At the point no. (2), it mentioned that the company's assests may not be sufficient to discharge the secured and priority creditors in full and the members' claim for refunds are ranked unsercured, means last priority. So, is that means the members' submission of Form 1 to Tribunal for Consumer Claims is useless although can win the case...?=============================================================
The Yoga Zone Group Sdn Bhd
(Receivers and Managers Appointed)
(Company No. 680406-X)
Dear Members,
As you are aware, Mr Michael Joseph Monteiro and Mr Heng Ji Keng of Messrs Ferrier Hodgson MH Sdn Bhd were appointed as Receivers and Managers of the Company by the High Court of Malaya on 7 August 2008 vide a Court Order dated 7 August 2008 pursuant to an Originating Petition No. D6-26-40-2007.
Please find below the latest developments and other information of the Company for your attention:
1. Current Status of all Outlets
Yoga Zone/ Yoga Club: Klang, Taman Desa, Endah Parade, Puchong, The Weld YZ Comfort Zone: Taman Desa, Sri Hartamas
We regret to advise that the Company is not in the capacity to continue the operations due to its deteriorating financial condition. All classes and services are discontinued in this regard. The R&Ms have no alternative but to cease operations of the aforesaid outlets if there is no further funding provided to the Company. In the meantime, we will continue our discussion with the parties who are interested to acquire the Company’s assets or revive the business. Members will be updated through the website in due course.
Yoga Zone / Yoga Club: Kepong, Cheras and Sri Hartamas Outlet
Due to the financial position of the Company, the Company is unable to make rental payments for the premises of the aforesaid outlets. In this regard, the respective landlords of the said premises have taken possession of the same on 8 September 2008 for the Sri Hartamas outlet, on 9 September 2008 for the Kepong outlet and on 17 September 2008 for the Cheras outlet. As at the date of this circular, we are unaware of the landlord’s intentions with regard to the premises.
Y Fitness (Centro Mall, Klang)
Due to the financial position of the Company, the Company is unable to make rental payments for the aforesaid premises. As a result, Distress proceedings were initiated against the Company by the landlord on 9 September 2008. Following this, we regret to advise that operations at Y Fitness is ceased as the R&Ms no longer have authority over the assets, including the gym equipment, located at the premises.
Please be advised that members’ claims for refunds are ranked unsecured and will be dealt with strictly pursuant to the relevant provisions of the Companies Act, 1965. Based on our preliminary assessment, the proceeds from the realisation of the Company’s assets may not be sufficient to discharge the secured and priority creditors in full, which include the Inland Revenue Board and Employees Provident Fund. Accordingly, there would not be any funds available to meet the claims for refunds. Should the situation change during the receivership, you will be notified through this website accordingly. Please also be advised that the R&Ms are not in the position to advise members in relation to credit card matters, including cancellation of credit card installment payments. Kindly contact your credit card issuing bank for further queries.
We will update members whenever appropriate. Your understanding is much appreciated.
Yours faithfully
For and on behalf of
Michael Joseph Monteiro and Heng Ji Keng
Receivers and Managers of
The Yoga Zone Group Sdn Bhd
PATRICK MCPHEE
ANDREW HENG
=============================================================
19 comments:
This is the end of YZ n also my GC membership.
We want remember the experience and lesson from YZ. Tell all to your friends, check the yoga center before you join. TJ and LG all are liar, avoid your friends be a next victim.
bye bye my GC membersip.
Good bye Yogazone!Cant help feeling sad ...thanks for all the great moments and thanks to all the teachers.
Any YZ member has cancel the monthly credit card installment sucessful? Please let us know how is the procedure.thx.
What about Y Fitness, Kota Kinabalu? There's no mentioned of it.
Hi Anonymous (26 Sep @ 2:20pm),
I think they might have forgotten that there is one more outlet in KK.
They didn't even date such an important notice and could have spelling mistake on this kind of formal announcement (typed 3 "r" at the point no. 1 - "Currrent" Status of all Outlets) if you refer to the Yoga Zone's website - http://www.yogazone.com.my
I sent an email to Lim Lay Gaik asking about the status of YC Taman Desa, and here's what she replied:
No! We are not going to open in Taman Desa, as it is covered with red paint.
