We promised in the past to update readers with news surrounding the failed Azure Resorts Ltd and Azure XP Ltd. We today received confirmation from First National Trust Company (FNTC) in the Isle of Man that a new not for profit company has been established to act as managers of the clubs on behalf of the members
As a result of this decision, FNTC has established Vacation Club Services Limited (VCSL) to act as the new club manager. VCSL in turn has established a company in Malta called VCMS Co Limited, which will employ local staff to service the clubs’ members.
It was also announced that VCSL will be provided with an “appropriate working capital” to deal with its short term operating requirements. This is being provided in the form of a loan which will be unsecured and interest-free by the liquidators Of Azure Resorts and Azure XP. There is no fixed date for the repayment.
We have received numerous enquiries from owners/members regarding the future of Azure and we hope this clarifies the position. Full information from FNTC may be downloaded below.
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk