Dear Founder Members
At 11.45 on the 12th April 2011, both MLI and BHIC went into Administration.
The administrators, Sandy Kinninmonth and Karl Jackson, are two gentlemen from RSM Tenon Southampton office who will be in touch with me about the sale. They are at the moment in the BHIC harbour office securing the business.
This means that the companies continue to exist and trade and will be run by the administrators until their assets are sold at the best price on a controlled basis.
He says that this will not happen in a rush.
Mr Billot will no longer be involved. His job was to see if a Creditors Voluntary Arrangement could be organised and a clever solution put together but this was not possible in view of the complexity of the whole thing.
Mr Paul Norris claims are still very grey and he will now just have to join the queue and make his claim.
Customs & Excise will join the queue as well.
The bank remains the priority creditor.
He has not spoken with Mr Blatch (other than once briefly bumping into him on the Island by mistake) in view of his disqualification position.
This is all public information now and will be in The London Gazette and the local and possibly national press shortly.
He says the Administrators will be getting in touch with the DfT re 1963 Act issues.
If the exit is by a company then the ACT will still work if not they will have to get the authority of the SoS to transfer the obligations and authority to a new entity.
We have been planning a combined meeting with Andrew Turner, the DfT and the IoWC to come to a conclusion on Harbour Act responsibilities, which they both have been trying to get out of. I think that this meeting is still just as important.
The High Court hearing due to be held on 20 April brought by Customs and Excise to wind up BHIC for unpaid VAT will now of course not take place.
Chairman Bembridge Harbour Trust