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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

Northants Vehicle Refinishers Limited

Northants Vehicle Refinishers Limited

The joint liquidators are pleased to report that a dividend of 12.08 pence in the pound was declared and paid to unsecured creditors on 13 April 2015.  The Company started life as a vehicle repair centre but latterly invested in plant and machinery to enable the Company to carry out power coating services to compliment the vehicle repairs.  Unfortunately, the demand for the Company's services began to decline in 2008 and the Company had no alternative but to enter liquidation in June 2009.  The liquidators subsequently realised the Company's assets, with the pursuit of book debts owed to the Company being the most time consuming element of this as aspect of the liquidation.  The liquidators also had to go through a process of mediation with a director of the Company as claims in respect of wrongful trading and preferences were identified during the course of the liquidation.  Satisfactory terms were agreed as a result of the mediation process and the final tranche of funds in settlement of the claims has recently been received, allowing the liquidators to pay the aforementioned dividend to unsecured creditors.  The liquidators are happy that their efforts have resulted in creditors receiving some of the funds owed to them.