Azure hoped the company would move away from the sale of timeshare products and services and focus more on traditional high-end tourism at the resort. The company ran into financial trouble towards the end of 2019. If you are an owner that is currently involved in a claim alleging misselling of any type or have been approached in this regard with a view to making a claim, this is a separate but potentially connected matter likely to fall into a number of different categories, including matters associated with loans being reviewed by the UK Financial Conduct Authority (FCA) and claims that may have been or may in future be submitted to the UK Financial Ombudsman Service (FOS). Mon 09:00 - 17:00. Necessary cookies are absolutely essential for the website to function properly. However, it later discovered the staff were employed by the unlicensed Azure Services Limited. KwikChex will provide free information assistance to any consumers affected by such matters. With regard to matters related specifically to Azure Services Ltd. such as the review ordered of loans for timeshares that took place between 1 April 2014 and 24 April 2016, this matter remains ongoing. The club constitutions do not require the club manager to perform this role and you should therefore discuss this matter with the new club manager if appointed.If my week was available for rental, what happens now?The rental program was operated by the Company in its role as club manager to assist members in renting entitlements they did not wish to utilise in any given year. This is a story that Inside Timeshare has been following for quite some time and it is one that shows how financial institutions are actively involved in the selling of timeshare to the . analyse how our Sites are used. offers FT membership to read for free. Should you have any questions regarding Azure or any other timeshare, please feel free to contact us and we shall do our best to address your concerns. The Azure Window, a natural arch off the coast of Gozo in Malta, collapsed into the sea on March 8. In the interim, should you have any queries pertaining to the liquidation process and/or the appointment of the new Club manager, please contact azureresortsliquidation@cvr.global. Kindly check your inbox after sign-up to confirm subscription. When a company is deemed to be solvent, the liquidation process would typically involve a members' voluntary winding up which is triggered by the shareholders of the company. Build in the cloud with an Azure free account Create, deploy, and manage applications across multiple clouds, on-premises, and at the edge Start free Pay as you go Popular services free for 12 months View all services + 55+ other services free always View all services + Start with USD200* Azure credit Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. This is not the first time that Azure has hit the headlines for all the wrong reasons: https://www.investegate.co.uk/m1-legal/rns/timeshare-mis-sellingthe-next-financial-scandal-/201901171348054103N/, https://www.thetimes.co.uk/article/gary-neville-s-link-to-alleged-mis-selling-of-malta-timeshares-pfxq0tznv. Given the current outlook, this scaling down process has run its natural course, and a liquidation process has in fact now commenced, the announcement read. If you are approached, get all the details you can preferably asking those that make the approaches to put details in an email to you. Please ensure you have filled out all required fields, Timeshare Termination Team | Timeshare | Timeshare Exit | Timeshare Claims. Taunton, Rizzo, Farrugia & Co. (Stockbrokers) Ltd. 2023. If you disable this cookie, we will not be able to save your preferences. We again advise members / owners to be extremely cautious if approached regarding claims said to be connected to the liquidation process. We will have more information in the coming weeks. Alex Lawson from Alvarez and Marsal (Cayman Islands) has appointed himself as an administrator/director to oversee the . In November 2020 the bank was told by the Financial Conduct Authority to repay interest charged on loans issued between April 2014 and April 2016 by the timeshare operator Azure Services (now in liquidation). We'll assume you're ok with this, but you can opt-out if you wish. Timeshare Watchdog were informed that Azure Services Ltd. of Malta entered into liquidation proceedings. Please find attached a letter we have been asked to forward to you by the joint liquidators. