January 2012 distribution - Frequently Asked Questions
1. Who will receive a cheque?
All valid unsecured creditors whose claims were submitted by 11 November 2011 will receive a cheque in respect of the second interim distribution in January 2012.
Any valid unsecured creditors whose claims were submitted after 11 November 2011 will be dealt with in due course.
2. What is being repaid?
Valid unsecured creditors will receive a share of the Company’s surplus assets based on the value of their unsecured claim.
This interim distribution is 8.9 pence in the pound. All valid unsecured creditors will therefore receive 8.9 pence for every pound of their unsecured claim. For example, a creditor owed £100 will receive a distribution of £8.90.
The interim distribution brings total distributions in this matter to 23.9 pence in the pound, following the first distribution of 15 pence in the pound made in June 2011.
We anticipate that a third and final distribution will be made to unsecured creditors following the resolution of a number of outstanding matters, however, we are not yet able to confirm the quantum and timing of any subsequent distribution. We currently estimate that the total return to unsecured creditors (ie the sum of all distributions) will be in the region of 25 pence in the pound.
For the avoidance of doubt, the Company has insufficient funds to repay all unsecured creditors in full.
3. I have received a cheque but it is for the incorrect amount, what should I do?
you have received a cheque and you believe this to be for the incorrect amount (i.e. does not equate to 8.9 pence per £1 of your unsecured claim), please return your cheque to the following address along with the ‘dividend query form’ which can be downloaded here:
Zavvi Retail Limited (In Creditors’ Voluntary Liquidation)
c/o Ernst & Young LLP
100 Barbirolli Square
Manchester
M2 3EY
If you are not able to download the dividend query form, please ensure that you provide your name, address, telephone number and claim reference ID for return correspondence. Please allow 28 days for a response.
4. I have received a cheque but can’t cash it as the name on the cheque is incorrect, what should I do?
If you have received a cheque but are unable to cash it, please return your cheque to the following address along with the ‘dividend query form’ which can be downloaded here:
Zavvi Retail Limited (In Creditors’ Voluntary Liquidation)
c/o Ernst & Young LLP
100 Barbirolli Square
Manchester
M2 3EY
If you are not able to download the dividend query form, please ensure that you provide your name, address, telephone number and claim reference ID for return correspondence. Please allow 28 days for a response.
5. I have moved address but have not notified the Joint Liquidators, what should I do?
If you have recently moved address but have not notified the Joint Liquidators please write to the following address, ensuring that you include both your old and new address details to enable us to verify your claim.
Zavvi Retail Limited (In Creditors’ Voluntary Liquidation)
c/o Ernst & Young LLP
100 Barbirolli Square
Manchester
M2 3EY
Please ensure that you provide your name, address, telephone number and claim reference ID for return correspondence. Please allow 28 days for a response.
6. I have not received a cheque, why?
Only creditors who submitted a valid unsecured claim to the Joint Liquidators by 11 November 2011 have received a cheque as part of this distribution.
If you submitted a valid claim before this date and have not received a cheque by 10 February 2012 please write to the Joint Liquidators at the following address:
Zavvi Retail Limited (In Creditors’ Voluntary Liquidation)
c/o Ernst & Young LLP
100 Barbirolli Square
Manchester
M2 3EY
Please ensure that you provide your name, address, telephone number and claim reference ID for return correspondence. Please allow 28 days for a response.