IMPORTANT UPDATE: PHILIPS TRUST CORPORATION LIMITED (“the Company”) – APPOINTMENT OF ADMINISTRATORS
IMPORTANT UPDATE: PHILIPS TRUST CORPORATION LIMITED (“the Company”) – APPOINTMENT OF ADMINISTRATORS
Geoff Bouchier and James Saunders of Kroll Advisory Ltd. have been appointed Administrators of Philips Trust Corporation Limited (“the Company”) at 12.22pm on 22 April 2022 by order of the Court following an application by the director.
The director of the Company took this decision, having regard to the Company’s present and likely future financial position, in order to protect the interests of its creditors and clients. The application to Court was made because, in the circumstances, the Administrators required certain powers and permissions to enable them to carry out their functions, which required the Court’s consideration and approval.
Company Clients
Shortly following their appointment, the Administrators wrote to all of the Company’s Clients that they were aware of to notify them of the Administration. The Administrators have also recently been made aware of a number of additional Clients of the Company of whom they were previously unaware. The Administrators are now in the process of writing to those Clients to provide them with similar notification of the Administration.
The Administrators have prepared an FAQ document to assist Clients understand the background to the Administration appointment. This contains further information about the Administration process and what to expect, your current position as a Client and the general status of assets that Clients may have placed into trust, with the Company acting as either sole or co-trustee. Relevant contact details are also included in the FAQ.
The FAQ also has a link to the Court Order appointing the Administrators. This FAQ document is being updated by the Administrators, as and when they become aware of additional information to aid them answer Client queries. The last update was 1 June 2022.
During the Administration, the Administrators will also have a number of statutory documents that will be issued to creditors and Clients. All documents being provided to Clients, are being provided below:
- Joint Administrators’ Report to Creditors and Statement of Proposals dated 15 June 2022
- Updated FAQs: 24 June 2022
- Application Documents
- Sealed Court Order
Company Suppliers and Creditors
If you are a supplier of goods and services to the Company and are owed money by the Company, you will be contacted by the Administrators shortly formally notifying creditors of the Company of the Administration. This will contain further information about the Administration process and what to expect, to include details of how to register creditor claims in the Administration.
Should any creditor have a question for the Administrators in the interim period, they can contact them directly at PTC@kroll.com.
Alternatively, you may write to us at: PTC Case team, c/o Kroll Adv Ltd., The Chancery, 58 Spring Gardens, Manchester, M2 1EW.