The company was placed into administration on 13th April 2015 and subsequently converted to creditors’ voluntary liquidation on 4th November 2015. We have recently passed the anniversary of our appointment as joint liquidators of the company and are therefore providing creditors with an update in respect of the progress during the winding up.
During the liquidation, we have continued to work with our quantity surveyors to pursue the contract debts and retentions. In addition to the £6,741 recovered during the administration, £38,489 has been recovered during the liquidation. Our quantity surveyors have estimated that there may be further recoveries, however the amount is currently uncertain as it will be dependent on the level of defects that may be set off against the contract debts.
We have also recovered utility refunds due to the company in respect of payments made to the utility companies for supplies to a site where it had been working. We successfully obtained a refund in resect of corporate hospitality rugby tickets purchased by the company prior to it ceasing to trade and with the assistance of our chattel agents, we were able to dispose of a tractor during the liquidation.
Following our appointment as administrators a VAT refund was received from HM Revenue & Customs (HMRC), which had been paid to the company’s bank account and transferred to the administration account. During the liquidation we have corresponded with HMRC and it has confirmed that the funds should be subject to Crown set off in respect of its PAYE liability.
Prior to the completion of the winding up we need to undertake the following - complete the debtor collection, agree creditor claims and pay dividends to unsecured creditors. The timing and quantum of a dividend to unsecured creditors is currently uncertain as it is dependent on the level of future recoveries and on the agreement of creditor claims.
Creditors are able to find further information in relation to the progress during the winding up in our annual progress report here