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. This website uses cookies to improve your experience while you navigate through the website. Creditors will need to provide a list of what theyre owed so the company can estimate the amount of their claims. Huntingdon, England, United Kingdom. Timeshare Consumer Association Limited is registered as a data controller with the information commissioners office (ico) under registration number: ZA765267. Maltese Colleges Collaborate In Space Mission, Not Just For Thrift Lovers: Flea Market At Manikata's The Farmoury Happening This Weekend, Roberta Metsola Returns To Ukraine To Be With 'Brave People Who Inspired The World', Denied Maltese Citizenship By Naturalisation With No Reason Given, Polish Couple Wants Some Kind Of Explanation. Inside Timeshare has received many enquiries as to what is going to happen to members of the "club"? Around 80 people lost their jobs right before Christmas. This is an ongoing review process by the UK Financial Conduct Authority (FCA) and will continue. Matthew Vella is executive editor at MaltaToday. kenyon murray daughter Menu Toggle. The Times revealed last yearthat the Financial Conduct Authority (FCA) was investigating loans made to timeshare buyers at resorts in Malta which had been part-owned by Neville and Ryan Giggs,. The company hit the news after it faced allegations of misselling timeshares to hundreds of British holidaymakers in 2019. Check if they have a website, and more importantly check when the domain was registered, below we list the sites which may assist: UK Company check:https://find-and-update.company-information.service.gov.uk/search/companies?q, Spanish Company check:http://www.infocif.es/, Domain check:https://whois.domaintools.com/. A Financial Times report has revealed that Barclays has been ordered to repay the interests charges on loans issued between April 2014 and April 2016 by Azure Services, which filed for liquidation in May 2020. You can revoke your consent any time using the Revoke consent button. Barclays had a contract with Azure Resorts Limited, which was authorised by the UK Financial Conduct Authority for credit brokering. Azure Liquidation Updates Updates 07/05/20, 08/05/20, 13/05/20, 19/05/20, 20/05/20, 09/07/20, 07/08/20 & 07/09/20 Azure Services Ltd. Malta Liquidation 07/05/20 KwikChex has been informed 0 12-14 The Crescent, The Azure Group carried out the sales function of the timeshare operation at the Golden Sands Resort for the past 17 years. Customers had complained that the terms of the loans were not explained to them, and that proper credit checks were not carried out and that they were pressured into signing deals. Gain a global perspective on the US and go beyond with curated news and analysis from 600 We have specifically asked if owners have to contact the liquidators to ensure their rights are secured and / or complete the claim forms for creditors and have been advised that they do not have to do this. KwikChex has been keeping Azure timeshare owners / club members up to date and we became aware that clarification regarding the Azure Ultra Club status did not seem to have been made available. The UKs financial conduct watchdog is investigating 54 million in loans made to Golden Sands timeshare buyers. Login below for access to exclusive content. Malta's famous Azure Window rock arch has collapsed into the sea after heavy storms. Ex-Manchester United football players Gary Neville and Ryan Giggs once held shares in the company. Updates 07/05/20, 08/05/20, 13/05/20, 19/05/20, 20/05/20, 09/07/20, 07/08/20 & 07/09/20, Azure Services Ltd. Malta Liquidation 07/05/20. The incident was a result of years of erosion, according to experts. Roger Chessell, a Xagra resident, was at Dwejra when the window collapsed at . The company, Azure Services Limited, markets timeshare at the resorts formerly owned by Island Hotels and Winston Zahra, of which Manchester United footballers Gary Neville becameanon-executivedirectorsin2009 after a 1.1 million investment. Borrowers claimed that false representations were made about the financial impact of the loans, they were not properly informed of their duration and that vulnerable consumers were inappropriately treated. If you are approached we would advise that you get as much information as possible and contact the Timeshare Helplineand advice.This free service is funded byEUROCand is operated by Kwikchex, who areapproved by the UK Trading Standards: We booked a holiday for March 2020 with azure at the radison blu but could not travel due to COVID As the company is in liquidation we want to know how to claim for a refund. KwikChex will be pleased to respond to any owners making checks in this regard. Support rapid growth and innovate faster with secure, enterprise-grade, and fully managed database services . Prime Minister Joseph Muscat said the news was "heartbreaking". On 7th May 2020 it was announced that Azure Resorts Limited had entered liquidation. We will provide members with updates on our progress through the dedicated website https://cvr.global/azure/. The Azure Window has collapsed and it is not just the top part which has fallen off - even the stacks have gone. The decision resulted in the loss of around 80 jobs. The shareholders advise that they took this decision because the Company's financial position was deteriorating, creating sufficient doubt as to whether it would be able to pay its debts as they fall due and liquidation was required to mitigate losses to the Company's creditors.What is liquidation?Liquidation is a formal insolvency process governed by the Act the purpose of which is to protect an insolvent company's creditors. