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BRI Business Recovery and Insolvency

We are an independent company of insolvency practitioners committed to finding the right solutions for businesses and individuals in financial difficulty

Another great return for creditors in a liquidation

Another great return for creditors in a liquidation

17 October 2017: The Milton Keynes office is now taking steps to close a voluntary liquidation which commenced in February 2014.

The assets in the liquidation comprised plant and machinery, book debts, land in the UK, property abroad, as well as a number of transactions requiring investigation. The Company’s statement of affairs anticipated realisations of approximately £380,000.

Due to the nature and assortment of assets, it was necessary to employ a number of agents, both in the UK and in Spain, to assist in maximising realisations for the benefit of creditors.

After more than two years of asset realisations and investigations, the liquidators have realised more than £440,000 worth of assets, being much more than was anticipated at the outset of the liquidation. Despite having faced several challenges along the way, from non-co-operation from various parties to dealing with foreign assets, this matter has resulted in an excellent return for creditors. Preferential creditors have received payment in full and unsecured creditors have been paid a dividend of 49.32p in the £.

Should you or your client need assistance or information with any aspect of a liquidation, whether as a creditor with a financial interest in the matter or as a director of a company in distress, the experienced management team at BRI would be pleased to help.