We have now passed the second anniversary of this creditors’ voluntary liquidation. The joint liquidators present their annual progress report for review which can be accessed here.
Prior to the commencement of the liquidation, which began on 21st March 2013, the company’s business was providing estate services and management services for various local centre management companies such as industrial estates.
The property crash of 2007/2008 placed significant pressure on the business as it found it difficult to acquire more clients. This lack of growth coupled with the loss of clients had a serious effect on cash flow as the original income targets could not be met. The company found itself struggling to maintain payments to HM Revenue & Customs and when it became clear that the level of new business required was not going to be achieved the directors made the decision to place the company into creditor’s voluntary liquidation.
During the liquidation we have transferred the funds held in the company’s bank account into the liquidation account and pursued the overdrawn director’s loan account.
To date we have been able to discharge the claims of the preferential creditors.
Whilst it will depend on the level of further recoveries achieved in the liquidation we hope to be in a position to pay a small dividend to the unsecured creditors in due course.
The latestreport can be downloaded here