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. The customer story you selected is no longer available. I know its a scam but they are scaring people by saying that the membership fees are being used to pay off the loan to FNTC as the loan is going to be called in early next year and VCMS will have no money to run the clubs therefore another liquidation. "Today Inside Timeshare has been notified that Azure Services Limited, the sales and marketing company behind the sales of timeshare and vacation club memberships at the Radisson Blu Resort and Spa, Golden Sands in Malta has now filed for liquidation. LTD. (Singapore, 8 Feb 2019 - ) You can revoke your consent any time on our Privacy Policy page. The fact is that at present, both the status of the timeshare ownerships and the question of the challenged loans are going through legal processes and the outcomes are currently unknown. Response to our request for clarification below: At the current stage, the members do not have to contact the liquidators or complete the claim form. Helpline Hours Welcome to the start of another week with Inside Timeshare, today we publish the following press release from the Azure Malta Action and Support Group and their ongoing battle with Barclays Partner Finance. Reference to the restructuring process was made in a company announcement issued on May 5 by International Hotel Investments, which incorporates the Corinthia Group. It should be noted that the Radisson Blu Golden Sands Resort and Spa is not in liquidation and continues to operate normally, within the current restrictions of the travel environment. For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk, Timeshare Consumer Association is a company limited by guarantee registered in England under number 12662338. After sitting through a five-hour sales pitch that featured photographs of Neville andGiggs, he agreed to pay 13,300 for a one-week timeshare with a 25-year contract. The spectacular Azure Window rock arch on Malta's island of Gozo collapsed into the sea in 2017. In December, a large chunk of the workforce was told that they would be made redundant to make way for an elite team as part of a new strategy. But is it bad? By browsing this site you are giving your consent for us to set cookies. For and on behalf of FNTC (UK) Ltd. What should a secular society really look like? A company that is not resident in Malta is taxable on chargeable income and capital gains arising in Malta (unless such income/gains are subject to a specific exemption). We use cookies on this site to enhance your user experience. IF YOU FEEL YOU HAVE BEEN MIS-SOLD , YOU PROBABLY HAVE.FOR FREE ADVICE AND GUIDANCE ON YOUR BEST WAY FORWARD THEN GIVE US A CALL . According to its website, Azure Services Ltd, which employed 180 staff, had more than 5,500 members. However, it remains to be seen whether they have been able to address questions surrounding the thousands of people from Malta, the UK, and Sweden who have long term contracts to stay at the hotel for one or two week periods every year. The window is a towering rock formation reaching 328 feet (100 meters) high with a . We refer you to an article published on the website of Inside Timeshare yesterday (05/05/2020), which we reproduce below: Today Inside Timeshare has been notified that Azure Services Limited, the sales and marketing company behind the sales of timeshare and vacation club memberships at the Radisson Blu Resort and Spa, Golden Sands in Malta has now filed for liquidation. Liquidation or dissolution is the procedure for concluding the affairs of a company when it decides to terminate its operations or when it cannot continue to operate by reason of its insolvency. A public notice revealed that Azures creditors have been invited to a meeting on 11th May which will detail the winding down of the company. Maintence Fee Calculator | Privacy Policy | Terms & Conditions | Cookies Policy. Exchange House, The FOS has also been informed the Administrator and the Mercantile Court are also investigating the point as the evidence suggests, the "liquidation" has been "manufactured". Copyright 2023 Timeshare Termination Team. azure malta liquidation. At this stage, it is not clear how this may affect a number of issues, from continuing timeshare ownership, to the ongoing matters concerning legal challenges made regarding loans made for the . 