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The company ran into financial trouble towards the end of 2019. But is it bad? You can revoke your consent any time using the Revoke consent button. Members of the timeshare clubs managed by the Company are considered to be a stakeholder in the liquidation to the extent that the Company remains the club managerfor Island Residence Club, The Heavenly Collection and Azure Ultra. 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,. August 11, 2022 09:19 Tista' taqra dan l-artiklu bil-Malti hawn The government has established advanced plans to dissolve Air Malta later this year and transfer its few remaining profitable assets to a new airline, similar to what has already been done in Italy with Alitalia. 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. We refer you to an article published on the website of Inside Timeshare yesterday (05/05/2020), which we reproduce below: 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. 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. The Azure Window, a limestone arch in Malta, was popular with locals and tourists. IF YOU FEEL YOU HAVE BEEN MIS-SOLD , YOU PROBABLY HAVE.FOR FREE ADVICE AND GUIDANCE ON YOUR BEST WAY FORWARD THEN GIVE US A CALL . Exchange House, It is understood that the Shareholders of Azure Services Ltd passed a resolution for the company to be wound up under a creditors voluntary winding up on 27 April 2020. Copyright 2023 Timeshare Termination Team. As reported on our website a new club manager has been appointed https://rdo.org/industry-updates/new-club-manager-appointed-for-azure-resorts/ and you can contact the contact the club via Telephone number: 00 356 2356 1000, or E-mail address: reservations@vcmsmalta.com. 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. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. 2020 KwikChex Ltd. It said it was facing a number of litigation claims from clients who allege misrepresentation. KwikChex has been informed that Azure Services Ltd. of Malta has entered into liquidation proceedings. Azure has categorically denedhaving conducted inappropriate selling. You may change or cancel your subscription or trial at any time online. cvr.global. It collapsed into the sea on March 8th. Kindly check your inbox after sign-up to confirm subscription. 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. offers FT membership to read for free. 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 is a formal insolvency process governed by the Act the purpose of which is to protect an insolvent company's creditors. Databases. 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. It collapsed on Wednesday morning after being battered by a storm. . I maintain all support systems and hierarchies that our reporting is based upon. Azure Services Ltd. Malta Liquidation 07/05/20. It pointed out that operations were being scaled down since December as its allocation of timeshare at the Golden Sands Resort had been largely sold out. 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. Now a Russian architect wants to build a mirrored steel archway in its place. Nevertheless, the position that we are adopting on behalf of our clients is that our clients are . 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. 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. 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. It uses cookies to detect how long people stay on the site, which pages they visit, their country of origin and whether they are a new or returning visitor. https://insidetimeshare.com/?s=exclusive+breaking+news. This is one of the points on the agenda for the meeting via telephone conference call on 11 May 2020 which creditors will be voting on. 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. Products Databases. By browsing this site you are giving your consent for us to set cookies. Search. The statement may be viewed by following this link: https://www.corinthiagroup.com/wp-content/uploads/2020/05/Company-Announcement.pdf. away from the sale of timeshare products and services and focus more on traditional high-end tourism at the resort. If you are approached we would advise that you get as much information as possible and contact the Timeshare Helplineand advice.This free service is funded byEUROCand is operated by Kwikchex, who areapproved by the UK Trading Standards: We booked a holiday for March 2020 with azure at the radison blu but could not travel due to COVID As the company is in liquidation we want to know how to claim for a refund. 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. That is to say, it was all planned to save as much cash as possible for the " Trotta " heirs. This change was brought about by the recent construction of a 215 megawatt combined-cycle gas turbine (CCGT . Lawson is now listed as one of the directors along with Joseph Fenech, it is also interesting to see who the shareholders are, Corinthia (Malta) Staff Services Ltd and Mediterranean Overseas Holdings Ltd. Joseph Fenech is also a director of Corinthia. The tourism and timeshare company centred on the Radisson Blu Golden Sands filed for liquidation in May 2020. Corinthia Group expressed its intention to conduct the liquidation process in an orderly manner and that timeshare owners would continue to enjoy the same service and benefits as they had in past years. Creditors have been notified that on May 11 a telephone conference would be. We have specifically asked if owners have to contact the liquidators to ensure their rights are secured and / or complete the claim forms for creditors and have been advised that they do not have to do this. