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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

Midas Precision Metalwork Limited

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.