2020 KwikChex Ltd. Timeshare Consumer Association Limited is registered as a data controller with the information commissioners office (ico) under registration number: ZA765267. Company No. As mentioned in the FAQs, we are working diligently to transfer the role of club manager so that the club can continue and members remain able to utilise their timeshare holiday entitlement. You have been warned. We use our own and third-party cookies for analytical purposes and to show you personalized advertising based on a profile prepared from your browsing habits (for example, pages visited). August 20, 2022. . I know there is no such thing as a freelunchbut it was such a good offer. AZURE AVIATION LIMITED (United Kingdom, 10 Mar 2022 - ) AZURE AVIATION PRIVATE LIMITED (India, 27 Sep 2019 - ) Azure Dragon Aviation Limited (Hong Kong, 9 Jul 2019 - ) Azure Aviation Ltd. (Bahamas) Sino Azure Aviation Consulting Company Limited (Hong Kong, 20 Jan 2014 - ) AZURE DRAGON AVIATION PTE. Corinthia Group expressed its intention to conduct the liquidation process in an orderly manner and that timeshare owners would continue to enjoy the same service and benefits as they had in past years. By Cameron Macphail 8 March 2017 4:15pm. The company has always adhered to applicable regulations and is fully authorized in regards to all its business activities including consumer finance.. Check if your There Are Now Zero COVID-19 Patients In Maltas ITU, Get Nominating Now! For cost savings, you can change your plan at any time online in the Settings & Account section. the amount of debt the airline has with local banks as well as foreign banks and when liquidation takes place what is to happen to the remaining employees who chose to remain and did not take the scheme. Premium access for businesses and educational institutions. We use cookies to track the number of opens and clicks on both newsletters RDO Weekly News and RDO Insider. or Two geological wonders sit side-by-side on the Maltese island of Gozo: the Azure Window and the Blue Hole. Information coming direct to KwikChex and in the media in Malta appears to confirm that timeshare ownership at the Golden Sand Resort in Malta will not be affected by the insolvency proceedings taking place concerning Azure Services Malta, which operated as the sales & marketing company for timeshares at the resort. Ex-Manchester United football players Gary Neville and Ryan Giggs once held shares in the company. Compare Standard and Premium Digital here. Most readers know that Azure Malta went into liquidation earlier this year, however with the efforts of the joint liquidators a new management company was formed, being Vacation Club Services Limited (VCSL), to act as the new club manager. Re: Golden Sands, Mellieha. Malta, but not capital gains arising outside Malta, received in Malta. TA1 4EB, (Please contact us by web form, email or phone for quickest response), Registered in the UK RDO members can log in to rdo.org, and when they do we use cookies to track that they have logged in. You can still enjoy your subscription until the end of your current billing period. https://timesharetaskforce.org/wp-content/themes/blake/, /home/customer/www/timesharetaskforce.org/public_html/, https://timesharetaskforce.org/wp-content/themes/blake, Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on Tumblr (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on Pinterest (Opens in new window), this important update from the Joint Liquidators. This means that every time you visit this website you will need to enable or disable cookies again. Mediterranean Overseas Holdings Ltd is also another company owned by the late Bob Trotta under the parent company the Limora Group. When I gothomeI thought, what the hell am I doing?Rebbeckwas left to care for his two children after his wife died in 2016. Click here to view the PDF notification that has been issued concerning this. We also use third-party cookies that help us analyze and understand how you use this website. You also have the option to opt-out of these cookies. Malta Malta's Azure Window collapses after heavy storm - video The landmark limestone arch that once featured in Clash of the Titans and Game of Thrones has tumbled into the sea . These were formalities as such to enable the continuation of the liquidation process. KwikChex will continue to provide updates. by TVM Newsroom August 20, 2022. Azure Services Ltd was set up in 2003 when the resort, which belonged to Island Hotels Group, had opened its doors. Further updates are expected to be available next week. A voluntary winding up typically takes between 12 and 16 months from the date of the decision to wind up the company. In 2015, Corinthia Group assumed 50 per cent share of the company as part of their takeover of the Island Hotels Group. 