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. On the contact page there is the usual form to fill in and submit. Out of the blue Azure timeshare owners received emails from the Company's Joint Liquidators Mr Wesley Edwards of CVR Global (B.V.I.) Matthew Vella is executive editor at MaltaToday. Azure Services Ltd was set up in 2003 when the resort, which belonged to Island Hotels Group, had opened its doors. 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 purchasing of timeshares through Azure during the period between 1 April 2014 and 24 April 2016. There have also been claims that false representations were also made about the loans financial impact. A liquidator is an officer of the court, his appointment is ratified by creditors. 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 Major shareholder Corinthia Group expressed its intention to conduct the liquidation process in an orderly manner and that timeshare owners would continue to enjoy the same service and benefits as they had in past years. 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"). is badger collectibles legit; sony cd player keeps ejecting disc; visa gift card check balance Menu Toggle. We recommend using The enshittification of apps is real. Customer Stories. Please ensure you have filled out all required fields, Timeshare Termination Team | Timeshare | Timeshare Exit | Timeshare Claims. 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. We have been advised by an Azure consumer of an important update from the Joint Liquidators. This means that every time you visit this website you will need to enable or disable cookies again. Mozilla Firefox. 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. We have seen many examples of attempts to defraud consumers in similar circumstances. The liquidator will also be tasked in paying any wages due to employees. 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 download the update directly (PDF download). Sources told Lovin Malta that the decision to liquidate the company was taken on 27th April but staff were only informed on 5th May. 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. Do your own due diligence, check the registration of the company, if there is no registration then it is not a legitimate company. 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. Website Terms & Conditions Registered Office: Artemis House, 4a Bramley Road, Mount Farm, Milton Keynes, MK1 1PT. Hours. On 7th May 2020 it was announced that Azure Resorts Limited had entered liquidation. Azure Services Limited is an MFSA registered company currently owned by Corinthia and Mediterranean Overseas Holdings Limited. We use cookies to ensure that we give you the best experience on our website. If you are an Azure Ultra Club Member and have not received this advice, or have concerns about the content of the advice, please contact us and we will provide free assistance. | 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. 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. 12-14 The Crescent, pillow pellow milk melk; 7th birthday party ideas for girl at home Kind Regards 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. Azure Services Ltd Malta Liquidation. You can revoke your consent any time on our Privacy Policy page. But opting out of some of these cookies may have an effect on your browsing experience. Thu, May 12 - Thu, May 26 Wolverine Import . Azure Services Ltd did not. 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. This website uses cookies to improve your experience while you navigate through the website. The target date for the completion of Air Malta's restructuring plan has been extended to the end of the month as the "sensitivity" of the task made it more difficult to meet the early January deadline, Timesofmalta.com reported. On 28 April 2020, Mr Wesley Edwards of CVR Global (B.V.I.) Turning to the website, it was only registered on16th September 2020and is set to expire on16th September 2021. Back in December last year Inside Timeshare reported that Azure Services Ltd had ended the sales of timeshare, this resulted in the loss of around 80 jobs. We recently published a revised version of our. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. kenyon murray daughter Menu Toggle. 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. We bring together luxury hotels, resorts, supercars, motorhomes and unforgettable experiences . Under the Act, a company may be dissolved either on a . Reference to the restructuring process was made in a company announcement issued on May 5 by International Hotel Investments, which incorporates the Corinthia Group. 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. Click here to browse all stories. He said he was assured he would be able to sell the one-bedroom apartment in 2015 when it would be worth 24,000 but has been unable to find a buyer. analyse how our Sites are used. Who to fire? I also produce all senior ad-hoc reports. 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. A liquidator is an officer of the court, his appointment is ratified by creditors. KwikChex will continue to provide updates. Well this is a bit difficult to deduce. 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. More alarm bells ring when it is noticed that no contact address is quoted anywhere on the website, in fact the contact us page does not appear to have been completed by their web designer as the address is left blank, see screen shot below: Oh dear, things are going from bad to worse and thus far there is a trust factor of0. You also have the option to opt-out of these cookies. We will be contacting those impacted to apologise for what has happened, and to let them know how we will be putting this right.. 