Home Payments customers get interim cash
10 August 2012
Home Payments customers get interim cash
The Joint Liquidators to Home Payments Limited have been given approval by the High Court to distribute an interim payment to impacted customers of the household and family management company.
The Joint Liquidators - Eamonn Richardson of KPMG and Eamonn Leahy of Leahy and Co are currently in the process of communicating directly with customers.
In total, customers were owed approximately E6.7 million by the company at the date of appointment of the liquidators.
A sum of approximately E2.1 million was retained in the company's accounts at the time of the appointment and they said today that it is their view that the E2.1 million constitutes monies held on trust for the customers of Home Payments.
The High Court approved a sum of E1.2 million to be paid now to customers as an interim distribution of funds from the trust monies.
The interim payment will be on a pro rata basis in that each customer should receive their due proportion of the monies in accordance with what monies were owning to them at the time of the liquidation of Home Payments Limited 12 months ago.
The final distribution of monies owed to customers will be forthcoming following further High Court decisions relating to liquidation costs. To this end, the Joint Liquidators have applied to the High Court relating to two matters: To have the liquidation costs directly associated with the administration of customer related matters to be paid from the trust funds, and to establish whether or not it is appropriate for costs associated with the further investigation into the operation and management of the company prior to its liquidation to be paid from the trust funds.
Home Payments Limited is next due before the High Court on 15 October 2012 for the purpose of seeking directions in relation to these matters.
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