Notice of proposed distribution of client money and bar date for receiving final claims by 12 July 2024
Important notice regarding distribution of client money and notice of order prescribing a client money distribution procedure
06672088Registered office: 1 Beasley`s Yard, 126 High Street, Uxbridge, Middlesex, UB8 1JT
Principal trading address12 Tib Lane, Manchester, M2 4JB
This notice is given by the liquidator of Bournes Ltd, Virgil Harsham Levy, office holder number 19090 of LA Business Recovery Ltd (Labr®), 1 Beasley`s Yard, 126 High Street, Uxbridge, Middlesex, UB8 1JT who was appointed on 12 September 2016.
This is notice that on 14 May 2024, the High Court made an Order prescribing a procedure by which client money held by Bournes Limited (in liquidation) ("Bournes") should be distributed to clients.
Notice is given that the liquidator intends to make the final distribution of pooled client money to clients of Bournes in accordance with the Order. Clients who have not yet submitted a client money claim, but wish to do so, must provide details of their claim to the liquidator using the following contact details:
1. in writing to Bournes Ltd (in liquidation), 1 Beasley`s Yard, 126 High Street, Uxbridge, Middlesex, UB8 1JT, by 12 July 2024; or
2. emailing Bournes@labr.co.uk ; or
3. telephoning 01895 819460.
Clients may submit their claims at any point up to and including 12 July 2024 being the last date for proving.
Bournes shall distribute all remaining client money held by it. Any clients who have not agreed their client money entitlement or have not submitted client money claims to the liquidator by 23:59 on 12 July 2024 will not be entitled to share in this first and final distribution of client monies.
Distributions below the de minimis threshold
The High Court Order confirmed that the liquidator may apply a de minimis threshold of not less than £30.30 per distribution. This means that for any clients who would have received a distribution with a value of less than £30.30, no distribution shall be paid to those clients pursuant to the terms of the High Court Order.
The de minimis value has been determined and imposed to reflect the cost of making distributions to clients from the client money pool.
Clients` rights after expiry 12 July 2024 and client money
Where clients` claims have not been agreed or clients have not submitted client money claims by 12 July 2024, those clients will not be entitled to any distribution of client money from the client money pool.
Clients are reminded that there is no redress or compensation available through the Financial Services Compensation Scheme.
As reflected in all prior progress reports, there shall be no return to creditors of the Company.
Where clients do receive a distribution of client money by cheque or do not provide appropriate banking details to receive their distribution at any point up to and including 1 November 2024, then the liquidator shall pay unclaimed distributions into the Insolvency Services Unclaimed Dividends Account pursuant to the Order of the High Court.
Where the liquidator sends any document to clients by electronic means including the use of a portal or website may be requested, clients may request a hard copy, which will be sent within 5 business days from the date the request is received.
For and on behalf of Bournes Limited (in liquidation)
Virgil H Levy, Liquidator
3 June 2024
Recorded in The Gazette, issue 64413, 3 June 2024