This resulted in a positive outcome for the purchaser, who had invested significant funds in renovating the property, and the balance of sale proceeds were remitted to the Liquidator, in full, within 12 months of appointment.
The petitioner’s costs were discharged in full, and there are sufficient funds remaining on account to enable the Liquidator to pay a dividend to unsecured creditors’ of the company. At present, creditors’ can expect to receive a reasonable dividend from the insolvent estate.
Careful consideration must be given to all options available to a financially distressed business. For more advice, fill out our Contact Form and we will be in touch. Alternatively, call our FREE ADVICE LINE on 0800 781 0990.