We have recently passed the second anniversary of the liquidation of Bradfield Support Services Limited so we are therefore providing creditors with an update on the progress of the winding up.
During the second year of the liquidation we received the balance of the funds due in respect of the sale of the business and assets, which was being paid on deferred payment terms. We have continued to liaise with the director in respect of the repayment of his director’s loan account. As reported previously, the only means the director had of repayment was potential equity in his matrimonial home, which is subject to the terms of an on-going divorce settlement. The financial aspects of the divorce have yet to be resolved.
The director has previously provided evidence that he does not have the means to make a meaningful contribution in respect of the repayment of his loan account. We have now agreed with the director that he will make modest monthly payments in respect of the repayment of the loan account which will be reviewed in six months.
We anticipate being in a position to pay a dividend to the unsecured creditors in due course. However the timing and quantum are currently uncertain and are dependent upon the recoveries from the overdrawn director’s loan account.
For further details relating to the liquidation, please see the joint liquidators’ annual progress report which can be accessed here.