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1 In accordance with Rule 1.49 of the Insolvency (England and Wales) Rules 2016 Notice of use of website to deliver a document Name of company Company number McArthur Cyclone Limited In the n/a Court case number n/a We, Ross David Connock, Robert Nicholas Lewis and Robert John Moran, the joint liquidators of McArthur Cyclone Limited, give notice to all creditors that the following document dated 28 June 2017 is available for viewing and downloading on a website: Joint liquidators second progress report The website address is: A password is not required to view and download the document. This document will be available on the website until at least two months after this insolvency procedure ends, or the last office-holder receives their release. A recipient of this notice may request, free of charge, a hard copy of the document by writing to Michael Sullivan at the address below; or telephoning Michael Sullivan on ; or ing creditorenquiries@uk.pwc.com (*) (*) Please include in the title the name of the insolvent company and in the body of the e- mail your/the creditor s name and your postal address, if different from the address to which this notice was sent. Please use the above address to request hard copies only and not for general queries. A hard copy of the document should be delivered free of charge within 5 business days of the receipt of a request. Dated: 28 June 2017 The joint liquidators contact details are: Postal address: PwC LLP, Level 8, Central Square, 29 Wellington Street, Leeds, LS1 4DL address: michael.sullivan@uk.pwc.com Telephone number: Ross Connock, Robert Lewis and Robert Moran have been appointed as joint liquidators of McArthur Cyclone Limited. All are licensed in the United Kingdom to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales. The joint liquidators are bound by the Insolvency Code of Ethics which can be found at: The joint liquidators are Data Controllers of personal data as defined by the Data Protection Act PricewaterhouseCoopers LLP will act as Data Processor on their instructions. Personal data will be kept secure and processed only for matters relating to the Liquidation.

2 Joint liquidators progress report from 5 May 2016 to 4 May 2017 McArthur Cyclone Limited (in Creditors Voluntary Liquidation) 28 June 2017

3 Contents Abbreviations and definitions 2 Key messages 3 Overview of what we ve done to date 4 Progress since we last reported 5 Outcome for creditors 6 Other information 7 Appendix A: Receipts and payments 9 Appendix B: Expenses 10 Appendix C: Remuneration update 11 Appendix D: Other information 16 McArthur Cyclone Limited PwC Contents

4 Abbreviations and definitions The following table shows the abbreviations and insolvency terms that may be used in this report : Abbreviation or definition the Company the Companies the Joint Liquidators we our the Joint Administrators Meaning McArthur Cyclone Limited in CVL McArthur Cyclone Limited, Oaktree Packaging Company Limited and McArthur Group Limited Ross Connock, Robert Lewis and Robert Moran of PricewaterhouseCoopers LLP Ross Connock, Robert Lewis and Robert Moran of PricewaterhouseCoopers LLP the Rules IR16 Insolvency (England and Wales) Rules 2016 the Act Insolvency Act 1986 CVL Oaktree McArthur Group MGL secured creditor Thorents Tanistry prescribed part unsecured creditors preferential creditors the Bank Barclays Creditors voluntary liquidation Oaktree Packaging Company Limited - in CVL McArthur Group Limited in CVL MGL Distribution Limited (formerly Thorents) Creditor with security in respect of their debt, in accordance with Section 248 IA86 Thorents Limited Tanistry Limited secured creditor of the Companies The amount set aside for unsecured creditors from floating charge funds in accordance with Section 176A IA86 and the Insolvency Act 1986 (Prescribed Part) Order 2003 Creditors who are neither secured nor preferential Generally, claims for unpaid wages earned in the four months before the insolvency up to 800, holiday pay and unpaid pension contributions in certain circumstances Barclays Bank PLC 2

