Midas Precision Metalwork Limited
We are pleased to report that in the above creditors' voluntary liquidation we have recently made a distribution to unsecured creditors in excess of 47p in the £, having already repaid preferential creditors in full.
The company commenced trading in 2004 and at the peak of trade, employed 19 people in a profitable business turning over £2.2 million. Order volume decreased dramatically and unexpectedly in 2012, and, without being able to see a "light at the end of the tunnel", the directors took timely steps to close the business before significant losses were incurred. It is thanks to their swift action and the quality of the company's assets, which achieved better than anticipated sales values, that we have been able to make such a positive return to creditors.
Briant Curtaining Limited
We are saddened to report that a well and long established Coventry firm ceased trading on 10 March, 2014. Prior to this, all avenues to rescue the business as a going concern were explored but to no avail. The company entered into creditors' voluntary liquidation on 27 March, 2014.
Briant Curtaining Limited manufactured and sold commercial and domestic curtains and soft furnishings from their long term trading premises on Albany Road, Earlsdon. The company was initially established as a partnership in 1975 before becoming a limited company in 1981 in order to obtain financial funding and greater market credibility.
In its 40+ years of service the company gained an excellent reputation for its hands on and personal service delivered to its clients. During its lifetime the company secured lucrative overseas contracts which saw them work in hotels, royal palaces and on cruise ships.
We have assisted the directors, employees, creditors and shareholder through what are very difficult times. We hope to have made a difficult liquidation process as painless as possible for all of those involved.
BRI conjures up an impressive total
Alan Limb, of BRI's Southampton Office, has volunteered as a Business Mentor for the Prince's Trust's Enterprise Programme since 2001, supporting a total of 9 young people in starting their own business during that period. Alan put that experience to good use recently when BRI attended a conference in a hotel at Gatwick Airport. His current Mentee is Huxley Hunt who has set up in business as a Magician and who Alan has assisted for the past 12 months. Huxley worked on the BRI stand at the conference, impressing attendees with his close up magic and amazing card tricks. He was also booked by the conference organisers to entertain attendees during drinks before the conference dinner where a larger audience was equally absorbed by Huxley's performance.
The conference organisers suggested that the Prince's Trust should be the nominated charity for the dinner. Alan addressed the 200 attendees, explained more about the Prince's Trust's work and invited those present to make a donation. This resulted in the extremely generous total of £1,538 being collected and Huxley received a round of applause for his efforts throughout the day. Alan said, "I believe that the Prince's Trust is an excellent organisation. It supports young people who haven't had the best start in life and helps them overcome that setback by giving them the skills to find work or start their own business. Being a Volunteer Business Mentor for the Enterprise Programme is extremely rewarding. As my day job involves working with people whose business hasn't succeeded, this experience is useful in helping my Mentees avoid achieving the same result in their businesses. Huxley Hunt is the most impressive Mentee that I have assisted to date. He has been receptive to my input over the past year and his performance at the conference was superb. He received positive feedback from everyone who witnessed his polished performances throughout the day and I'm sure that he will enjoy the success in business that he undoubtedly deserves."
The end of the case is nigh!
This is a story of epic proportions, a case through the course of which many hurdles and much delay have been thrown into our path. The good news though is that, to date, 85p in the £ has been paid out to the unsecured creditors (preferential creditor having been paid in full) and we expect the final dividend to be well in excess of 90p in the £. It has taken some doing and no little tenacity. If you have the will, and are sitting comfortably, you may be interested in reading on... click here to do so
Alternative Energy Technology Limited - in creditors' voluntary liquidation
We are pleased to report that in the above creditors' voluntary liquidation we have recently made a distribution to unsecured creditors in excess of 34p in the £.
The Company was founded to utilise planned legislation offering incentives for the uptake of renewable energy technologies. Due to a change in legislation in 2011 there was a severe curtailing of the solar PV incentive tariff scheme offered by the government and a delay in the release of the domestic heating incentive scheme.
This factor decreased the number of customers willing to proceed with this technology thus, along with other factors, resulted in the Company entering into creditors' voluntary liquidation. However, we are pleased to report that we were able to exceed the anticipated asset recoveries resulting in a financially beneficial outcome and return to unsecured creditors.
Property Professionals + Limited (in Liquidation)
Update to creditors, December 2013:-
The joint liquidators advise that they are continuing to seek an appropriate offer of funding in order that the liquidation can be progressed and any potential actions arising from the joint liquidators' investigations can be taken forward. The joint liquidators are in correspondence with a number of parties with regard to funding and are attempting to secure the best possible offer for creditors in the liquidation. The joint liquidators will be reporting the offers of funding to the creditors committee in due course in order to seek their views on the same. Future progress with regard to the funding of the liquidation will be provided to the general body of creditors in subsequent updates. The joint liquidators advise that dividend prospects in this matter remain uncertain and any dividend is reliant on there being sufficient future asset realisations in the liquidation.
A R Limb & P J Windatt
Direct Machine Tool Services Limited
We are pleased to report that in the above creditors' voluntary liquidation we have recently made a distribution of approximately 25p in the £ to unsecured creditors. As insolvency practitioners, we strive to ensure the best return to all creditors and stakeholders at all times. However, the reality is that is often not possible due to the limited assets available within the insolvency appointment. This can, understandably, be difficult for creditors to appreciate. So, whilst we always strive to maximise the return to creditors, it is especially satisfying to make a significant return to the ordinary unsecured creditors such as in this instance and others like it.
Securing the best outcome for creditors
We are pleased to report that we have recently made a first and final distribution to the unsecured creditors in the voluntary liquidation of K.G. Wright (Builders) Ltd. The distribution was in excess of 31p in the £ to unsecured creditors, which came after payment in full to the secured creditor and payment in full of the preferential claims of employees. The company was a long established family run construction business in Kettering, Northants. The closure of a company of this type is particularly regrettable and comes as a hard loss to all concerned in the local community. However, we are pleased that, by working with the officers of the company, we were able to maximise asset recoveries beyond the expected to realise figures and secure the best possible outcome to all creditors, especially to the unsecured creditors who received a significant dividend.
This is all the more satisfying to us as a firm given that construction related insolvencies are a notoriously difficult sector within which to maximise recoveries and consequently often result in poor returns to creditors.
BRI in the Media
Alan Limb, from BRI's Southampton office, has continued to contribute to media reports on the Administration of Coventry City Football Club Limited. This has included keeping Les Reid of the Coventry Telegraph updated on the Insolvency aspects of this high profile story. You can read examples of Alan's contribution by following the links below to articles on the Coventry Telegraph website:
Also, Alan has been interviewed on numerous occasions by BBC Coventry & Warwickshire as the story has developed since March 2013. This has helped listeners understand a complex story with many twists and turns. The BBC have appreciated Alan's insight as an Insolvency Practitioner and Sky Blues supporter. After Alan's most recent contribution on air the presenter, Shane O'Connor, commented "you can hear the passion in his voice and the frustration".