Ressie Macaraeg Scandal: First Creditors Meeting Set For April 17th
The missing fake dentist and illegal recruiter Ressie Reyes Macaraeg is going to be at the center of more attention in an accountant's offices in Essex, England as a firm of investigative auditors hold a creditors meeting to try and address the issue of the missing money.?
The company, FRP Advisory, have announced the meeting will be held on the 17th April 2012 in their Essex offices at Brentwood. This will determine what (if any) assets have been located of Macaraeg and how to distribute them.
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FRP are tasked with finding and locating any assets and money held by Macaraeg in the UK and worldwide after she was made bankrupt last November. Once the Official Receiver (who handle a bankrupt's affairs) discovered the extent of the situation, and enough creditors had requested it, FRP were appointed to locate any assets with a view to distributing them to all of her creditors, including those who paid her for non-existent visa services.
The meeting on 17 April will be for FRP's accountants to let creditors know what has been discovered so far and to let them vote on the matter of distributing them. ?It should also appoint a creditors committee. (Immediately below is a paragraph from the British Government's guide to creditors committees. At the bottom it is reproduced in full.)
Appointing a creditors'/liquidation committee
Where an IP is appointed, a creditors/liquidation committee can also be appointed to supervise the trustee/liquidator on behalf of the creditors. In liquidations - it's called a liquidation committee, in bankruptcies - it's called a creditors' committee.
The committee consists of between three and five elected creditors. You have a right to nominate yourself or any other creditor to be a committee member, and you can vote for yourself. The elected creditor can act personally, or appoint a representative.
If certain actions are proposed by the trustee/liquidator, they need to be approved by the creditors'/liquidation committee.?
All those who have been in contact with FRP should have received, or be receiving in the next few days, notice of the meeting. Those owed money by Macaraeg should contact FRP immediately if they are to have any chance of getting some money back. If FRP discover money, they will only distribute it to those they know about, if you haven't registered, you will stand no chance of getting anything. FRP contact details:
Insolvency Practitioner Contact Details
Main Insolvency Practitioner Paul Allen
Firm FRP ADVISORY LLP
Address 10 Furnival Street
LONDON
United Kingdom
Post Code EC4A 1YH
Telephone 020 3005 4000
The following is taken from the London Gazette of the official public notice of the first creditors meeting:
- Date:
- 14 March 2012
- Issue Number:
- 60086
- Page number:
- 5206
Publication Date: Wednesday, 14 March 2012
Notice Code: 2526
Meeting of Creditors
In the Central London County Court?????No 3570 of 2011
Ressie Macaraeg
(In Bankruptcy)
Trading names or styles: Ocean Care Recruitment. Current residential address: 8-C West Cronwell Road, London, SW5 9QJ. Trading address: 127 Harley Street, London, WIG 6AZ. Occupation: Dental Nurse. Debtor's date of birth: 17 March 1971.
Notice is hereby given, pursuant to Rule 6.81 of the Insolvency Rules 1986 that a meeting of the creditors of the above named bankrupt will be held at the offices of FRP Advisory LLP, Jupiter House, Warley Hill Business Park, The Drive, Brentwood, Essex, CM13 3BE on 17 April 2012, at 3.00 pm for the purposes of considering whether a creditors' committee should be formed. In the event that a creditors' committee is not formed resolutions may be taken at the meeting which include a resolution specifying the terms on which the Trustee in bankruptcy is to be remunerated. A form of proxy which, if intended to be used for voting at the meeting must be duly completed and lodged with the Trustee in Bankruptcy at his offices FRP Advisory LLP, Jupiter House, Warley Hill Business Park, The Drive, Brentwood, Essex, CM13 3BE, not later than 12.00 noon on the business day preceding the date of the meeting. Date of appointment: 8 February 2012.
Further details contact: Email: .
Paul David Allen, Trustee (IP No 11734)
06 March 2012.
(1550842)?
Below are copies of a fax sent out by FRP:
Owed money from a bankrupt or a company in liquidation
Creditors' meetings and creditors'/liquidation committees
The official receiver (OR) usually decides to hold a first meeting of creditors if there are significant assets to be realised - ie sold. This is so creditors can vote to appoint an insolvency practitioner (IP) as trustee or liquidator.