5 Key messages Why we ve sent you this report We re writing to update you on the progress of the liquidation of McArthur Cyclone Limited in the 12 months since our last report dated 4 July You can still view our earlier reports on our website at How much creditors may receive The following table summarises the possible outcome for creditors*, based on what we currently know. Class of creditor Current estimate (p in ) Previous estimate (p in ) Preferential creditors n/a (All the Company s employees transferred to MGL so there are no preferential creditors.) Unsecured creditors n/a *Please note this guidance on dividends is only an indication and should not be used as the main basis of any bad debt provision or debt trading. We explain later that the fall in dividend prospects is a result of a lower amount now expected to be received from McArthur Group. What you need to do We ve started asking for outstanding claims from unsecured creditors so that we can consider them for dividend purposes. If you haven t already done so, please send your claim to us so that we can agree it. A claim form can be downloaded from our website at or you can get one by telephoning Michael Sullivan on

6 Overview of what we ve done to date This is our second progress report. You may wish to refer to our previous report which can be found at As explained in our earlier report, we have liaised with the liquidators of McArthur Group to obtain a final reconciliation between the Companies. Following the reconciliation we have submitted our unsecured claim with the liquidators of McArthur Group. When we last reported, the key outstanding matters in the liquidation were as follows: Reconciliation of the inter-company balances to clear down the third party funds held. Await dividend distribution from McArthur Group. Agreement of creditor claims and payment of a dividend to unsecured creditors. Since the last report we have: Settled the inter-company balances and final reconciliation. Fulfilled our statutory duties. Further details are provided in the following pages of the report. We remain in office because we are still awaiting dividend payments from the liquidators of McArthur Group, more details of which can be found in a later section. 4

7 Progress since we last reported Realisation of assets Bank interest During the period of this report, the only receipts into the estate have been bank interest amounting to Reallocation of 3 rd party funds and other receipts In our final report for the administration of McArthur Cyclone, we advised that a reconciliation was required between the Companies in order to finalise a number of balances owing between them. This has now been completed unilaterally in the absence of co-operation from the McArthur Group liquidators. The receipts and payments account at Appendix A has been amended to reflect the release of 17, (being held as third party funds) which represented book debts being owed to McArthur Group. This is partially offset by receipts of 1,560 and 11,000 for book debts and stock due from McArthur Group, resulting in a remaining balance of 4, being due to McArthur Group. However, this amount was used as part settlement of the outstanding invoice for our firm for acting as Administrators in the Administration of McArthur Group. Other issues As previously reported, an amount of 1,675,945 was owed to the Company from McArthur Group. We therefore submitted a claim in the McArthur Group liquidation which has been admitted. On 27 June 2017, we received an interim dividend (equating to 194,699). The Liquidators expect to make a further distribution to unsecured creditors within the next six months. As this amount was received after the end of this reporting period, it is not included in the receipts and payments account at Appendix A. Statutory and compliance During the period of this report, we have dealt with the following statutory and compliance matters: Preparing and issuing the first annual report; Completing periodic case reviews as required by our regulatory body; Preparing and submitting the annual tax return. Investigations and actions Nothing has come to our attention during the period under review to suggest that we need to do any more work in line with our duties under the Company Directors Disqualification Act 1986 and Statement of Insolvency Practice No.2. 5