386] regulates the liquidation of a company registered in Malta. Established to ensure that Members at the Radisson Blu Resort & Spa Golden Sands, Malta continue to enjoy all the benefits and entitlements at their home resort in Malta and also beyond the shores of our Mediterranean island. It was sold to Corinthia in 2015. RDO acknowledges that this is a very uncertain time for owners at either of the Clubs managed by the companies in liquidation, but would strongly advise owners to be very cautious regarding any approaches made regarding compensation claims, as we have seen many examples of attempts to defraud consumers in similar circumstances. Major shareholder Corinthia Group expressed its intention to conduct the liquidation process in an orderly manner and that timeshare owners would continue to enjoy the same service and benefits as they had in past years. When we do this, YouTube may store cookies in order to track how people are watching videos on their site. You also have the option to opt-out of these cookies. Modern Slavery Statement, Registered with Data Protection Act, Registration Number: Z2749323. Website Terms & Conditions Original . Free shipping for many products! Click here to view a copy of the PDF of decision made in August 2018 by Judge Timothy Herrington. organisation Anglian Water Services. Latest TimeshareTaskForce Customer Testimonial, Request for Erasure/Remove Consent/Subject Access Request/Update Data. Most readers know that Azure Malta went into liquidation earlier this year, however with the efforts of the joint liquidators a new management company was formed, being Vacation Club Services Limited (VCSL), to act as the new club manager. Products Databases. We recommend using KwikChex has been informed that Azure Services Ltd. of Malta has entered into liquidation proceedings. Azure Services Ltd Malta Liquidation. The target date for the completion of Air Malta's restructuring plan has been extended to the end of the month as the "sensitivity" of the task made it more difficult to meet the early January deadline, Timesofmalta.com reported. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Here Are The 20 Categories For Lovin Malta's Social Media Awards, Watch: 19-Year-Old Throws Trashcans, Own Boots At Parked Police Cars Outside St Julian's Station, People In Malta Are Split On Whether They Know The Warning Signs Of Suicide Or Not, From Malta To The Moon? If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. The official Island Hotels document explaining the footballers investments said: The high profile of each of the investors in the sporting field is calculated to enhance the groups overall public relations and image and profile., One of the timeshare buyers,CharlesRebbeck, 41, from East Sussex, told the Times of London that he received a cold call in the UK offering him a weeks holiday at the Golden Sands resort with his family for 150. Elon Musks Twitter is dying a slow and tedious death. We have seen many examples of attempts to defraud consumers in similar circumstances. Meanwhile, creditors of Azure Services Ltd were notified about the agenda of next weeks meeting in a letter signed by directors Joseph Fenech and Alexander William Lawson. The landmark Azure Window, off the Maltese island of Gozo, has collapsed into the sea during a storm. He said he was assured he would be able to sell the one-bedroom apartment in 2015 when it would be worth 24,000 but has been unable to find a buyer. The liquidator will also be tasked in paying any wages due to employees. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Azure Resorts Limited, which manages Golden Sands Island Residence Club based in Malta, (Island Residence Club, The Heavenly Collection (including Sands Towers)), and Azure XP Limited, which manages Azure XP Membership Club, have both entered into liquidation on 27th April 2020. Azure hoped the company would move. This website uses cookies to improve your experience while you navigate through the website. For all the latest news and views from RDO. The Financial Times said that the customers were charged in excess of 9%. The resorts owned by Azure - which boasted large lagoon swimming pools and luxury spas - were marketed as being backed by Mr Giggs and Mr Neville, who was made Malta's tourism ambassador in the. Cookie Policy Members of the timeshare clubs managed by the Company are considered to be a stakeholder in the liquidation to the extent that the Company remains the club managerfor Island Residence Club, The Heavenly Collection and Azure Ultra. Attachment Club Transfer Communication (opens a PDF). The government had set itself the ambitious target of having the plan in place by early January for submission . As reported on our website a new club manager has been appointed https://rdo.org/industry-updates/new-club-manager-appointed-for-azure-resorts/ and you can contact the contact the club via Telephone number: 00 356 2356 1000, or E-mail address: reservations@vcmsmalta.com. We bring together