Prize Magazines Ltd
Prize Magazines Limited (proposed creditors’ voluntary liquidation)
Frequently Asked Questions
- What has happened to Prize Magazines?
The directors approached BRI Business Recovery and Insolvency for assistance in dealing with the Company’s financial affairs and following a number of discussions about the various options available to the Company, a board meeting was held on 1 June 2018 and a decision was taken to cease trading on the same date.
The Company is insolvent and whilst genuine attempts were made to rescue the Company through a formal restructuring process that would enable it to continue to trade; those attempts were unsuccessful. The only viable alternative therefore, that will produce the best outcome for creditors is for the directors to take steps to place the Company into creditors’ voluntary liquidation (CVL).
- Who are BRI Business Recovery and Insolvency (“BRI”)?
BRI are a firm of independent insolvency practitioners who have been instructed by the directors to assist with placing the Company into creditors’ voluntary liquidation. It is anticipated that Thomas Edward Guthrie and Peter John Windatt will be appointed joint liquidators on 17 July 2018.
- What will the liquidators do?
The liquidator’s primary function is to realise assets and distribute them for the general body of creditors. In addition, the liquidator has a duty to investigate the affairs of the Company, including matters of concern raised by creditors. Creditors are therefore requested to provide the liquidator, once appointed, with any matters of concern in relation to the Company.
The liquidator will report to creditors within 28 days of the decision date, giving an indication of the likely assets of the Company and the prospect of any distribution to be made to creditors.
The liquidator will report further on the 12 month anniversary of his appointment, and any subsequent anniversary thereafter.
- Will I still receive my magazines/puzzle books?
All trading activity has now ceased and no further magazines will be published nor distributed by the Company. Please see below for further information on what titles will be affected.
- Will I receive a refund for my subscription?
No. All creditors in a liquidation must be treated equally. The Company does not have sufficient assets to pay its creditors in full, therefore, creditors will only receive money back if there are surplus funds available after the costs and expenses of the liquidation have been paid.
On current information, there is little prospect of creditors receiving a return, however, should the situation change, we will report to creditors accordingly.
- Will I still receive any prizes I am due?
No. The Company is unable to pay out any outstanding prizes.
- What magazines are not affected by the Company ceasing to trade?
- Puzzle Mix
- Codewords Mix
- Prize Puzzles
- Garden & Outdoor Prizes Galore
- What magazines did the Company produce and therefore will now be discontinued?
- Prizes Galore
- Puzzles Galore
- Competitions Galore
- Lucky Break
- Prize Quest
- Prizes & Puzzles Special
- Puzzle Winner
- Puzzle Champions
- Premium Prizes
- Premium Puzzles
- Purely Puzzles
- Cash Prize Puzzles
- Your Puzzle Companion
- Winning Ways
- Big Bumper Puzzles
- Nostalgia Puzzles
- Colouring Companion
- Entertainment Prizes Galore
- Does this affect my subscription with The Oxford Puzzle Company?
The Oxford Puzzle Company is a separate legal entity and your subscription with that Company is not affected.
- Will my lifetime subscription be honoured by The Oxford Puzzle Company?
You should contact The Oxford Puzzle Company is you are not sure of the status of your subscription. The Oxford Puzzle Company will not honour any subscriptions in relation to the Company.
- Does this affect my subscription with The Puzzlers Club?
The Puzzlers Club is a separate legal entity and your subscription with that company is not affected by this liquidation. The Puzzlers Club will continue to supply a publication called Lotto Puzzles.
- Why does Companies House still show the Company as trading?
The current status at Companies House is ‘active’. This means it is a live company, although it is no longer actively trading. Once the Company goes into liquidation, the status will be updated to ‘in liquidation’. Once concluded, the liquidator will take steps to close the liquidation and the status will eventually be changed to ‘dissolved’.
- What action should I take?
You should notify BRI, or any appointed liquidator, of the potential claim you may have in the liquidation, using the proof of debt form which will be sent to you. Please also provide any documentation you may have to support your claim.
- Communication going forward
Due to the number of subscribers affected by this matter, it would be more appropriate to liaise with BRI in writing, by post or email, rather than by telephone.
Please send correspondence to our Milton Keynes office or by email to Joe Carroll at email@example.com.
Please note that it may not always be possible to respond to every individual query, but all correspondence will be placed on file for consideration by the liquidator, once appointed.