1. The meeting of creditors held under section 179(2) of the Companies Act 1931 was duly held on 25th May 2016. The secured creditor, UIL Ltd, was represented at the meeting. All small creditors had been paid in full by the time the meeting was held. No committee of inspection was appointed.
  2. There was no meeting of contributories since all the shares were paid in full.
  3. The liquid assets of the Company as at the date of the liquidation amounted to £48,163. All the other assets of the Company being the agreements for Poland, the agreements for Wales, and the shares in Carnegie Wave Energy are charged to UIL Ltd as secured creditor. There is a shortfall in the security of £8,164,000 Any surplus cash remaining after the cost of the liquidation will be paid to the secured creditor.
  4. There will be no return to the Ordinary shareholders and consequently the shares are worthless.