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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

Property Professionals + Limited (in liquidation)

Update to creditors, January 2017 

The joint liquidators are pleased to confirm that a first and final dividend of 7.87 pence in the pound was declared to non-preferential creditors on 22 December 2016.  Dividend cheques will be sent to all creditors with claims by the end of January.  There will be no further payments made to creditors in this matter.  As a result, the liquidation is largely concluded and, as such, no further updates will be posted here and all posts relating to this matter will be removed from this website in three months’ time.  Creditors will receive future reports from the joint liquidators directly in due course in accordance with the statutory requirements which the joint liquidators are subject to.  Any queries in relation to this matter should be directed to Dan Smith on (02476) 226839.


Update to creditors, September 2016

As previously reported, the joint liquidators anticipate being able to make a first and final distribution to unsecured creditors in the liquidation at the end of this year, once the claim settlement proceeds have been received in full. Formal notice of intended dividend has recently been advertised and the last date for creditors to submit claims to the joint liquidators is 28 October 2016. Any creditor not receiving notice of intended dividend directly, or being otherwise contacted by the joint liquidators via post or e-mail, should contact Dan Smith on (02476) 226839 to request a proof of debt form if one is required. Any creditor not submitting a claim by the last date for proving will be excluded from the dividend. Further, submission of a claim does not guarantee that the claim will be admitted to rank for dividend by the joint liquidators. Creditors should therefore ensure that all relevant supporting documentation is returned with the completed proof of debt form to fully evidence the claim.


Update to creditors, June 2016:-

The joint liquidators are pleased to report that a significant recovery has been made in the liquidation as a result of mediation with a former director of the Company.  All of the details in this regard were reported in the joint liquidators' annual progress report which was issued to creditors on 21 April 2016.  The joint liquidators are unable to make any further comments here relating to the recovery and/or the mediation.  As a result of this recovery, the joint liquidators expect a significant dividend to creditors in due course.  Creditors are therefore urged to submit their claims to the joint liquidators if they have not already done so.  Formal notice of intended dividend will be advertised later this year but it would be of assistance to the joint liquidators if creditors would submit their claims at an early stage.  A proof of debt form was enclosed with the joint liquidators' most recent annual progress report for this purpose.  Should any creditor require a proof of debt to be sent to them or, if any creditor has any queries in relation to this matter, they should contact Dan Smith on (02476) 226839.


Update to creditors, March 2016:-

With reference to the previous update to creditors, the joint liquidators can advise that mediation with a former director of the Company took place on 21 January 2016. The joint liquidators will provide further details to creditors with regards to the outcome of that mediation in their next annual progress report, which will be issued by 22 April 2016. The joint liquidators are not able to provide any further details relating to the mediation in this public forum. The joint liquidators also anticipate advertising for creditor claims in due course. Should any creditor wish to submit their claim now, please contact Dan Smith on 02476 253890 or at dsmith@briuk.co.uk for a proof of debt form. Completed proof of debt forms should be sent to BRI Business Recovery and Insolvency, Unit A, Kings Chambers, Queens Road, Coventry, CV1 3EH along with supporting evidence of claim.


Update to creditors, December 2015

The joint liquidators are continuing to progress the claims against a former director of the Company.  The joint liquidators' solicitors have engaged in lengthy and detailed correspondence with the solicitors acting for the former director and this has resulted in the former director agreeing to mediate in respect of the joint liquidators' claims.  The joint liquidators are expecting this mediation to take place in early 2016 and are hoping for a successful outcome for creditors.  So as not to prejudice the position or the upcoming mediation, the joint liquidators are unable to report any further details here but, should the mediation be successful, an update will be provided to creditors in due course.  The joint liquidators will consult directly with the creditors' committee on any matters requiring their input.


Update to creditors, September 2015

The joint liquidators are continuing to progress the potential claim against a former director of the Company. The joint liquidators' solicitors are currently in correspondence with the solicitors acting for the former director and various defences raised by the director in the course of this correspondence are being investigated. As the claim is still at the pre-litigation stage, the joint liquidators are not able to report any further details in this forum so as not to prejudice the claim or their position. The joint liquidators will continue to report and liaise with the creditors committee as and when necessary.


Update to creditors, April 2015:-

The joint liquidators are pleased to report that their investigations, which have been carried out in conjunction with their solicitors, have progressed significantly since the last update to creditors. A thorough and extensive review of the Company's books and records and the records of the former administrators/liquidators have identified that there is the potential for a claim to possibly be instigated against a former director of the Company. The joint liquidators are continuing to work closely with their solicitors as to how best to progress the claim. So as not to risk prejudicing the ongoing claim, the joint liquidators are unable to provide any further details at this stage, but will continue to report here regularly and liaise with the creditors committee as and when necessary.


Update to creditors, January 2015:-

The Joint Liquidators are pleased to report that following the formal engagement with the funding provider mentioned in their previous update, extensive investigations are being carried out to ascertain the prospects of recoveries for the benefit of creditors.  Enquiries are ongoing with numerous parties including former Company officers, financial institutions and significant creditors in the liquidation, who have been contacted to gather as much information as possible about the Company's dealings and affairs.  The Joint Liquidators are hopeful that these ongoing enquiries will be concluded in the coming weeks and the Joint Liquidators will then take advice from their solicitors on issuing legal proceedings with a view to recovering funds for the benefit of creditors.  It is not possible at this stage to disclose any further details here in relation to these possible proceedings as to do so would likely prejudice the proceedings and the interests of creditors.  However, the Joint Liquidators will continue to report here generally on a regular basis and will continue to liaise with the Creditors Committee if and when necessary.


Update to creditors, October 2014:-

The Joint Liquidators are pleased to report that at a meeting of the Creditors Committee held on 11 September 2014, the Committee members voted in favour of the Joint Liquidators proceeding with one of the previously obtained offers of funding.  As a result, the Joint Liquidators have now formally engaged with the funding provider.  This will enable certain matters to be investigated with the aim of identifying potential recoveries for the benefit of creditors.  Due to the detailed investigations which will need to be undertaken, it is likely to be several months before an opinion can be formed as to whether there is any prospect of a recovery.  In the interests of not prejudicing the interests of creditors in this matter, no specific details will be published here in relation to the investigations.  However, the Joint Liquidators will continue to report here generally on a regular basis and will liaise directly with the Creditors Committee if and when necessary with regard to any specific matters which would require the Committee's input.