luxury hotels, resorts, supercars, motorhomes and unforgettable experiences . It uses cookies to detect how long people stay on the site, which pages they visit, their country of origin and whether they are a new or returning visitor. You can configure or reject the use of cookies or obtain more information in our Privacy Policy. or Insiide Timeshare has received news that Azure Services Ltd, the sales and marketing arm for Radisson Blu and Golden Sands resorts in Malta have filed for liquidation. For the sake of clarity, please see a copy of the response we received which also includes a link to a dedicated information website. Alternatively,download the update directly (PDF download). That December, a large chunk of the workforce was told that they would be made redundant to make way for an elite team as part of a new strategy. 109519. In addition, shareholders have also reaffirmed that the Golden Sands Resort will fully honour all timeshare commitments arising from obligations entered into with existing members. Corinthia Group said action regarding the curtailment of employees would be made in line with all local regulations while emphasising that it remained fully committed to the future of the Golden Sands Resort as a high-end luxury destination. This website uses cookies to improve your experience. Upon a search of UK Companies House and the Spanish equivalent we can find no sign of the existence of this company. Search. Support Times of Malta for the price of a coffee. A dedicated webpage has been set-up to keep owners and creditors informed https://cvr.global/azure/. Then in February of this year, we reported on the new product being launched, Azure X and Azure XP which replaced the discredited investment weeks previously sold. The club constitutions do not require the club manager to provide this service and you should therefore discuss this matter with the new club manager if appointed.IF YOU PURCHASED A TIMESHARE AT GOLDEN SANDS AND PAID FOR IT USING FINANCE OR A CREDIT CARD THEN YOU MAY QUALIFY FOR A CLAIM.THE MOST COMMON LENDERS AT AZURE WHERE BARCLAYS PARTNER FINANCE , HONEYCOMB FINANCE AND VACATION FINANCE LIMITED.MOST GOLDEN SANDS OWNERS ARE VICTIMS OF THE INVESTMENT AND RESALE DEAL . Click here to browse all stories. Once again it is Alex Lawson of Alvarez and Marsal of the Cayman Islands who has been appointed administrator, as we know he and his company are behind the mass liquidations of all of the companies owned by the late Robert Bob Trotta. https://lovinmalta.com/news/maltese-time-share-company-at-golden-sands-files-for-liquidation-amid-covid-19-pandemic/ Report inappropriate content 1-2 of 2 replies Sorted by 1 Azure Malta | 2,050 followers on LinkedIn. There have also been claims that false representations were also made about the loans financial impact. On 28 April 2020, Mr Wesley Edwards of CVR Global (B.V.I.) Future of Air Malta. All content on this website is dependent on the opinion of the author. Simply log into Settings & Account and select "Cancel" on the right-hand side. The UK financial conduct authority is investigating 54 million of loans made to timeshare buyers at the Golden Sands resort, a Radisson Blu franchise now owned by International Hotels Investments. Copyright 2023 Times of Malta. It said it was facing a number of litigation claims from clients who allege misrepresentation. Azure Services Limited was an MFSA registered company owned by Corinthia and Mediterranean Overseas Holdings Limited. Creditors have been notified that on May 11 a telephone conference would be held to appoint Richard Galea Debono as liquidator. The company, Azure Services Limited, markets timeshare at the resorts formerly owned by Island Hotels and Winston Zahra, of . Kind regards, It collapsed into the sea on March 8th. What is the typical timeframe for completion of liquidation procedures? All Rights Reserved. Azure has categorically denedhaving conducted inappropriate selling. Timeshare Group in Liquidation Hits the News Again. VCSL in turn has established a company in Malta called VCMS Co Limited, which will employ local staff to service the clubs members. The below update was sent to Azure consumers yesterday. A vote on the potential nominee for the office of the liquidator will also be taken. Whilst it is too early to foresee the potential fallout from this news, we at TCA will be keeping a close eye on developments and will of course publish updates as and when. We use cookies to ensure that we give you the best experience on our website. Following a company announcement made by International Hotel Investments plc (IHI) on 11 December 2019 whereby it informed the market that the operations of the Azure Group were being scaled down given that its allocation of timeshare at the Golden Sands Resort had been largely sold out, the company issued another announcement on 5 May 2020 which