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PNG goes into administration

Premier Network Group is going into administration amidst claims it owes money to many of its appointed representatives in renewal commissions and procuration fees.

Creditors of PNG have been called to a meeting by insolvency practitioners Elwell Watchorn & Saxton to vote on the appointment of a liquidator.

PNG closed to new business on February 16. Money Marketing revealed last month that several advisers were threatening to launch legal action over outstanding payments.

At the meeting, scheduled for May 20, a liquidation committee of between three and five creditors may also be formed.

The committeee will monitor and comment on progress in the liquidation and determine the basis of the liquidators’ fees.

The letter, as seen by Money Marketing, states: “Votes at the meeting are based on the value of your debt, as evidenced by a written statement of your claim.”

Creditors who are not limited companies can attend the meeting and submit a statement of their claim, or nominate someone else to attend on their behalf.


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Manager focus: Andrew della Casa

Investors in the Wine Investment Fund received a lump sum payment of five years’ annualised double-digit returns in 2008, proving the asset class has a low correlation with equity and bond markets, says the manager, Andrew della Casa. In August the fund paid out 108.6% to investors who had invested five years before, at a […]


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New laws in Dubai will put the burden of providing international private medical insurance (iPMI) firmly on the shoulders of the employer in order to maintain the country’s leading healthcare facilities. With 10,000 UK nationals having moved to the country since 2007 and only 16.5 per cent of the total 8.2 million people living there being Emiratis, Jelf Employee Benefits believes this move was inevitable and employer responsibilities could continue to escalate in future.


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