Sands Heritage to be Wound Up
Posted: 18 Sep 2017, 08:03
Sands Heritage is to be wound up and to go into liquidation unless any objections are made to this
Dreamland creditors: Meeting called to arrange payment of £2.9 million debts
The company running Dreamland has applied to the High Court for a voluntary arrangement to settle debts of almost £2.9 million. Sands Heritage Limited has called a creditors' meeting for December 23, where proposals around outstanding debts will be discussed. But, Thanet council this evening revealed it knew nothing about the formal arrangement with creditors.
Under a voluntary arrangement (CVA), companies can continue to trade where there is an agreement with creditors to pay debts over a fixed period. Directors of the company have formally applied to enter into a CVA as they say it is not in a position to meet its liabilities “as and when they fall due.”
The CVA proposes that the company will pay its creditors an initial sum of £912,992 within one week of approval of the arrangement. It says that money has become available following the settlement of a dispute with Thanet council in November. The full sum owed of £2.9 million will be paid within five years, according to the agreement
Dreamland creditors: Meeting called to arrange payment of £2.9 million debts
The company running Dreamland has applied to the High Court for a voluntary arrangement to settle debts of almost £2.9 million. Sands Heritage Limited has called a creditors' meeting for December 23, where proposals around outstanding debts will be discussed. But, Thanet council this evening revealed it knew nothing about the formal arrangement with creditors.
Under a voluntary arrangement (CVA), companies can continue to trade where there is an agreement with creditors to pay debts over a fixed period. Directors of the company have formally applied to enter into a CVA as they say it is not in a position to meet its liabilities “as and when they fall due.”
The CVA proposes that the company will pay its creditors an initial sum of £912,992 within one week of approval of the arrangement. It says that money has become available following the settlement of a dispute with Thanet council in November. The full sum owed of £2.9 million will be paid within five years, according to the agreement