I have a property in Carcassonne and have received my letter outlining the repayment schedule over a ten year period which we accepted as did not feel it was worth arguing over a small sum!! But we will be getting such a small amount back every year it is a bit if a joke. Having said that we have received all rents on time since that time and hope that things will go more smoothly in the future.
Our company is dedicated to accountancy, tax, rent recovery, tax relief...for UK and irish French leaseback owners. We do not own any unit at all. We work for our uk and irish clients and for some associations of owners.
I started working for Ernst&Young and then as financial manager of a international food company including responsability of cash recovery. My job consists in getting info on management companies from shareholders, receivers, and MD of the company. If you wish your clients get paid, never break the relation with the management company, understand the situation, even suggest solutions and then ask for some clients to be paid...it is like fishing you know.
yes of course. To sum up the safeguard procedure is quite recent and a copy of the US chapter 11. It is used when a company is facing huge problems that could result to a bankruptcy. It means that the company is not bankrupt yet. An receiver will be appointed and a plan to sort out the problems will be proposed. The Administrator or receiver will propose any action in order to restore the profitability of the company (including exit from lease contracts). During this period payments are made under control of the receiver.
This is a very short resumé of course as you can find a lot of information on the web, in English if you search for "safeguard procedure in France".
Has anybody received the letter from the Mandataire Judiciaire reference ResidHotel? I received one today and wondered whether anybody has a better understanding of it. Are they proposing that their debts are paid over a 10 year period? I don't believe it says anything about the future of RH but does anyone else have a clearer picture?
I too have just received this letter from Didier Cardon. I understand that we will be paid over ten years but am unsure if we are preferential creditors or not.
Also what is to say that they will not do this again next year or year after.
Having said all that I do not believe that we have any choice but to accept the payment schedule
RH entered into a safeguard procedure the 24th of March which means that the company is protected from any legal action and commandements de payer issued after the 24th Feb are useless as planned.
Now RH can break the leases from the 12 problematic resorts with no penalty. The rents from the 24th will be paid regularly so in April you will receive the rents from the 24th March to 31st March. From this date rents should be paid regularly as the overall cashflow of the company shows . The rent before the 24th will be paid according to a payment schedule agreed between owners and receiver.
C'est La Vie will meet the receiver next week as we met the receiver for Antibes last week. We had already a conference call with the MD/shareholders today to prepare proposals to pay rents due for our clients.
Owners can join associations of course but be carefull to any company proposing services to help here. We try to get a fair view of the situation in order to inform owners the best possible and to protect their interest on a long term basis.
English
Français
Residhotel in Administration
I have a property in Carcassonne and have received my letter outlining the repayment schedule over a ten year period which we accepted as did not feel it was worth arguing over a small sum!! But we will be getting such a small amount back every year it is a bit if a joke. Having said that we have received all rents on time since that time and hope that things will go more smoothly in the future.
Catherine
Residhotel in Administration
Our company is dedicated to accountancy, tax, rent recovery, tax relief...for UK and irish French leaseback owners. We do not own any unit at all. We work for our uk and irish clients and for some associations of owners.
I started working for Ernst&Young and then as financial manager of a international food company including responsability of cash recovery. My job consists in getting info on management companies from shareholders, receivers, and MD of the company. If you wish your clients get paid, never break the relation with the management company, understand the situation, even suggest solutions and then ask for some clients to be paid...it is like fishing you know.
Bertrand from C'est La Vie
mccos39905.4063541667
Residhotel in Administration
Bertrand do you know what the safeguard procedure is?
Annoyed39898.3452662037Residhotel in Administration
yes of course. To sum up the safeguard procedure is quite recent and a copy of the US chapter 11. It is used when a company is facing huge problems that could result to a bankruptcy. It means that the company is not bankrupt yet. An receiver will be appointed and a plan to sort out the problems will be proposed. The Administrator or receiver will propose any action in order to restore the profitability of the company (including exit from lease contracts). During this period payments are made under control of the receiver.
This is a very short resumé of course as you can find a lot of information on the web, in English if you search for "safeguard procedure in France".
Bertrand
Residhotel in Administration
Has anybody received the letter from the Mandataire Judiciaire reference ResidHotel? I received one today and wondered whether anybody has a better understanding of it. Are they proposing that their debts are paid over a 10 year period? I don't believe it says anything about the future of RH but does anyone else have a clearer picture?
Residhotel in Administration
I too have just received this letter from Didier Cardon. I understand that we will be paid over ten years but am unsure if we are preferential creditors or not.
Also what is to say that they will not do this again next year or year after.
Having said all that I do not believe that we have any choice but to accept the payment schedule
Cath
Residhotel in Administration
RH entered into a safeguard procedure the 24th of March which means that the company is protected from any legal action and commandements de payer issued after the 24th Feb are useless as planned.
Now RH can break the leases from the 12 problematic resorts with no penalty. The rents from the 24th will be paid regularly so in April you will receive the rents from the 24th March to 31st March. From this date rents should be paid regularly as the overall cashflow of the company shows .
The rent before the 24th will be paid according to a payment schedule agreed between owners and receiver.
C'est La Vie will meet the receiver next week as we met the receiver for Antibes last week. We had already a conference call with the MD/shareholders today to prepare proposals to pay rents due for our clients.
Owners can join associations of course but be carefull to any company proposing services to help here. We try to get a fair view of the situation in order to inform owners the best possible and to protect their interest on a long term basis.
Bertrand
mccos39905.4061111111
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