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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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