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
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.
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.
