CREDITORS' COMMITTEES

Inventive Tax Strategies Limited
Professional Advice Bureau Limited
Bell Strategies Limited
Sterling Tax Strategies Limited
(all in Administration)
(together “the Companies”)

The creditors of the Companies each formed a creditors’ committee at their respective creditors’ meetings held earlier this year.

The purpose of the Committee is to represent the interests of the creditors as a whole, not just the interests of the individual members. It may also serve to assist the administrators generally and act as a sounding board to obtain views for matters pertaining to the administration.
 
Their role does not extend to provide updates to creditors on matters discussed at committee meetings. There are matters discussed particularly with regard to the investigatory aspects of our work which need to remain confidential. Not to do so could prejudice the success of any subsequent actions to recover funds for the benefit of creditors.
 
The administrators are providing updates to the website on matters when they are able to communicate to creditors in general.
 
The Committee is responsible for fixing the administrators’ remuneration and to review the adequacy of the administrators’ security for the proper performance of their functions.
 
Full details on the purpose and responsibilities of the Creditors Committee can be found in the Statement of Insolvency Practice 15: CLICK HERE

Matters discussed at these meeting are confidential as their disclosure to a wider audience could prejudice the success of recoveries achieved by the administrators which, in turn, could be detrimental to creditors.