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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

The Waiting Game II

The Waiting Game II

In the bankruptcy of J K Punch, we are pleased to report that a second dividend of 43.36 pence in the pound (totalling £211,333.68) was paid to non-preferential creditors on 6 January 2015. This follows the first dividend to non-preferential creditors of 50.00 pence in the pound which was paid on 2 January 2008. Non-preferential creditors have now received a total of 93.36 pence in the pound in this matter. In addition, preferential creditors received payment in full in October 2007.

Mr Punch was declared bankrupt on 29 April 1993 and therefore it is extremely pleasing that creditors have received such a good return after this long period of time. We are hopeful that there will be even more funds to pay to creditors in due course. An overage agreement was entered into in respect of a large piece of land that Mr Punch owned and due to the development of some of this land, funds of £201,800 were received in October 2014. The overage agreement remains in place until 2021 and therefore we will keep this case open in anticipation that further development will take place on the land thereby increasing its value which we can then realise for the further benefit of the non-preferential creditors. We hope to achieve payment in full for non-preferential creditors with the possibility of statutory interest also being paid on claims, albeit that this is dependant upon the owners of the land obtaining enhanced planning permissions.