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Another dividend success story


10 June 2016:  We are pleased to report that we have been able to pay a second (and final) dividend to the creditors of SMC Construction (2000) Limited.  The Company entered creditors’ voluntary liquidation in October 2013 as an unfortunate result of profit margins constantly being squeezed by the contractors and a lack of volume work to offset the effects of this.  In addition, a large debt due to the Company was not paid.  The Company could simply not afford to trade on any longer.  We were called in to assist the director and were subsequently appointed as liquidators of the Company.  After realising the Company’s assets, we were initially able to pay a first dividend of 31.12 pence in the pound to unsecured creditors (the secured and preferential creditors were paid in full) in December 2015.  A further 7.72 pence in the pound was paid to unsecured creditors in May 2016, taking the total dividend to unsecured creditors to 38.84 pence in the pound.  Funds of over £100,000 have therefore been paid to creditors in the liquidation, which is a great result in this matter.