What is the role of the Official Receiver?
In his role as liquidator, the Official Receiver is an officer of the court and is independent from government. The Official Receiver works for the Insolvency Service, which is an agency of the Department of Business, Energy and Industrial Strategy. He is liquidator of the Company and his duties include realising assets, dealing with creditors' claims, and investigating the cause of failure.
The legal and practical consequence of liquidation is that the liquidator takes over the day-to-day control of the Company. In liquidation, the directors will have no continuing role in controlling and managing the Company.
The Official Receiver's priority will be to ensure the safe repatriation of the Company's customers who are overseas and wind-down the business, while also looking to achieve the best outcome for creditors.
What is the Special Managers' role?
The Special Managers were appointed by the High Court to support the Official Receiver in managing the affairs, business and property of the Company, in accordance with the powers and duties contained in the order appointing them.
The Special Managers act as agents of the Company, without personal liability.
The Special Managers of Travel and Financial Services Limited (in liquidation) are Blair Nimmo, Jim Tucker and David Pike.
Blair Carnegie Nimmo is authorised to act as insolvency practitioner by the Institute of Chartered Accountants of Scotland. James Robert Tucker and David John Pike are authorised to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales.
The Special Managers are bound by the Insolvency Code of Ethics.