On 18 October 2002, RT Group PLC was placed into Members' voluntary liquidation
and two partners in Deloitte were appointed as Joint Liquidators. Find out more
in LIQUIDATION
RT GROUP SIXTH ANNUAL LIQUIDATION MEETING
It has been our practice during the liquidation to hold the annual liquidation meetings
of shareholders in January each year. In December 2008, we applied for the sanction
of the Secretary of State for Business, Enterprise and Regulatory Reform, as required
by the Insolvency legislation, to postpone the annual meeting in order to be able
to hold it in conjunction with the final meeting. The sanction was given on the
basis that it would not be practical or cost effective to hold two shareholders’
meetings within a few months of each other. The final meeting was planned to be
convened by the end of May 2009.
On 4th February 2009 the Joint Liquidators received
a proof of debt from a potential creditor claiming £10m in relation to a property
development undertaken by a former joint venture company. The claim is being made
under a guarantee provided by RT Group PLC (then Railtrack Group PLC) in 1999, some
3 years prior to its liquidation.
We are currently holding sufficient funds to allow
for a payment to shareholders of up to 2 pence per share. However, until such time
as we are able to agree the amount and/or validity of the claim, we will be unable
to make a final payment to shareholders and close the liquidation.
Unfortunately, it is likely that the resolution of this issue will take some time. We have therefore convened the sixth annual liquidation meeting for 8 July 2009.
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