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Azure Resorts Limited has entered into liquidation procedures

RDO / Industry Updates  / Azure Resorts Limited has entered into liquidation procedures
14 May 2020

Azure Resorts Limited has entered into liquidation procedures

Azure Resorts Limited, which manages Golden Sands Island Residence Club based in Malta, (Island Residence Club, The Heavenly Collection (including Sands Towers)), and Azure XP Limited, which manages Azure XP Membership Club, have both entered into liquidation on 27th April 2020.

On 28 April 2020, Mr Wesley Edwards of CVR Global (B.V.I.) Limited and Mr Barry Lynch of Alvarez & Marsal Cayman Islands Limited, were appointed Joint Liquidators of Azure Resorts Limited and Azure XP Limited. A dedicated webpage has been set-up to keep owners and creditors informed https://cvr.global/azure/.

It should be noted that the Radisson Blu Golden Sands Resort and Spa is not in liquidation and continues to operate normally, within the current restrictions of the travel environment.

In a statement published on 5th May 2020, IHI, the holding company for the Corinthia Hotels Group, who own 50% of the Golden Sands Resort and the Azure Group, stated that the shareholders remain committed to the future of the Golden Sands Resort as a high-end luxury destination. In addition, shareholders have also reaffirmed that the Golden Sands Resort will fully honour all timeshare commitments arising from obligations entered into with existing members. The full statement can be read HERE.

The Joint Liquidators are currently in discussions with third parties to appoint a new manager to the Clubs, and once this is completed owners will be able to use their timeshare entitlement in accordance with the relevant Club constitutions, rules and regulations. In the interim, should you have any queries pertaining to the liquidation process and/or the appointment of the new Club manager, please contact azureresortsliquidation@cvr.global.

RDO acknowledges that this is a very uncertain time for owners at either of the Clubs managed by the companies in liquidation, but would strongly advise owners to be very cautious regarding any approaches made regarding ‘compensation claims’, as we have seen many examples of attempts to defraud consumers in similar circumstances.

If you are approached we would advise that you get as much information as possible and contact the Timeshare Helpline and advice.This free service is funded by EUROC and is operated by Kwikchex, who are approved by the UK Trading Standards:

  • Telephoning from the UK: 01823 510625
  • Telephoning from outside the UK: 00 44 1823 510625
  • Email: info@timesharetaskforce.org

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