8 Outcome for creditors Secured creditors As advised in our previous report, the only secured creditor of the Companies was Tanistry. Sufficient assets were realised in during the administration of McArthur Group to be able to pay Tanistry in full. Preferential creditors (mainly employees) All of the Company s employees were transferred to MGL, therefore there are no preferential creditors. Unsecured creditors Dividends become available for unsecured creditors when there are sufficient funds (after costs of the liquidation) to pay secured and preferential creditors in full, with an amount left over. In certain circumstances, part of the amount available for secured creditors may be ring-fenced for the benefit of unsecured creditors. This prescribed part is paid out of net property, which is floating charge realisations after costs, and after paying - or setting aside enough to pay - preferential creditors in full. But it only has to be made available where the floating charge was created on or after 15 September In this case the prescribed part doesn t apply because one of the floating charges registered against the Company was created before 15 September 2003 and in all cases the secured creditor has been paid in full, so any available funds after costs will be available to unsecured creditors. Unsecured creditors claims estimated in the directors statement of affairs totalled 186,712. To date we have received unsecured creditors claims to the value of 1,025,664. The large discrepancy between the statement of affairs figure and the claims received is due to a claim from HM Revenue & Customs for outstanding VAT against the Companies, for which they are jointly and severally liable. We previously anticipated that the unsecured dividend was estimated to be between 30p and 39p in the. However, as the total amount now expected to be received from McArthur Group (in relation to an unsecured dividend from that liquidation) is significantly lower we have revised our estimate of the likely dividend to unsecured creditors of the Company to be up to 17p in the. We ve calculated this based on the level of claims received and on the estimate of the unsecured creditors included in the statement of affairs provided to the Administrators. The amount of the dividend will depend on the final level of admitted claims, future realisations and liquidation costs. At this moment in time, we anticipate that a dividend (either interim or final) will be declared within the next three to six months. Statement of Affairs Received Awaited No of Claims Value 186,712 1,025,664 15,538 * * Estimated value in the Statement of Affairs. If you have not already submitted your claim, the relevant form can be downloaded from our website at Or you can obtain a hard copy by telephoning Michael Sullivan on Please ensure that you attach all relevant information in support of your claim. 6

9 Other information Our receipts and payments account We set out in Appendix A an account of our receipts and payments in the liquidation from 5 May 2016 to 4 May Our expenses We set out in Appendix B a statement of the expenses we ve incurred to the date covered by this report and an estimate of our future expenses. The statement excludes any potential tax liabilities that we may need to pay as a liquidation expense in due course because amounts due will depend on the position at the end of the tax accounting period. Our fees During the preceding administration, creditors fixed the basis of the Administrators fees by reference to time properly given by the Administrators and their staff in dealing with the administration. The fee basis agreed in the administration continues to apply in the liquidation. This means that our fees as liquidators will be calculated by reference to time properly given. During the period of this report, we have incurred time costs of 16, This represents hours at an average hourly rate of Total time costs since our appointment total 41, We have drawn 36, against these costs. We set out at Appendix C, an update on our fees, disbursements and other related matters. Creditors rights Creditors have the right to ask for more information within 21 days of receiving this report as set out in Rule 18.9 IR16. Any request must be in writing. Creditors can also challenge our fees and expenses within eight weeks of receiving this report as set out in Rule IR16. This information can also be found in the guide to fees at: You can also get a copy free of charge by telephoning Michael Sullivan on What we still need to do As previously discussed, we were awaiting payment of a dividend from McArthur Group. Since the end of period covered by this report, we have received 194, and this will be reflected in our next receipts and payments account. The liquidators of McArthur Group have advised that they anticipate making a further distribution to creditors within the next six months. We will review the position and the amount likely to be received which will then allow us to determine whether we make an interim or first and final distribution and the timing for such a distribution. 7

10 Next report We expect to send our next report to creditors at the end of the liquidation or in about 12 months, whichever is the sooner. If you ve got any questions, please get in touch with Michael Sullivan, on Yours faithfully For and on behalf of the Company Ross Connock Joint liquidator Ross Connock, Robert Lewis and Robert Moran have been appointed as joint liquidators of the Company. All are licensed in the United Kingdom to act as an insolvency practitioner by the Institute of Chartered Accountants in England and Wales. The joint liquidators are bound by the Insolvency Code of Ethics which can be found at: The joint liquidators are Data Controllers of personal data as defined by the Data Protection Act PricewaterhouseCoopers LLP will act as Data Processor on their instructions. Personal data will be kept secure and processed only for matters relating to the liquidation. 8

