Successful return of funds to creditors
12 May 2016: In keeping with BRI’s longstanding track record of delivering results for creditors, we are pleased to report that we have recently returned funds of over £80,000 to the creditors of Orion Electrical Contracts Limited (“the Company”). The Company operated as retail premises fit-out specialists. The following sums have been paid to creditors:-
- £1,875 to the fixed charge holder – Payment in full
- £39,300 to the floating charge holder (which was an associated company in settlement of its subrogated claim as floating charge holder, having settled the Company’s debt to the bank) – Payment in full
- £40,000 to the Company’s unsecured creditors by way of an interim dividend – A dividend rate of 30.36 pence in the pound
We await the outcome of a significant claim which has been submitted in the liquidation of the Company’s largest debtor. Any return from this claim will result in an increased final dividend to the creditors in the liquidation of the Company.