Store First Limited (In Liquidation) (CRN: 07463355)

Store First Limited (In Liquidation) (CRN: 07463355)

Please note given the anticipated volume of responses, to minimise legal costs and maximise the return to creditors, individualised replies will not be issued save where necessary pursuant to The Insolvency Rules (England and Wales) 2016.

UPDATE: 20 DECEMBER 2024

Store First Limited (CRN: 07463355) (In Liquidation)

Store First Blackburn Limited (CRN: 07951785) (In Liquidation)

Our Client: The Official Receiver as Liquidator of the Company ("Liquidator" or "office-holder")

Request to the Company's creditors to submit a Proof of Debt under the Insolvency (England and Wales) Rules 2016 (the "Insolvency Rules")

Please note given the anticipated volume of responses, to minimise legal costs and maximise the return to creditors, individualised replies will not be issued save where necessary pursuant to The Insolvency Rules (England and Wales) 2016.

Advertisements in relation to the Notice of First Dividend will be placed in the Gazette in relation to each of Store First Limited and Store First Blackburn Limited in the week commencing 27 January 2025, after which the statutory deadlines in accordance with the Insolvency Rules 2016 will apply (see table below). There are potential claims in other estates which may have an impact on the dividends payable in the estates of Store First Limited and Store First Blackburn Limited; accordingly the Liquidator wants to ensure he is in a position to comply with the statutory deadlines.

Please note if you have already submitted a Proof of Debt and substantiating documentation that you are not required to submit a duplicate Proof of Debt / documentation, in response to the Gazette as the documentation you have provided is being considered and will be adjudicated upon. Pursuant to Insolvency Rule 14.4(3): The office-holder may call for the creditor to produce any document or other evidence which the office-holder considers is necessary to substantiate the whole or any part of a claim. You will be contacted directly if further documentation is required.

In relation to the timetable please see the statutory deadlines below as set out in accordance with the Insolvency Rules 2016.

1. After the last day for proving, under rule 14.32(1), unless the office-holder has already dealt with them, the office-holder must within 14 days of the last date for proving set out in the notice: admit or reject (in whole or in part) proofs delivered to the office-holder; or make such provision in relation to them as the office-holder thinks fit.
2. Under Insolvency Rule 14.33(1) The office-holder may postpone or cancel the dividend in the period of two months from the last date for proving if an application is made to the court for the office-holder’s decision on a proof to be reversed or varied, or for a proof to be excluded, or for a reduction of the amount claimed (2) The office-holder may postpone a dividend if the office-holder considers that due to the nature of the affairs of the person to whom the proceedings relate there is real complexity in admitting or rejecting proofs of claims submitted; and (3) Where the dividend is postponed or cancelled a new notice under rule 14.29 will be required if the dividend is paid subsequently.

UPDATE: 12 DECEMBER 2024

FSCS has confirmed it intends to submit proof of debts in relation to those investors who received compensation from FSCS and made their investment via SIPPs. A substantial volume of proof of debts relate to FSCS compensated investors. The Official Receiver is awaiting receipt of these Proof of Debts in order to determine the timetable going forward.

The Official Receiver has not formally adjudicated any Proof of Debts to date. Adjudication will be in accordance with the Insolvency Rules 2016. Any suggestion to the contrary is incorrect. To date, there are no priority creditors in the liquidation. If the value of admitted claims exceeds the funds in the estate, and full dividends are not capable of being paid, dividends will be calculated on a pro rata basis and distributed by way of pence in the £ to those creditors whose claims are accepted.

As matters stand, the Official Receiver is currently not in a position to adjudicate those Proof of Debts received from FSCS compensated investors pending receipt of the Proof of Debt from FSCS. To do so would result in considerable additional legal costs being incurred and reducing the dividends payable to those creditors whose proofs are accepted.

To minimise costs replies will not be issued on individualised basis given the volume of investors who have submitted proof of debts.

A further update will be issued over the course of next week (16 December 2024).

UPDATE: 15 NOVEMBER 2024

The Official Receiver in his capacity as Liquidator of Store First Limited and Store First Blackburn Limited is engaged in ongoing discussions with the Solicitors for the Financial Services Compensation Scheme ("FSCS") to consider a way forward in relation to the investors in storage pods, who have received compensation from FSCS and who made their investment via SIPPs. A substantial volume of proof of debts relate to FSCS compensated investors. These discussions have resulted in a delay to the formal timetable being provided as regards the next steps. It is now anticipated that timetable will be provided in the week commencing 2 December 2024. To minimise costs replies will not be issued on individualised basis given the volume of investors who have submitted proof of debts.

UPDATE: 18 OCTOBER 2024

We have received a large volume of Proof of Debts and supporting documentation which we are working through. During the week commencing 11 November 2024, it is anticipated that we will be in a position to give a clear timetable relating to the acceptance / rejection of the Proof of Debts, as well as the formal requirements the Official Receiver / Liquidator has to comply with, in line with the Insolvency Rules 2016. We would ask that you bear with us, in the intervening period, and avoid sending correspondence requesting updates, as this will delay matters.

We have also received a considerable volume of general enquiries. As explained previously, considerable costs would be incurred in responding to individual enquiries, which would mean the monies available for dividends would be substantially reduced. The letter of 13 September 2024 sets out the position as regards submitting Proof of Debts. We have however set out below replies to some of the more common queries in the hope that this will assist you. This is not intended to be legal advice.

