Glazewell Glass S.V.T Limited, encountered financial difficulties as a result of the recession and suffered a severe drop in turnover. The directors believed that, having been involved in the business for c40 years, that the market had changed, and that the company had no future.
HMRC were pressing for payment of outstanding VAT. A previously arranged time to pay deal (“TTP”) had been breached and a further quarter’s VAT was also due. It was decided to put the company into a creditors voluntary liquidation.
As liquidators for Glazewell Glass S.V.T Limited, we successfully arranged full recovery of debt for the secured and preferential creditors. In addition, we secured 60p in the pound for unsecured creditors who were owed c.£186k. This was an excellent result for all parties involved as high returns can be rare in liquidation cases.
This was achieved by collecting in the debtor book, actively marketing assets for sale and securing the best possible price. We managed all the stakeholders and assessed all creditors claims
KSA Group works hard to realise all assets to the benefit of creditors, maximising their interests every step of the way.
This in turn reduces the chances of any personal liabilities for the directors if there is a good return.
Categories: Liquidation, Complete Guide to Creditors Voluntary Liquidation CVL