Just come to Kepong and Damas, just join the free classes until end of this month, next month just pay and enjoy class!
See you there!
LayGaik
She's so rude and a total bitch, especially when she ends her sentences with the (!) mark! Bye bye my membership.
What a funny reply. Just because it is covered with red paint the no need to use the shoplot? Damas and Kepong floor got dust then close shopla. Excuses with no real answer.
i just wonder what they are doing now is it legal? we members being cheated money cant do anything? beside going to tribunal court, cant we do something? any legal option we can take? they are just a robbers!!!
Hi Anonymous (26 Sep @ 9:55pm),
Agreed to you and Dusty that funny as what to do with the red paint at Tmn Desa... This is not a reasonable excuse. Did she explain further?
How can she offer you to join free classes at Kepong and Plaza Damas till end of this month as Urban Yoga's blog has announced that both outlets are closed effective today (27 Sep) for upgrading and renovation, and will only re-open after Hari Raya on 3rd Oct. Her reply was contradicting.
By the way, how did you reach her? If you sent via the email that published at YogaJess' blog earlier (limlaygaik@gmail.com) could be a false email address as Jess has deleted all the comments from Lay Gaik in her blog with the remarks below:
==================================
Lay Gaik on 24 September, 2008 at 12:25 pm #
"Comment deleted by admin. Coward should not used Lay Gaik’s name to comment."
==================================
Anyway, all the YZ/YC outlets are gone as per the announcement from the receiver. I really gave up and just re-started my yoga classes again yesterday. Really tired and exhausted with my first Basic class after stop practicing for 2 months. Need to gear up now, haha...
I send a letter to the receiver on 21/9/08 on the following:
1)Being unprofessional & unethical to keep members in the dark with outlets being closed one after another;
2)How can an existing shareholder filed for receivership & takes over the businesses of YZ without recognising existing membership. The similarity of operating personnel & places give rise to a lot of suspicion;
3)Has the takeover been approved by the High Court since the receivership is pursuant to a High Court Order; and
4)Have they as receivers conduct an investigation on the real owners of Urban Yoga to ensure that the receivership is not a sham to take over the businesses of YZ without having to compensate creditors(include members)
I have also c.c a copy to the Malaysian Institute of Accountants, the official body who grant the liquidators' licence(also allowing them to act as receivers & managers). Further action who be an official complaint to MIA who would have to conduct an investigation on the conduct of the receivers.
As at todate no reply from the receivers.
I will pursue the case further. What a let down from a fellow professional!
Hi cheated,
Well done! finally able to see someone who really take some useful actions! Keep us update ya..but i believe the receiver would just keep quiet. And well, many ppl are following these blog's comments closely and quietly (and doing things quietly as well), you know what i mean rite....so just update us la...whenever you think it is the right time only :)
FERRIER HODGSON... Big FAT LIARS....
ESPECIALLY MR KUMAR!!! and his MANAGER!!!!!
HOW'S KK STAFFS SALARY??? KEEP ON SAYING NO ONE CAN TOUCH KK YFITNESS AND SOMEMORE WILL TAKE CARE OF THE KK STAFFS.
NOW?? NO NEWS..!! EVEN KK YFITNESS IS NOT IN THE LIST.... KUMAR U WILL HAVE YOUR PUNISHMENT DAY BY GOD!! FOR LYING....
WE ARE ONLY STAFFS AND WE WORK TO EARN WHAT WE SHOULD GET... ALL THE KL STAFFS GOT THEIR THINGS AND IN KK WE GOT NOTHING.
REMEMBER WE ALSO HUMAN WORK FOR LIVING.... YOU RECEIVER COMPANY IS WORSE THAN TJ, JUST IGNORE KK Y FITNESS AND WE GET NOTHING...
FERRIER HODGSON??? AN INTERNATIONAL COMPANY???? RUINED BY THIS KL MANAGEMENT PPL!!
I'm really outdated, didnt know that YZ is ended. Anyway, is any member who from Kepong is going to the Consumer Tribunal office, please count me in. Even not full claim, better than none.
You can contact me via siewchow@gmail.com
I have open the filling to tribunnel.. is there anybody attending to the court soon?
Lim Lay Gaik cunning
LIM LAY GAIK Y U DO THIS??
Y U CHEAT OUR HARD EARN MONEY???
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