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.