The administrators of Cabec Ltd, which traded as Cream Club, say there could be a creditors meeting within weeks.
Insolvency manager James Hopkirk, at Begbies Traynor, said: “Jamie Taylor and Lloyd Biscoe of Begbies Traynor were appointed joint administrators on May 5, 2015.
“The appointment was made by the holder of a qualifying floating charge, Factor 21 PLC.
“We have requested that the director provides us with a Statement of Affairs in relation to the company and this document will be filed at Companies House once received and will reflect the company’s liabilities.
“The business and assets of the company were sold on May 5, 2015, to The Cream Club Limited following a professional valuation.
“The administrators have a duty to prepare their proposals concerning the administration and arrange a creditors meeting where appropriate within eight weeks of their appointment.
“Any creditors or customers of the company can contact myself or the joint administrators on 01702 467255.”
Comments (12)
Looks like Cook is getting desperate – https://creamclubthetruth.wordpress.com/
Really?
People, Companies subscribe to this?
Ok!…… The Moon is made of cheese and I’m selling Moon Cheese!
Ah?…. Wallace & Gromit got there already!… back to the cheeseboard then!
It would be interesting to know if anyone has successfully terminated their contract using the `in the event of administration` clause??
Business as usual for Cream Club. I received an invite to join, a newsletter telling me how great they are and a lottery ticket from Cream Club Ltd in this mornings post!
Seems like a little thing like going into Admin has had no effect whatsoever on them.
That is what is so wrong about all of this! The directors of Cabec Ltd & Cream Club Worldwide (business previous to Cabec) can accumulate debts but just walk away and continue day to day business as if nothing has changed.
The facts are numerous people are owed thousands, people have moved families to work there only not be paid, people now have bad credit as a result, marriages have been broken and innocent people/victims sufferered. Its unbelievable how they can continuously get away with it and even more unbelievable how agents support this sham!! They can get out now, they have no more excuses.
I wonder what the estate agents vendors would think if they were made aware that the agent was supporting this sham?!?! now there is a thought!!
The whole thing stinks and should be the subject of a major investigation by whoever is responsible for business in the government.
Sounds like a Pre-Pack. Legal because it can argued that less overall damage results if a business that is in trouble is allowed to walk away from creditors and continue trading with various legal and other adjustments.
Generally not recommended as a great way to make friends however.
Pre-packs are often presented as “the least worst solution”. In my view that’s like paying a ransom to a kidnapper and arguing that it’s the least worst solution, because it means the “bad guy” gets away and does nothing to deter either him or others from doing it again.
I remember one of the top chefs (think it was Anthony Worrall-Thompson, immediate and unqualified apology if it wasn’t ) doing something similar, expecting businesses owed money from his old company to trade with his new company, arguing that “they have an opportunity to make up their losses by earning profits from trading with our new company”. I wondered at the time how he’d feel if me and my family ate a big slap-up meal, announced we couldn’t pay, and suggested he recover his losses by welcoming us back to eat his food all over again
I don’t believe the company has any assets – everything from offices, to equipment being rented. “Assets” is presumably an umbrella word to cover the internal movement of Craig & Co to a fresh “Debt-free” (?) position. When will this farcical financial musical chairs be halted..??
I believe one of the assets with be all the software IT etc that are used to run the agents TV site/platform because if it is not then all the agents will have lost property animation produced by Cabec Ltd!!!
I cannot say too much about our situation due to legal proceedings but all I can say is that the administrators selling all assets to Cream Club Ltd so they can continue as they were but without the debt (leaving creditors high and dry) does not seem quite right.
I wonder if agents featured promoting his ‘services’ still support their testimonials? from the Cream website these include –
Martyn Gerrard, Hertiage, Hall & Benson, Paul Carr, Beresfords, Churchill, Michael Anthony, The Property Centre, Perry Bishop, Robinsons, White & Guard, Barton Wyatt, Spire, James Du Pavey, Sowerbys, Ferndown Estates, Beardmore Webb, Paul Dubberley
Would love to know the definition of assets – from his map of the world, he’s presumably classing the assets being the things that he hasn’t paid for from the poor people that morally and loyally supplied goods that are now owed significant amounts of money by this man who wouldn’t know what morals and loyalty were if they smacked him in the face.
Any agent still engaging with this outfit should hold their head in shame!
What a farce! Wonder how much he was sold the ‘assets’ for? now trading under Cream Club Ltd debt free!