PNG creditors to appoint liquidator
Share
A letter has been sent by Elwell Watchorn & Saxton LLP to all known creditors of the network, which closed to new business in February.
The meeting is due to be held at the EWS head offices in Leicestershire on May 20, once PNG shareholders have passed a resolution to wind up the company.
It encloses the formal notice of a creditor’s meeting to appoint a liquidator to deal with the winding up of PNG.
The letter, seen by Mortgage Strategy, states that a liquidation committee may also be formed made up of between three and five creditors to monitor the progress of the liquidation.
Voting rights will be attributed according to the sums creditors are owed.
Appointed representatives that are not part of limited companies who are owed commission by PNG can vote if they are attend the meeting and bring a statement of their claim, or nominate somebody else to attend on their behalf.
If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat
