CATHEDRAL CORE SERVICES LP (IN LIQUIDATION)
BACKGROUND AND APPOINTMENT
Cathedral Core Services LP is a limited liability partnership registered in New Zealand, of which CATHEDRAL PRIMARY CONTROLLER HOLDING LIMITED was the General Partner.
As a result of a Termination Event, Cathedral Core Services LP was placed into liquidation by resolution of its partners pursuant to Section 88(1) of the Limited Partnership Act 2008 (“the Partnership Act”). The process was started on 1 September 2016 and the Insolvency Practitioner, Maria Escudero, was appointed as liquidator of the partnership.
Cathedral Core Services LP is a member of the Cathedral Financial Group of Companies which includes Cathedral Investment Bank. As a result of this liquidation and the possible risks associated with loss of capital, Cathedral Investment Bank has stepped in and has agreed to cover the liquidation liabilities produced by this liquidation including all remaining and outstanding balances of any of the claims submitted by any Secured and Unsecured Creditors.
There are 337 individuals and corporations from Europe, Asia and Latin America from which 324 Accounts were affected by this liquidation. All other unaffected accounts (5,192) had already been repaid via their broker dealer, intermediary or related third parties.
The information contained in this website along with any reports, notices and any appendices are not intended for general circulation other than as required by law, nor is it to be reproduced or used for any purpose other than that outlined above without the written permission in each specific instance from the Liquidator.
In preparing all reports, communications, appendices and attachments, we have relied upon information provided to us. We have not independently verified or audited that information. Whilst all care and attention has been taken in compiling the information on this website, we do not accept any liability whatsoever to any party as a result of the circulation, publication, reproduction or use of this information.
In regards to reports, we reserve the right (but are under no obligation) to review and, if we consider necessary, revise the information contained in the reports in respect of any information existing at the date of such reports which becomes known to us after that date.
This Website, the Notices or any reports could have been updated amended or modified after they were first published, if you have any questions on this regard please request the latest version from the Liquidator directly.
A first report was issued on October 7th 2016. If you are a creditor you can request such report by emailing email@example.com
Furthermore, you can download the following notices:
Cathedral Core Services LP (In Liquidation)
The company provided Investment Advisory Services in Several Countries including, but not limited to, Introductory Brokerage Services, General Consulting Services, Financial Consulting Services, Financial Analysis, Financial Structuring and Investment Banking.
STATEMENT OF AFFAIRS
The company had offices located in seven countries and all information was gathered and centralized to be reviewed by the Liquidator as per the 1st, 2nd, 3rd and 4th liquidation reports.
The priority of the Liquidator has been returning creditors their claimed amount as quickly as possible and trying to obtain assurances from the Bank regarding the repayment of such amounts without incurring any procedural risks for Creditors during such process. In any liquidation of this magnitude and complexity such repayments and the subsequent completion of a liquidation of this type could take months or in some cases even years. Steps were taken to ensure that all creditors who put forward valid claims were being paid 100% of the value of their claim in the shortest time possible and that no deviations were or could be taken by any parties when the process was implemented.
To assist with this aim, the Liquidator has aided to establish an independent vehicle in the form of a Trust that will be managed by Creditors and a Trustee. Assets are settled on the trust in a higher proportion of the value of the claimed amounts. The Trust was registered in the Commonwealth of Dominica under the name “CCS Liquidation Trust INC” with Incorporation Number (2018/C0238). All creditors that have submitted a valid ACF and an A1 Formats and who are not on the Bank´s Legal Action Watch List are being paid 100 cents on the dollar (in full) by the vehicle. Assets deposited in the Trust are, according to the valuation available, valued at more than double the initial estimation of liabilities of the partnership as published in the previous reports and the land rights will be in control of the Trust.
More information for all Unsecured Creditors holding an affected account along with a complete FAQ can be found at www.cathedralcore.com/claimfaq/
LIABILITIES AND CREDITOR CLAIMS
For ease and efficiency we have divided the creditors into two groups:
A) Standard Creditors (Secured or Unsecured)
- You are a “Standard Creditor” if you are an Employee, or a service or supplier or any related type contract with Cathedral Core Services LP (In Liquidation) including but not limited to any services supplied to Cathedral Core Services LP (In Liquidation) and in which money is owed.
B) Clients or Investor Type Creditors
- You are a client if you had invested any monies with Cathedral Core Services LP (In Liquidation) in any type of product or services offered.
The liquidator of Cathedral Core Services LP (In Liquidation) (“the entity”), does hereby fix Friday the 31th of March 2017, as the day on or before which the entities’ “Regular Creditors” are to submit their claims, and to establish any priority their claims may have under Section 312 of the Companies Act 1993.
Regular Creditors who did not made a claim by Friday the 31th of March 2017 may be excluded from any distribution made.
A process for submission of a Client Claim or a Standard Creditor Claim (Secured or Unsecured) along with a complete FAQ can be found at www.cathedralcore.com/claimfaq/
The Standardized Claim Formats can be downloaded at www.cathedralcore.com/claimsf.pdf
ESTIMATED DATE OF COMPLETION
There is no estimated date of completion for the liquidation yet, we expect to finish the liquidation when repayment to Creditors is finalized by the set up and use of the Trust.
Cathedral Core Services LP (in Liquidation)
c/- McDonald Vague Limited