RSM UK

Creditors’ Portal - RSM Restructuring Advisory LLP

Heritage FA Limited In Compulsory Liquidation

Fancy Coloured Diamonds

The Official Receiver’s ("OR") report to creditors showed 5 Fancy Coloured Diamonds ("FCD") which were recovered from the company’s trading premises. The estimated to realise value was shown as uncertain. These diamonds are currently under the control of the OR and I understand that they each have Gemological Institute of America (“GIA”) numbers.

The report also explained that 61 investors had arranged for 148 FCD to be stored within London Silver Vaults. 43 of these FCD had been returned to investors, leaving 105 FCD. The OR attended at London Silver Vaults and secured the FCDs. The OR has also arranged payment of storage costs up to March 2017.

Some investors have lodged claims in relation to retention of title. In this regard, I am currently investigating the legal contract between the company and the investor in order to establish whether the investors have valid retention of title claims which could be considered and ultimately agreed. A further update in this regard will be provided in due course.

Investors who have arranged for their diamonds to be stored at London Silver Vaults who have not already contacted the OR or RSM should now contact RSM, providing copies of all supporting documents and GIA numbers.

The Liquidator is also aware that some diamonds may be held by Diffraction Diamonds DMCC (“DD”). If investors have arranged for storage of diamonds with Diffraction and their sale contract is with DD, then investors are recommended to contact DD directly with regard to securing their FCD.

Where the company acted as agent for another company, the investor should contact the party which it entered into a sale contract with and who agreed to supply the FCD in order to secure their FCD.


 

 

 

 

 

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