Distribution Plan approved by the Court on 13 March 2025
Distribution Plan approved by the Court
The Joint Special Administrators recently submitted an application to Court to approve the Distribution Plan and the setting of a Hard Bar Date following approval of the Distribution Plan by the Creditors’ Committee on 21 February 2025.
The application was heard on 13 March 2025, where the Court approved the Distribution Plan and the setting of a ‘Hard Bar Date’ in accordance with the terms of (and as further described in) the Distribution Plan.
A copy of the sealed order from the Court approving the Distribution Plan has been uploaded to the Grant Thornton UK LLP Insolvency Act Portal (‘the Portal’) which can be accessed at www.grantthornton.co.uk/portal using login details previously provided to you.
Should you require a copy of this document, or any other document, currently or in the future that is available on the Portal, please send a request detailing the document(s) you would like to obtain by email to smallworlduk@uk.gt.com or by post c/o Grant Thornton UK LLP, 11th Floor, Landmark, St Peter's Square, 1 Oxford St, Manchester, M1 4PB.
What does this mean for customers?
As a result of the Court approving the Distribution Plan and the setting of a Hard Bar Date, the Joint Special Administrators can begin to take the steps set out in the Distribution Plan, including sending a notice to customers specifying the Hard Bar Date which the Joint Special Administrators anticipate setting by no later than August 2025.
All customers will be notified at least four weeks prior to the Hard Bar Date being set by the Joint Special Administrators. However, customers are encouraged to complete and return their Customer Claim Form as soon as possible. There is no need to wait for the Hard Bar Date.
As set out in our letter dated 4 March 2025, a copy of the Distribution Plan and Explanatory Statement which is designed to assist customers in understanding the purpose and effect of the Distribution Plan have also been uploaded to the Portal to provide further information to customers.
Assistance
Should you have any queries in relation to this update or general queries in respect of the special administration of the Company, please contact the Small World Customer Service team at smallworlduk@uk.gt.com or on 020 3198 0387.
To provide further information, a Frequently Asked Questions page can be accessed at smallworlduk.grantthornton.co.uk/distribution-plan-and-court-hearing/.
Court hearing on 13 March 2025 to seek approval of the Distribution Plan
Distribution Plan
Further to the our Progress Report dated 17 January 2025, the Joint Special Administrators have now prepared a distribution plan outlining the process for returning funds to customers which was approved by the Creditors’ Committee on 21 February 2025 (the ‘Distribution Plan’).
Court hearing on 13 March 2025
Following the approval of the Distribution Plan by the Creditors’ Committee, the Joint Special Administrators have submitted an application to the Court to approve the Distribution Plan and setting of a Hard Bar Date in accordance with the terms of the Distribution Plan which will be heard on 13 March 2025.
The Court hearing is listed to take place at 10.30am on 13 March 2025 at The Rolls Building (Fetter Lane, London EC4A 1NL) in Court 7.
Following the Court hearing, the Joint Special Administrators will notify all customers as soon as reasonably practicable as to whether the Distribution Plan has been approved
Documents uploaded to the Grant Thornton UK LLP Insolvency Act Portal (‘the Portal’)
To provide further information to customers, a copy of the following documents have been uploaded to the Grant Thornton UK LLP Insolvency Act Portal:
- the Distribution Plan approved by the Creditors’ Committee which sets out, amongst other information:
- when and how the Joint Special Administrators plan to return funds to customers with a successful claim;
- how the costs of this process are to be met; and
- how unclaimed distributions will be handled.
- an Explanatory Statement which is designed to assist customers in understanding the purpose and effect of the Distribution Plan; and
- the Sealed court application notice for the approval of the Distribution Plan and the setting of a Hard Bar Date, which provides details of the venue for the hearing.
Please note, the Explanatory Statement is intended to be read in conjunction with the Distribution Plan, as it is only the Distribution Plan which will be submitted to the Court for its approval and only the Distribution Plan will have legal effect (if and once approved by the Court).
How can customers access the documents uploaded to the Portal
You can access the above documents by logging in to the Portal at www.grantthornton.co.uk/portal using log in details previously provided to you in our letter dated 5 August 2024 and 17 January 2025.
Should you require a copy of these documents, or any other document, currently or in the future that is available on the Portal, please send a request detailing the document(s) you would like to obtain by email to smallworlduk@uk.gt.com or by post c/o Grant Thornton UK LLP, 11th Floor, Landmark, St Peter's Square, 1 Oxford St, Manchester, M1 4PB.
Assistance
Should you have any queries in relation to this letter or general queries in respect of the special administration of the Company, please contact the Small World Customer Service team at smallworlduk@uk.gt.com or on 020 3198 0387.