11 Appendix A: Receipts and payments Total from Total for the Total from appointment to period from appointment to 4 May May May 2017 to 4 May 2017 Receipts Stock - 1 1, , Book debts - 1, , Balance transferred from administration 64, , Third party funds transferred from administration 1 7, , Bank Interest Total receipts 81, , , Payments Third Party funds - (1 7, ) (1 7, ) Prior appointee fees & expenses (1 1, ) - (1 1, ) Office holders' fees (time cost basis) - (36, ) (36, ) Office holders' expenses - (26.1 5) (26.1 5) Statutory adv ertising ( ) - ( ) Bank charges (1 5.00) (1 5.00) (30.00) Total payments (11,811.97) (53,790.74) (65,602.71) Balance 70, (41,170.10) 29, VAT control account (receiv able) / pay able (2,359.39) (3, ) (5, ) Held in Barclays interest bearing current account 67, (44,749.47) 23, Notes: All transactions are shown net of VAT unless otherwise stated. Statement of affairs is not included here as the v alues are not indicativ e of realisations in the liquidation as all the assets had been realised in the former administration and are included in the administration surplus balance as abov e. 9

12 Appendix B: Expenses The following table provides details of our expenses. Expenses are amounts properly payable by us as liquidators from the estate and includes our fees, but excludes distributions to creditors. The table also excludes any potential tax liabilities that we may need to pay as a liquidation expense because amounts becoming due will depend on the position at the end of the tax accounting period. The table should be read in conjunction with the receipts and payments account at Appendix A, which shows expenses actually paid during the period and the total paid to date. Brought forward from preceding period Incurred in the period under review Cumulative Estimated future Anticipated total Statutory Advertising Liquidators remuneration (time costs basis) 24, , , , , Liquidators expenses Total 25, , , , ,

13 Appendix C: Remuneration update During the administration, creditors fixed the basis of the Administrators fees by reference to time properly given by the Administrators and their staff in dealing with the administration. The fee basis agreed in the administration continues to apply in the liquidation. This means that our fees as liquidators will be calculated by reference to time properly given. We set out later in this Appendix details of our work to date, anticipated future work, disbursements, subcontracted work and payments to associates. Our hours and average rates for the period 5 May 2016 to 4 May 2017 Aspect of assignment Partner Director Senior Manager Manager Senior Associate Associate Secretarial Total hours Time cost Average hourly rate Cummulative Time cost Strategy & Planning , Assets , , Inv estigations , Creditors , , Accounting and treasury , , Statutory and compliance , , Tax & VAT , , Employ ees & pensions , Closure procedures Total for the period , , Brought forward at 4 May , Total ,

14 Our time charging policy and hourly rates We and our team charge our time for the work we need to do in the liquidation. We delegate tasks to suitable grades of staff, taking into account their experience and any specialist knowledge that is needed and we supervise them properly to maximise the cost effectiveness of the work done. Anything complex or important matters of exceptional responsibility are handled by our senior staff or us. All of our staff who work on the liquidation (including our cashiers, support and secretarial staff) charge time directly to the case and are included in any analysis of time charged. Each grade of staff has an hourly charge out rate which is reviewed from time to time. For the avoidance of doubt, work carried out by our cashiers, support and secretarial staff is charged on a time costs basis and is included in the analysis of hourly rates charged by partners or other staff members. Time is charged in three minute units (i.e units). We don t charge general or overhead costs. We set out below the maximum charge-out rates per hour for the grades of our staff who already (or who are likely to) work on the liquidation. Grade Up to 30 June 2016 From 1 July 2016 Partner Director Senior manager Manager Senior associate qualified Senior associate unqualified Associate Support staff We call on colleagues in our Tax, VAT, Real Estate and Pensions departments where we need their expert advice. Their specialist charge-out rates vary but the following are the maximum rates by grade per hour. Grade Up to 30 June 2016 From 1 July 2016 Partner 1,190 1,250 Director 1,095 1,150 Senior manager Manager Senior Associate / consultant Associate / assistant consultant Support staff In common with many professional firms, our scale rates may rise to cover annual inflationary cost increases. 12

