Seven Club Class holiday companies wound-up by Insolvency Service - Business Credit News UK
Member's Login
Email:

Password:


Save password
Forgot your password?
 Why Register?
 Register Now

Latest News Highlights
Top tips for SMEs dealing with seasonal fluctuations
ICM surveying opinions for the latest ICM UK Credit Managers' Index
 
New Links
Schema Limited - Bangladesh
Credit reporting agency in Bangladesh
 




Apr 21 2014
Add this page to your favourites Need help navigating this site? View a map of this sites contents
 
Home > News > Article
 
Seven Club Class holiday companies wound-up by Insolvency Service
 

Oct 14 2012
Seven connected companies, which mis-sold membership of a concierge holiday scheme to the public while ostensibly conducting meetings to propose action against timeshare deals, have been wound up in the public interest by the High Court in London.

The order to wind up the companies, five of which were registered in Seychelles and two in the UK, followed an investigation by the Company Investigations team of the Insolvency Service in London.

The Secretary of State for Business, Innovation and Skills petitioned to wind up all the companies, collectively known as Club Class, as they were all intimately involved in the marketing of the scheme in the UK.

One of the English companies, Bridge View Consultants Ltd sold the Club Class product to the public in the UK at meetings which were ostensibly arranged to address people who had been mis-sold timeshares.

At these meetings, timeshare owners were encouraged to sign up to a group action against the timeshare industry to be conducted by an organisation called International Timeshare Refund Action (ITRA).

The court heard that instead, the ITRA presentation became a Club Class presentation in which consumers were informed there was a “one-off” opportunity for them to irrevocably relinquish their timeshares in part-payment for the substantial cost of the Club Class membership, which ranged from around £7,000 to £15,000. Consumers were unaware in advance that this was the true purpose of the meeting.

During the meetings, some lasting up to six hours, consumers were put under immense pressure to exchange their timeshares, which they were told were essentially worthless, but could be set off against the cost of their holiday club membership.

Consumers were also told that their timeshare liabilities would continue in perpetuity and pass to their heirs. The principal inducement was that the Club Class group would arrange for the release of the consumer from these onerous liabilities by effecting transfer or other means. Cash-backs were also offered as another sales promotional tool.

In fact, consumers’ timeshares were simply returned to the resort owner and no real efforts were made to assume their liability. As a result, consumers continued to receive maintenance demands from the resort owners. A representative of the Seychelles companies , Dennis Gilson, , admitted in court that because of the onerous terms that had to be complied with to receive a cash payment, the cash-back offers were the equivalent of a spot-the-ball competition.

In making the winding-up orders, the Court found that in addition to the mis-selling and lack of commercial probity which generated a significant volume of complaints, there was a lack of transparency within the operations of the companies. The companies’ officers also failed to co-operate with the investigation.

Commenting on the case, David Hill an Investigation Supervisor with The Insolvency Service said:

“These companies were set up with the aim of duping consumers, who in some cases had already suffered from unfair timeshare deals, by using slick patter for what was in reality the selling of an illusion. There was nothing investors could gain from paying to these companies.

“This action shows that The Insolvency Service will investigate and close down companies set up to scam the public”

Details of the seven companies wound up are as follows: UK - Club Class Concierge Ltd and Bridge View Consultants Ltd. Their registered office is 9 Wimpole Street, London, W1G 9SR.

Seychelles – Club Class Concierge plc, Club Class International plc, Club Class Holdings Ltd, Club Class Corporation plc and Club Class plc. Their registered legal address, since registration, has been situated at 2Fl Allied Bldg, Annex Francis Rachel St Victoria, Mahe, Seychelles.

All public enquiries concerning the affairs of the companies should be made to: The Official Receiver, Public Interest Unit, 4 Abbey Orchard Street, London, SW1P 2HT. Telephone: 0207 637 1110 Email: [email protected]


Print this article     
 
Channels
Post News
News Archive
News Search
Letter To Editor
 
News Headlines
Top tips for SMEs dealing with seasonal fluctuations
ICM surveying opinions for the latest ICM UK Credit Managers' Index
Meeting of Creditors Liquidation Notices - Section 98 of the Insolvency Act 1986 - 17 April 2014
Winding Up Petitions (Companies) Notices - 17 April 2014
Appointment of Administrators Notices - 17 April 2014
Administrators appointed to sit-up Limited the digital broadcaster behind Price Drop and Bid TV
Buyers sought for Dorchester and Bournemouth care homes
Paym back on pay day
Winding Up Petitions (Companies) Notices - 16 April 2014
APCOA PARKING Group receives English High Court sanction of Schemes of Arrangement
Follow Us On
Follow us on Twitter Check out our blog posts Go to our LinkedIn profile Subscribe to our RSS feed

Shopping Cart
Items: 0 Total: 0.00
View items in your shopping cart Checkout
 



Upcoming Events
ICM Student evening
Understanding Credit Information
Optimising the Management of your Credit Insurance Policy
ICM WEBINAR – Telephone Collections
International Restructuring Conference
Search for more events…

Top Products
Equifax Full Status Report - UK
Experian Gold Limited Company Report

Special Offers
In Focus UK Credit Reports
 
As featured on News Now
 

Homepage | Feedback | About Us | FAQs | Sitemap | Terms & Conditions | Privacy Statement | Help Page | Advertising