Bugibba Independent Limited trading as Project D - FAQ
Posted on 30th August 2024 at 19:05
Jessica Thomas & Philippa Smith of Smith & Barnes Insolvency Practitioners Limited have been appointed as Joint Administrators of Bugibba Independent Limite (trading as Project D) (the Company) on 30 August 2024 and the Company has ceased trading.
Please see below Frequently Asked Questions (FAQs), which are designed to answer queries that effected parties may have.
The Joint Administrators act as agents of the Company and without personal liability.
Q – What is an administration and the role of the Joint Administrators?
A – An administration is an insolvency process used by companies that are unable to pay their debts as they fall due. A moratorium has been placed over the Company as a result of Smith & Barnes' appointment. This means that no creditor can take legal action against the Company, except with leave of the court.
Jessica Thomas and Philippa Smith, licensed insolvency practitioners, have been appointed to handle the process. It is their role to identify and realise all of the Company’s assets with a view to making distributions to creditors, where available. The Administrators will also investigate the reasons for failure and the conduct of the director in the lead up to insolvency and will submit a report to the Insolvency Service in this regard.
Once the Administration process is complete, it may lead to another insolvency process, but ultimately the Company will be wound up with Companies House, its name removed from the register of limited companies and it will cease to exist as a legal entity.
Q – I am a customer and have ordered doughnuts - will I receive my order?
A – The Company has ceased trading and your order unfortunately cannot be fulfilled.
If you ordered via Shopify - please contact them as they may be able to receive a refund
Alternatively - contact your banking provider to see if there are any ways for you to receive a refund via your bank.
If you are unable to reclaim your funds elsewhere, you will have an unsecured claim against the Company.
Please email confidential@sbip.co.uk to register your claim.
Q – I am a former employee who has been made redundant – how do I go about making a claim?
A – an email was issued to all employees on 30 August 2024 regarding the upcoming Administration appointment.
A further letter will be issued employees explaining how they can make a claim against the Redundancy Payments Service will be sent to all employees that were made redundant on as soon as possible – it is currently expected they will be issued no later than 3 September 2024.
Unfortunately, it is not possible to obtain a CN number prior to the appointment of Administrators, however, this will be circulated to all employees as soon as it is received.
Any employees who have not received their letter by 5 September 2024 should email confidential@sbip.co.uk to ensure we have your contact details.
Q - I was a self-employed contractor for events - when will I get my money for hours I have worked?
As you acted as a sub-contractor, and not a formal employee, you are unfortunatley unable to claim for amounts owed from the goverment.
Due to the Administration, you will unfortunatley not be paid for the amounts you are owed. The funds due to you are classed as ranking "unsecured" against the Company in the Administration process.
Should there be sufficient asset realisations, they may be a return to unsecured creditors, however, this is not appearing likely at this stage.
Please contact your local Job Centre who may be able to provide you with advice on what options are avaliable to you.
In response to the cost of living crisis, the government is offering help for households - see below link for more information.
https://helpforhouseholds.campaign.gov.uk/?_ga=2.86806301.420576193.1667904097-107782135.1655806361
Q – I am interested in contacting former employees to offer potential employment – can you provide their contact details?
A – Due to GDPR law, the Joint Administrators are unable to share private information of the employees. hey will however, seek to contact former employees and provide them with details of potential new employers as required.
Please email details of any roles to confidential@sbip.co.uk so that these can be passed on as appropriate.
Q - The Company has been in a CVA - I am owed money - where do I stand?
Due the Administration order, as per the terms of the Company Voluntary Arrangement (CVA) have been breached. The CVA is therefore terminated.
There are limited funds currently being held by the Supervisors of the CVA. The creditors included and bound by the CVA will be contacted accordingly
Q - I am owed money from the Company - what is the current position? Will I get my money back?
A – You will have a claim in the Administration. The order in which creditors are ranked in an insolvent administration, is set out in the Insolvency Act 1986. An unsecured creditor is the lowest ranking creditor in the order of priority and payment will only be achieved if all other creditors, who fall before unsecured creditors, are discharged in full, along with costs of the Administration.
Unfortunately, any outstanding debts which remain after the Administration process will be written off, unless they have been secured by a director’s personal guarantee.
Notice of the administration will be sent under separate cover within seven days of our appointment together with a proof of debt form. If you have not received a copy of this notice after seven days of our appointment, please contact the Joint Administrators via email at confidential@sbip.co.uk to ensure we are aware of your contact details.
The Joint Administrators and their agents will be working hard with various effected parties to achieve the best outcome available and will provide an update to creditors within eight weeks of their appointment. This is when their proposals are issued to creditors.
The Joint Administrators will also issue a report to creditors within on month of the six-month anniversary of the appointment.
However, at this early stage, we do not anticipate any material return to unsecured creditors in this matter. We appreciate that the failure of the Company will create an extremely difficult time for a number of parties involved and we will endeavour to help creditors where we can.
Q – I have supplied stock to the Project D, which have retention of title terms – can I recover my stock?.
Click on this text to ediA - Please contact the Joint Administrators via email to confidential@sbip.co.uk to make us aware of your potential claim and the address where the items were delivered. We will ensure that your claim is dealt with quickly and you will be issued with a questionnaire to complete so you can provide evidence of supply and any retention of title clause.
The claim will then be reviewed by the Joint Administrators for validity and take action as appropriate. However, suppliers should note that title may have passed to the customer and in particular, any supplies that have been fitted/used/amended are unlikely to be able to be claimed.t it.
Q – I have supplied equipment or assets to the Company under a lease, hire or hire purchase agreement. Can I recover my assets? to edit it.
Click on this text to edit Please contact the Joint Administrators via email to confidential@sbip.co.uk to make us aware of your assets and the location they were supplied. Also include a copy of any agreement with the Company so that the proposed Joint Administrators and their agents can review the documentation. We will then seek to review with appropriate parties to seek to arrange access the equipment or assets.it.
Q - Will the Company's business / assets be sold?
A - Any parties interested in the Company's brand, intellectual property etc or tangible assets, should email confidential@sbip.co.uk with details of their interest, and this will be forwarded to our agents.
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