15 Payments to associates We have not made any payments to associates in the period covered by this report. Our work in the period Earlier in this section we have included an analysis of the time spent by the various grades of staff. Whilst this is not an exhaustive list, in the following table we provide more detail on the key areas of work: - Area of work Strategy & planning Assets Accounting & treasury Statutory & compliance Tax & VAT Employees Work undertaken Case strategy and update meetings. Case filing. Review of inter-company balances and documentation of unsecured claim from McArthur Group. Submission of proof of debt for unsecured claim in McArthur Group. Management of bank account. Performing bank reconciliations. Periodic receipts and payments and associated accounting entries. Internal compliance procedures. General correspondence. Six monthly appointee and senior staff file reviews. Preparing, drafting and issuing first annual progress report. Update case job plan in light of new IR16. Preparation and submission of Corporation Tax return. Dealing with requests for information from liquidators of McArthur Group regarding former employees. Why the work was necessary and what, if any, financial benefit the work provided to creditors. To ensure orderly management and progression of the case. To maximise and ensure most cost effective realisation of assets. To ensure proper management of the liquidation bank account is up to date. To comply with mandatory statutory and other obligations placed on the Liquidators. To comply with statutory requirements. Ensures any available tax recoveries are made for the insolvent estate. Ongoing statutory responsibilities in respect of former employees. 13

16 Our future work We still need to do the following work in the liquidation. Area of work Work we need to do Estimated cost Strategy & planning Accounting & treasury Statutory & compliance Tax & VAT Creditor claims & distributions Closure Case strategy and progression meetings. Reviewing progress of the liquidation and amending strategy as appropriate. Managing bank accounts. Performing bank reconciliations. Issuing payments and receiving receipts. Processing future dividend payments. Preparation, drafting and issue of reporting to creditors. Complying with statutory filing requirements. Maintaining case records. Completing tax and VAT filings. Computation and submission of returns Tax clearance. Ad hoc creditor enquiries. Correspondence to awaited creditors. Issue of statutory notice of intended first and final dividend. Payment & distribution of dividend. Dealing with any uncashed cheques. Obtaining relevant clearances to leave office. Following the relevant procedures to close the liquidation. 2,000 2,500 6,000 1,500 7,000 5,000 Whether or not the work will provide a financial benefit to creditors Required for the proper management of the liquidation. Incidental to proper management of the liquidation. Allows us to indicate the possible level of distribution to creditors. Required by statute or other legal requirement. Required by statute Facilitates the payment of a dividend to creditors Required by statute or other legal requirements. 14

17 Disbursements We don t need to get approval to draw expenses or disbursements unless they are for shared or allocated services provided by our own firm, including room hire, document storage, photocopying, communication facilities. These types of expenses are called Category 2 disbursements and they must be directly incurred on the case, subject to a reasonable method of calculation and allocation and approved by the same party who approves our fees. Our firm s expenses policy allows for all properly incurred expenses to be recharged to the liquidation. The following disbursements arose in the period of this report. An amount of 20 remained unbilled from the previous period. We have drawn against these costs. Category 2 2 Policy Photocopying - at 5 pence per sheet copied, only charged for circulars to creditors and other bulk copying. Mileage - At a maximum of 71 pence per mile (up to 2,000cc) or 93 pence per mile (over 2,000cc) Costs incurred Courier charge 6.15 Total 6.15 Our relationships We have no business or personal relationships with the parties who approve our fees or who provide services to the liquidation where the relationship could give rise to a conflict of interest. Details of subcontracted work We have not subcontracted out any work during the liquidation. Legal and other professional firms We have not instructed any external professionals on this case. 15

18 Appendix D: Other information Company s registered name: Trading name: McArthur Cyclone Limited As above Registered number: Registered address: Central Square Level 8 29 Wellington Street Leeds LS1 4DL Date of the Liquidators appointment: 5 May 2015 Liquidators names, addresses and contact details: Mr Ross David Connock of 2 Glass Wharf, Bristol, BS2 0RF; and Mr Robert Nicholas Lewis and Mr Robert John Moran, both of 7 More London, Riverside, London, SE1 2RT. 16

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