The London Vines Ltd
Monday, 5 January 2015
Barry Gamble (The London Vines Ltd): judgment in default – £741,647.45
The London Vines Ltd
Today I received a copy of the liquidator's progress report on the first 12 months of the liquidation of The London Vines Ltd, a 'wine investment' company, where the shareholders did rather better than their clients. The report was prepared by Alisdair Finlay, the liquidator and covers 31 October 2013 to 30 October 2014.
It certainly made interesting reading.
The headline story is that Barry Michael Gamble has been hit with a judgment in default to pay £741,647.45 related to the misfeasance claim brought by the liquidator. Barry Gamble was the sole director of The London Vines Ltd from 26th January 2010 to 9th April 2013.
Further details here:
'Settlement re Misfeasance Claim
'Following analysis of the company bank statements for the period 1 February 2012 to the date of liquidation it was discovered that large sums of money had been paid to the shareholders and relatives of shareholders for which there were no records to substantiate the payments. Despite writing to each of the shareholders involved, none were able to provide satisfactory responses and as such I instructed solicitors to commence recovery proceedings. A claim was drafted against Barry Michael Gamble, Robert Scott Phillips, Amanda Sarah Gamble, Sylwia Phillips and David Phillips. A offer of £27,000 was made and accepted in respect of the claim against David Phillips in the sum of £33,776.
'A settlement has been reached with Robert Phillips and Sylwia Phillips that a payment of £90,000 will be made by 16.00hrs on 19 January 2015. This settlement has been agreed based upon the available equity in the matrimonial property. This settlement is in respect of claims mad against Robert Phillips in the sum of £152,802 and Sylwia Phillips in the sum of £123,294.
'Barristers were instructed to give advice on the merits of obtaining an injunction against the assets of Barry Gamble. Searches on property websites showed that the matrimonial home was on the market for sale. Unfortunately no application for an injunction was made as Counsel weren't confident of success and an unsuccessful application could have resulted in a costs order against the liquidator for which he could have become personally liable.
'A judgment in default was obtained against Barry Gamble in the sum of £741,647.45. An application has been made to court to apply for a charging order against property held in the defendant names. We are still awaiting confirmation from the Court of Judgment in default against Amanda Gamble in the sum of £179,263.61.
'Directors Loan Account
'Robert Phillips has agreed by way of consent to repay a Directors loan of £35,926 over a period of 71 months payable by 71 monthly instalments of £500 and one final instalment and one final instalment of £426. As at the date covered by this report £1200 had been collected.'
In relation to Robert Phillips, who was appointed sole director of The London Vines Ltd on 9th April 2013, the report details 'In addition due to a dispute between shareholders, the Director, Robert Phillips claimed that he was unable to access any of the client information from the computers held at the trading premises as the passwords had been changed by Barry Gamble.'