To provide further information, a Frequently Asked Questions page can be accessed at smallworlduk.grantthornton.co.uk/distribution-plan/
Joint Special Administrators’ first six-monthly progress report (‘Progress Report’)
The Joint Special Administrators have released their first six-monthly Progress Report for the period 18 June 2024 to 17 December 2024 to all known creditors and customers.
The Progress Report provides an update on the activities undertaken during the first six-month period of the special administration (i.e. 18 June 2024 to 17 December 2024), including:
- Asset realisations;
- Work undertaken in relation to the return of relevant funds to customers;
- The Joint Special Administrators’ remuneration and expenses; and
- The future conduct in order to achieve the objectives of the special administration.
A copy of the Progress Report can be accessed here.
Assistance
Should you have any queries in relation to this matter or general queries in respect of the special administration of the Company, please contact the Special Administrators’ team at smallworlduk@uk.gt.com or on 0161 953 6906.
Bar Date Notice dated 2 September 2024
Bar Date Notice dated 2 September 2024
The Joint Special Administrators of LCC Trans-Sending Limited (In Special Administration) (‘the Company’) are seeking claims from customers who believe they are owed funds the Company received from them (or someone else on their behalf) to carry out a payment transaction which was not processed prior to the Company entering into special administration on 18 June 2024 (a ‘Failed Payment Transaction’).
Distribution Plan
In accordance with their statutory obligations, the Joint Special Administrators will be preparing a distribution plan which will set out the process for returning funds to customers (‘Distribution Plan’). The Distribution Plan needs to be approved by the Court and will include information in relation to when a distribution (or distributions) will be made to customers, the amount to be retained by the Joint Special Administrators to pay expenses associated with the recovery and return of funds to customers, and how this will affect the amount paid to customers with a successful claim.
Bar Date Notice
As part of the distribution process and to return money to customers as soon as possible, the Joint Special Administrators consider that it is necessary to set a bar date of 30 September 2024 (the ‘Bar Date’) for the submission of claims from customers. This is to give customers sufficient time to submit a claim and for the Joint Special Administrators to assess the large volume of anticipated claims, as well as consider the practicalities of the distribution process, such as obtaining up to date customer contact information and bank account details to support the distribution of funds.
If you believe you have a claim for a Failed Payment Transaction(s), you will need to complete and return the Customer Claim Form provided to you on 7 August 2024 and 2 September 2024, attaching any supporting documentation (as specified in the Customer Claim Form), to the Joint Special Administrators on or before the Bar Date.
If you do not submit your Customer Claim Form by the Bar Date, the Joint Special Administrators will not be able to guarantee that your claim will be included in the distribution of funds.
Please be aware, the Bar Date is not the date which customers will receive their funds but is the date in which customers will need to submit their Customer Claim Form by for their claim to be considered in connection with the preparation of the Distribution Plan referenced above.
To provide further information, a Frequently Asked Questions page can be accessed at smallworlduk.grantthornton.co.uk/bar-date-notice/.
Initial meeting of creditors and customers at 10:00am on Friday, 23 August 2024
Initial meeting of creditors and customers
An initial meeting of creditors and customers of the Company will be held of Friday, 23 August 2024 at 10:00am, both in person and virtually.
The purpose of the meeting will be to provide an overview of the information set out in the statement of proposals and to consider whether:
- The Joint Special Administrators’ statement of proposals be approved; and
- A creditors’ committee be established.
Attendance in person will be limited to two locations in London and Birmingham. As the meeting rooms will have limited capacity, creditors and customers have been provided details of how to attend virtually. Where possible, we would recommend creditors and customers attend virtually.
Further information about the meeting has been sent to all known creditors and customers on [7 August 2024] and be accessed via the Insolvency Portal https://www.grantthornton.co.uk/portal (Log in details to the Insolvency Portal have previously been provided to you)
Assistance
Should you have any queries in relation to this matter or general queries in respect of the special administration of the Company, please contact the Small World Customer Service team at smallworlduk@uk.gt.com or on 020 3198 0387.
Joint Special Administrators’ Statement of Proposals 7 August 2024
Statement of Proposals
The Joint Special Administrators have released their Statement of Proposals to all current known creditors and customers on 7 August 2024.
The Statement of Proposals is a report which includes:
- An overview of the Company and the circumstances leading up to the special administration;
- A summary of the asset and liabilities of the Company, including information relation to the directors’ statement of affairs;
- Details of the Joint Special Administrators’ Proposals for achieving the objectives of the special administration; and
- Progress to date and future conduct of the special administration.
A copy of the Statement of Proposals can be accessed here.
Assistance
Should you have any queries in relation to this matter or general queries in respect of the special administration of the Company, please contact the Small World Customer Service team at smallworlduk@uk.gt.com or on 020 3198 0387.
Sealed Special Administration Order dated 18 June 2024
