In the meantime, we strongly recommend that those likely to be affected creditors and timeshare owners, register their interest as per the notice by sending an email to the following address rrohan@alvarezandmarsal.comAs there is an initial creditors meeting (by telephone conference call) at 17.00 hrs Central European Time on Monday 11 May, you may wish to do this as a matter of urgency. We make use of a tool from Google called Google Analytics, which tells us about the way people are using rdo.org. Malta 'It's heartbreaking': Maltese mourn collapse of Azure Window arch Limestone arch, landmark which featured in Clash of the Titans and Game of Thrones, crashes into sea after heavy storm. You can still enjoy your subscription until the end of your current billing period. Following a company announcement made by International Hotel Investments plc (IHI) on 11 December 2019 whereby it informed the market that the operations of the Azure Group were being scaled down given that its allocation of timeshare at the Golden Sands Resort had been largely sold out, the company issued another announcement on 5 May 2020 which