For information about voting procedures, see the page in this guide on conduct and voting at creditors' meetings.
If the OR doesn't believe the assets available are enough to attract an IP, the OR will send notice to all creditors that no first meeting is to be held and that they will be the trustee/liquidator.
The OR must hold a first meeting if it's requested, in writing, by enough creditors to account for at least 25 per cent of the value of debt owed. Creditors requesting a meeting have to lodge a deposit to cover any costs of that meeting. If the creditors don't choose an IP at the meeting, the OR can apply to the Secretary of State to make an appointment or remain as trustee/liquidator.
The OR can also apply to the Secretary of State when an appointment of an IP is needed in an emergency - eg to deal with urgent transactions involving assets. When this happens, the IP must let creditors know about the appointment. If there are a large number of creditors, this may be done by publishing a notice in the London Gazette.
Find out about the London Gazette on the London Gazette website - Opens in a new window.
Further meetings of creditors - called general meetings - are sometimes held, if:
- requested by enough creditors to account for at least 25 per cent of the value of debt owed
- the trustee/liquidator wants to find out the creditors' wishes in any matter relating to the insolvency proceedings
Where an IP is trustee/liquidator, a final meeting of creditors will eventually be called - see the page in this guide on completion of bankruptcy and company liquidation cases.
Appointing a creditors'/liquidation committee
Where an IP is appointed, a creditors/liquidation committee can also be appointed to supervise the trustee/liquidator on behalf of the creditors. In liquidations - it's called a liquidation committee, in bankruptcies - it's called a creditors' committee.
The committee consists of between three and five elected creditors. You have a right to nominate yourself or any other creditor to be a committee member, and you can vote for yourself. The elected creditor can act personally, or appoint a representative.
If certain actions are proposed by the trustee/liquidator, they need to be approved by the creditors'/liquidation committee.
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At a first meeting of creditors, the chair - usually the official receiver (OR) or one of their deputies - will check that everyone present is allowed to be at the meeting, explain its purpose and give details about the insolvent's assets. The meeting then votes on the appointment of an insolvency practitioner (IP) as trustee or liquidator. The meeting isn't an opportunity to question the bankrupt/director - who is unlikely to be at the meeting - or to discuss matters relating to the insolvency.
You can normally only vote at a meeting if you returned your proof of debt form to the OR within the time limit specified. For more information on proof of debt forms, see the page in this guide on making a claim and the order of repayment.
If you won't be attending the meeting and would like someone to vote on your behalf, you must submit a proxy form. You will find the proxy form supplied with the OR's notice that the creditors' meeting has been called. You must return it by the date specified. The proof of debt and proxy forms must be signed by the same person.
Voting at a meeting of creditors is by value. This means certain voters may have more than one or a greater proportion of the vote - dependent on the amount of money they are owed. The chair will calculate this after checking the proofs of debt and proxy forms that have been submitted.
For an IP to be appointed by the meeting of creditors, the vote must be supported by a majority in value - relating to the total debt owed.
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Completion of bankruptcy and company liquidation cases
If an official receiver (OR) is dealing with the insolvency case for which you are a creditor, they will inform you when they have completed the insolvency. The OR will then apply to the Secretary of State for release and their role as trustee/liquidator ends. You will also be sent a summary of the OR's receipts and payments as trustee/liquidator.
As a creditor, you can object to the OR's release. Generally, the OR's release can only be withheld if they have failed to realise -?sell - assets that were available to be realised, or have misapplied the proceeds of any assets realised. Please note that the release of the OR as trustee isn't relevant to - and doesn't affect - a bankrupt's discharge.
If an insolvency practitioner (IP) is dealing with the case, you will be invited to the final meeting of creditors. At this meeting, the IP will report on how they have handled the case and give a summary of the receipts and payments. The creditors may question the liquidator about what is in the report and have the option of either granting or refusing the release of the IP.
What legal action can I take against the bankrupt, company or the trustee/liquidator?
After the date of the court order, unsecured creditors cannot take any action against the bankrupt or company without the court's consent. You must submit your claim to the trustee/liquidator. You can apply to the court if you are dissatisfied with the actions of the OR/IP. Before you apply to the court you may wish to take legal advice.
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