Following our appointment as joint liquidators on 2nd March 2012, we are now able to bring the liquidation to a close.
As previously reported, we were successful in achieving a sale of the company’s freehold interest in the property at Grosvenor House, Luton. We were able to discharge the claim of the secured creditor from the sale proceeds.
There have also been realisations in respect of a motor vehicle, refunds in respect of insurance and bank interest on funds held. During the liquidation we have also discharged the claims of the preferential creditors, being the employees claims for arrears of wages.
As we advised you in our report dated 18th January 2017, the issues in relation to the Interreg “2 Seas” debt and the claim submitted by the Department of Communities and Local Government (“DCLG”) were resolved in December 2016. A settlement was agreed whereby DCLG did not have to make any payment in respect of the Interreg “2 Seas” debt and they reduced their claim in the winding up from £274k to £200k.
The final call for creditors to submit details of their claims expired on 15th February 2017. We are now able to take steps to bring the liquidation to a close and pay a first and final dividend to unsecured creditors who have submitted claims.
Creditors are able to access further information in respect of the progress during the winding up in our final progress report here