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. These cookies do not store any personal information. When we do this, YouTube may store cookies in order to track how people are watching videos on their site. All of these matters are likely to be complex and take some time and KwikChex will do all possible to provide updates. We also use third-party cookies that help us analyze and understand how you use this website. university This website uses cookies to improve your experience while you navigate through the website. We will provide members with updates on our progress through the dedicated website https://cvr.global/azure/. Upon a search of UK Companies House and the Spanish equivalent we can find no sign of the existence of this company. 01908 881058 info@timeshareconsumerassociation.org.uk Donate, timeshare consumer association friendly timeshare advice since 1997. It has been brought to our attention that Azure Services Ltd have filed for liquidation. or We'll assume you're ok with this, but you can opt-out if you wish. In fact, the Golden Sands Resort will fully honour all timeshare commitments arising from obligations entered into with existing members. Then in February of this year, we reported on the new product being launched, Azure X and Azure XP which replaced the discredited investment weeks previously sold. We support credit card, debit card and PayPal payments. Some consumers have also been seeking clarification regarding the earlier court order concerning loans made to purchase timeshare between 1 April 2014 and 24 April 2016. 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He said: I cant believe I fell for it. You can configure or reject the use of cookies or obtain more information in our Privacy Policy. I knew I would have to attend a salesmeetingbut I had absolutely no plans to buy a timeshare.. You have been warned. Taunton, azure malta liquidation. personalising content and ads, providing social media features and to It was set up by the Island Hotels Group in 2003, which marketed timeshares at the Radisson Blu Golden Sands. 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. Somerset, But Malta's Azure Window, known as Tieqa tad-Dwejra in Maltese, graced glossy marketing brochures since tourism began here and in many ways, the 50-meter-tall arch came to represent Malta itself. It was sold to Corinthia in 2015. x-Manchester United football players Gary Neville and Ryan Giggs once held shares in the company. The window is a towering rock formation reaching 328 feet (100 meters) high with a . The company, Azure Services Limited, markets timeshare at the resorts formerly owned by Island Hotels and Winston Zahra, of . What is the typical timeframe for completion of liquidation procedures? 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. 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. You can revoke your consent any time using the Revoke consent button. Check if your 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. 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). We again advise members / owners to be extremely cautious if approached regarding claims said to be connected to the liquidation process. In the case of a Members' Voluntary Winding Up, a Declaration of Solvency (Form B2), which must be signed by the majority of the Directors, must be filed at the Malta Business Registry. 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. 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. The company has always adhered to applicable regulations and is fully authorized in regards to all its business activities including consumer finance.. However, it remains to be seen whether they have been able to address questions surrounding the thousands of people from Malta, the UK, and Sweden who have long term contracts to stay at the hotel for one or two week periods every year. 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. These cookies will be stored in your browser only with your consent. Alex Lawson from Alvarez and Marsal (Cayman Islands) has appointed himself as an administrator/director to oversee the . We would also urge Azure timeshare owners to be very cautious regarding any approaches made regarding compensation claims. In recent months, the company had been going through a rough patch. We can honestly say without fear of contradiction that this is another scam in the making. Sign in to get trip updates and message other travellers.. Malta ; Hotels ; Things to do ; Restaurants ; Flights ; Holiday Rentals The government had set itself the ambitious target of having the plan in place by early January for submission . Last December, it announced it would no longer sell timeshare and holiday clubs but focus on its existing members. Here we go again. 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. This. The question that Inside Timeshare asks now is who are the creditors? Are they all those consumers who purchased the investment weeks and never received the rentals or the sales they were promised, or is it just another way of avoiding the possibility of legal action in the Maltese courts against Azure, just like Silverpoint in Tenerife?. or The Azure Group carried out the sales function of the timeshare operation at the Golden Sands Resort for the past 17 years. Anglian Water Services. The first creditors meetings have taken place with regard to the various Azurecompanies. As we have published over the past weeks, Azure Services Ltd and Azure Resorts Limited are in the process of liquidation as are many of the other companies within the Limora Group such as Silverpoint. In 2015, Corinthia Group assumed 50 per cent share of the company as part of their takeover of the Island Hotels Group. organisation 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. A voluntary winding up typically takes between 12 and 16 months from the date of the decision to wind up the company.