CATHEDRAL CORE SERVICES LP (IN LIQUIDATION)
BACKGROUND AND APPOINTMENT
Cathedral Core Services LP is a limited liability partnership formerly 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 September the 1st 2016 and formally finalized by the Insolvency Practitioner, Maria Escudero, the appointed liquidator of the partnership, all duties were fulfilled pursuant to section 253 of the Companies Act 1993 and in accordance with best liquidation practices and applicable regulation in all relevant Jurisdictions.
Cathedral Core Services LP was a member of the Cathedral Financial Group of Companies which includes Cathedral Investment Bank. As a result of this liquidation and the associated possibility of loss of capital, Cathedral Investment Bank stepped in and subscribed individual agreements with all subscribed creditors in which relevant conditions were set forth specific to any liabilities produced by the liquidation including remaining and outstanding balances of any of the claims submitted by any Secured and Unsecured Creditors.
324 Accounts were found to be affected by this liquidation which had registered shares distributed to them under their name, Those Creditors now own registered shares under which they directly exercise their rights in relation to the equitable interest of underlying asset rights transferred to a Trust by the Bank in proportion to the value of such claims and agreed interest calculation as per the reports below. All other unaffected accounts (5,192) had also been repaid via their broker dealer, intermediary or related third parties.
RESTRICTIONS
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.
RELATED DOCUMENTS
A first report was issued on October 7th 2016. If you are a creditor you can request such report by emailing info.liquidation@cathedralcore.com
Furthermore, you can download the following notices:
Notice to Creditors Regarding Dates and Authorized Formats (Please note that all dates have been extended to Friday the 31th of March 2017);
Notice to Creditors regarding related Legal Action; and
Notice of Liquidators’ Decision to Dispense with Meeting of Creditors.
Notice to Establishment of Temporary Contact Offices
Notice to Creditors Regarding Joint Accounts (DATED this 30th day of May 2017)
Notice to Creditors Regarding Unauthorized Individuals
Notice to Creditors Regarding Proposed Procedure and Assets available
Notice to all Creditors regarding possible SPAM Filtering
Notice to Creditors regarding finalization of the SPV
Notice of Intent Pursuant Section 320
STRUCTURE
Cathedral Core Services LP (In Liquidation)
Partnership number: 2354954
Nature of business: Financial Consulting Services
Central Mailing Address: Level 31 Vero Centre, 48 Shortland Street, Auckland New Zealand 1010
Incorporation: 30th October 2009
General Partner: Cathedral Primary Controller Holding Limited (Not incorporated in New Zealand)
Related Entities: Cathedral Limited (Not incorporated in New Zealand)
BACKGROUND
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, centralized and reviewed by the Liquidator as per the 1st, 2nd, 3rd and 4th liquidation reports.
The priority of the Liquidator has been securing and creditors their claimed amount 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 usually takes years. Steps were taken to ensure that all creditors who put forward valid claims were being paid or guaranteed 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 is managed by Creditors via an Executive Committee and the Liquidator acting as a Trustee. Asset rights were 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 were paid 100 cents on the dollar by the Trust shares, asset rights deposited in the Trust are, according to the last 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 are as of now in control of the Trust.
The independent vehicle in the form of a Trust has now taken over the process as per a repurchasing procedure of outstanding shares, reports are available to Shareholders directly in the Trust´s Shareholders website that is accessible to Shareholders on www.universum.icu/shareholders/ Previous Information published for all Unsecured Creditors holding an affected account along with a complete FAQ was published here (www.cathedralcore.com/claimfaq/ ) and the last report filed to the registrar is available here
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 were owed any monies with Cathedral Core Services LP (In Liquidation) as a result of any type of product or services offered.
The liquidator of Cathedral Core Services LP (In Liquidation) (“the entity”) fixed as Friday the 31th of March 2017, as the day on or before which the entities’ “Regular Creditors” were able to submit their claims, and to establish any priority their claims had under Section 312 of the Companies Act 1993.
Regular Creditors who did not made a claim by Friday the 31th of March 2017 may have been 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
FURTHER REPORTING AND CONTACT INFORMATION
The liquidator will continue to act as Trustee for the time necessary to fulfil the objectives of the Trust in the Caribbean as per the notice issued earlier to Creditors.
All Creditors which are part of the liquidation and which have had registered shares distributed to them under their name can directly control the rights of the underlying assets in the form of land rights in the proportion of the value of their claim and can access reports and all relevant information of the Trust through the Shareholders website at www.universum.icu/shareholders/Shareholders
All contact requests and enquiries that were previously made to the Liquidator, should be done directly to the Trustee at trustee@universum.icu or in the following postal address; 1st Floor Beau Bois, Castle Comfort, 00152 Commonwealth of Dominica, Dominica W.I. Caribbean.
Cathedral Core Services LP (in Liquidation)
c/- McDonald Vague Limited
Level 10, 52 Swanson Street, Auckland 1010, New Zealand
P O Box 6092, Wellesley Street, Auckland 1141, New Zealand
Attention: Maria Escudero