Following the announcement in May 2010 when Classic Marketing Ltd was placed into Examination by order of the High Court, the examiner has been working towards a “Scheme of Arrangement” which involved writing down of the debts together with the securing of further funds for the Company.

The Proposal has now been formulated and a meeting of the Unsecured Creditors has been arranged for Friday 27th August at Wynn’s Hotel, 35-39 Lower Abbey Street, Dublin 1 at 10.00am to vote on the proposed “Scheme of Arrangement”.

The proposal outlines an investment of ?260,000 with agreement of the existing directors and secretary to resign, having first appointed Stephen Fitzpatrick as director and secretary of the Company and Martin Kinirons and John Fitzpatrick as directors. The proposal also outlines that unsecured creditors totalling just over ?1millon shall be paid 4.35% of the debt. Should the Proposal not be accepted the Company entered into liquidation.

Further details will be posted here following the outcome of the Creditors Meeting.

Published on: August 25th, 2010