Club La Costa (UK) plc enters Liquidation
20 November 2022 - Administrators FRP Advisory have announced that Club La Costa (UK) plc business has now entered the process of liquidation.
This is a natural progression of the process that began when Timeshare company Club La Costa’s parent company in the UK, Club La Costa (UK) plc, went into Administration in November 2020. The Administrators originally appointed by Club La Costa were subsequently replaced by FRP Advisory at the request of the creditors.
By way of explanation, a business usually goes into Administration when it is suffering extreme financial difficulties and the appointed Administrators firstly need time to fully investigate the company’s finances, assets and liabilities. They will then use their best endeavours to stabilise the business and steer it back to viability.
However, should this exhaustive process lead to the conclusion that the business cannot be turned around, the next step is typically to progress to Liquidation, whereby the assets of the business are sold (liquidated) over time to achieve the best possible return for the creditors. The business is subsequently dissolved, with the proceeds shared among the creditors.
It is worth noting that, as Club La Costa is a multinational organisation with a complex, segmented business structure and very sizeable assets and income, the liquidation process is likely to take some time. However, it is important to recognise that liquidation is “final” and that, whilst the date at which the process ends is not yet known, there will be an end point.
If you are a current member of a Club La Costa Timeshare, Points or Fractional Ownership scheme, it is therefore extremely important that you seek independent expert advice as soon as possible, to understand your options and decide what action to take.
This is especially urgent if you believe you may have been mis-sold the Timeshare and/or if you have had to continue to pay maintenance fees or loan repayments in 2020, 2021, 2022 without being able to take holidays due to the effects of the pandemic and sporadic closures or lack of availability at CLC resorts - so please us now on 01628 290499 or complete our short enquiry form and a specialist advisor will contact you to explain your options.