Azure Liquidation Updates
Updates 07/05/20, 08/05/20, 13/05/20, 19/05/20 & 20/05/20
Azure Services Ltd. Malta Liquidation 07/05/20
KwikChex has been informed that Azure Services Ltd. of Malta has entered into liquidation proceedings.
Click here to view the PDF notification that has been issued concerning this.
At this stage, it is not clear how this may affect a number of issues, from continuing timeshare ownership, to the ongoing matters concerning legal challenges made regarding loans made for the purchasing of timeshares through Azure during the period between 1 April 2014 and 24 April 2016. Click here to view a copy of the PDF of decision made in August 2018 by Judge Timothy Herrington.
All of these matters are likely to be complex and take some time and KwikChex will do all possible to provide updates. In the meantime, we strongly recommend that those likely to be affected – creditors and timeshare owners, register their interest as per the notice by sending an email to the following address – firstname.lastname@example.org As there is an initial creditors meeting (by telephone conference call) at 17.00 hrs Central European Time on Monday 11 May, you may wish to do this as a matter of urgency.
We would also urge Azure timeshare owners to be very cautious regarding any approaches made regarding ‘compensation claims’. We have seen many examples of attempts to defraud consumers in similar circumstances. The fact is that at present, both the status of the timeshare ownerships and the question of the challenged loans are going through legal processes and the outcomes are currently unknown. If you are approached, get all the details you can – preferably asking those that make the approaches to put details in an email to you. KwikChex will be pleased to respond to any owners making checks in this regard.
Further Azure Information 08/05/20
Information coming direct to KwikChex and in the media in Malta appears to confirm that timeshare ownership at the Golden Sand Resort in Malta will not be affected by the insolvency proceedings taking place concerning Azure Services Malta, which operated as the sales & marketing company for timeshares at the resort.
Major shareholder Corinthia Group expressed its intention to conduct the liquidation process in an orderly manner and that timeshare owners would continue to enjoy the same service and benefits as they had in past years. They reaffirmed that the Golden Sands Resort will fully honour all timeshare commitments arising from obligations entered into with existing members.
With regard to matters related specifically to Azure Services Ltd. such as the review ordered of loans for timeshares that took place between 1 April 2014 and 24 April 2016, this matter remains ongoing. KwikChex continues to urge caution regarding any approaches to timeshare owners by businesses offering compensation services and will be pleased to help owners evaluate any such approaches.
KwikChex has been in contact with a number of parties, including trustees and will continue to provide information to the best of our ability. Further updates are expected to be available next week.
Azure Clarification 13/05/2020
Several owner / members at ‘Azure Malta’ – the timeshare clubs Island Residence Club, The Heavenly Collection and Azure Ultra, have been asking KwikChex for further clarification as the information first released regarding insolvency processes was difficult to understand. KwikChex has been in contact with the liquidators, who continue to reassure that the benefits of timeshare ownership will remain.
We have specifically asked if owners have to contact the liquidators to ensure their rights are secured and / or complete the claim forms for creditors and have been advised that they do not have to do this. For the sake of clarity, please see a copy of the response we received – which also includes a link to a dedicated information website.
With regard to consumers that may have already been seeking to relinquish their timeshares or are actually involved in claims processes, these will need further assessment and KwikChex will be pleased to assist upon request.
Some consumers have also been seeking clarification regarding the earlier court order concerning loans made to purchase timeshare between 1 April 2014 and 24 April 2016. This is an ongoing review process by the UK Financial Conduct Authority (FCA) and will continue.
We again advise members / owners to be extremely cautious if approached regarding claims said to be connected to the liquidation process. KwikChex will be pleased to help evaluate any such approaches.
Response to our request for clarification below:
Thank you for your email.
At the current stage, the members do not have to contact the liquidators or complete the claim form.
Members of the timeshare clubs managed by the Company are considered to be a stakeholder in the liquidation to the extent that the Company remains the club manager for Island Residence Club, The Heavenly Collection and Azure Ultra. As mentioned in the FAQs, we are working diligently to transfer the role of club manager so that the club can continue and members remain able to utilise their timeshare holiday entitlement. We will provide members with updates on our progress through the dedicated website – https://cvr.global/azure/.
We will have more information in the coming weeks.
The first creditors meetings have taken place with regard to the various ‘Azure companies’. These were formalities as such to enable the continuation of the liquidation process.
For Azure timeshare owners, the principal interest is in the continuing right to use their weeks at the resort and KwikChex is advised that there is no change to previous statements in this regard – i.e., that the rights will continue as soon as the travel restrictions related to Covid-19 are lifted.
KwikChex will continue to provide updates.
We have been advised by an Azure consumer of an important update from the Joint Liquidators. The email received by the consumer from Azure contained the following information:
Please note this important update from the Joint Liquidators, which includes reference to the appointment of the new club manager.
Alternatively, download the update directly (PDF download).