1. If you have queries regarding FSCS compensation and whether it is appropriate to submit a Proof of Debt, those queries should be directed to the FSCS.
2. If you purchased via SIPP, our letter dated 13 September 2024, sets out the general position regarding SIPPs. See Paragraph 4. Please contact the SIPP Provider for further information. Unfortunately the Official Receiver is unable to comment further

Please note as regards 1 & 2 above, the Official Receiver / Liquidator cannot predetermine the outcome of Proof of Debts submitted. For further detail please see our letter of 13 September 2024 which sets out some of the potential grounds for investors to submit a Proof of Debt.

3. Pod ownership is not impacted by the submission of a Proof of Debt.
4. We have set out below the steps as regards completing a Proof of Debt form.

Further Guidance on completing a Proof of Debt:

If you think you have a claim for a debt you consider is owed to you by the Company, please complete the form (as included in our correspondence dated 13 September 2024 and available at the website for the Company) and return to this firm by email to storefirstlimited@uk.gowlingwlg.com quoting reference 2768176. By way of example only, you might include:

1. The name of the person/ party who you believe is owed money at section 1
2. The address of the person/ party who you believe is owed money at section 2
3. The sum of money you think is owed at section 3
4. Details of why you think the debt is owed in section 5 – you can provide additional information on a separate page if you require further space.
5. Details of any documents relevant to the debt in section 8
6. Signature of the person/ party owed money (or person authorised to act on their behalf) in section 9
7. Name of person signing in section 11, and details of who is signing in section 12.
8. You do not need to fill out the section below section 12.

If you think you have any documents that support your claim, please send those by email along with your proof of debt. Depending on the basis to your claim, these might include for example bank statements showing proof of payment, sales documentation and communications with the Company.

The Official Receiver / Liquidator is unable to offer legal advice and his position is generally reserved.

Investors are continuing to be contacted by fraudsters, purporting to be connected to the Official Receiver / the Liquidator and / or the Insolvency Service. We repeat that the Official Receiver / Liquidator or the Insolvency Service will never ask you for money. The timeframe as regards the acceptance and rejection of claims will be posted on the relevant webpages during the week commencing 11 November 2024.

UPDATE: 20 SEPTEMBER 2024

Neither the Official Receiver nor this firm are in any way affiliated with, and have no knowledge of, 'London Bridge 2 PCC and/or the 'Dubai Investment Fund'.

To reiterate, neither the Liquidator nor this firm are in a position to provide legal advice to potential creditors of the Company in relation to any potential scams. The Official Receiver will not ask you to make any payments in relation to the Liquidation and any request for payment is likely to be a scam. If you consider that you have been contacted by a scammer in relation to Store First Limited, please contact PIU.OR@insolvency.gov.uk.

Request to creditors of Store First Limited to submit a Proof of Debt

The purchase of storage pods in itself does not amount to a valid claim in the liquidation of the Company. The Liquidator's position is fully reserved.

Where you consider you have a valid claim, in the Liquidation of Store First Limited, please complete the proof of debt. Our letter of 13 September 2024 explains in further detail the procedure to submit a Proof of Debt. [Pursuant to The Insolvency (England and Wales) Rules 2016].

Please email a completed Proof of Debt and supporting documentation to storefirstlimited@uk.gowlingwlg.com by 4pm on 11 October 2024 quoting reference 2768176

The Insolvency (England and Wales) Rules 2016

• Rule 14.4 - Requirements for Proof of Debt
• Rule 14.7 – Admission and rejection of Poofs for dividend
• Rule 14.8 – Appeal against decision on Proof
• Rule 14.9 – Office-holder not liable for costs under rule 14.8
• Rule 14.28 - Gazette Notice
• Rule 14.29 - Intention to Declare a dividend
• Rule 14.32 - Admission / Rejection of Proofs following last date for proving
• Rule 14.35 - Declaration and distribution
• Rule 1.50 - Notice of Use of Website

Re Condon ex parte James (1873-74) LR Ch App 609

Report to Creditors

Potential fraud

Please be mindful of scammers attempting to contact you in respect of the Company. The Official Receiver will not ask you to make any payments in relation to the Liquidation and any request for payment is likely to be a scam. Please be aware that any correspondence sent in respect of the Company shall be posted on this website, sent to you from the official email address storefirstlimited@uk.gowlingwlg.com or sent by post from Gowling WLG. If you consider that you have been contacted by a scammer in relation to Store First Limited, please contact PIU.OR@insolvency.gov.uk

FOOTER: The letter of 13 September 2024 sets out further detail regarding submitting a Proof of Debt. No personal liability shall fall on the Liquidator, his staff, or on the Liquidator's Solicitors or any agents or advisers of the Liquidator under or in connection with or arising from this webpage. Individuals who access this webpage should always seek appropriate legal advice from a suitably qualified lawyer before taking, or refraining from taking, any action. The contents of this webpage should not be construed as legal or other professional advice and Gowling WLG (UK) LLP disclaims liability for any loss, howsoever caused, arising directly or indirectly from reliance on the information in this webpage. For the avoidance of doubt, there is no express or intended waiver of legal professional privilege or confidentiality in relation to any communications, documents or their contents as between the Liquidator and his legal advisers and any third parties where privilege has or may be asserted on his behalf.