Recent Cases

Landmark North East Hotel and Spa

Partnership Voluntary Arrangement successfully approved following negotiations with secured creditor (£900,000) and major unsecured creditors
All jobs saved and the value of the business was maximised to enable a significantly enhanced return to both the secured and unsecured creditors
Careful consideration of the financial affairs of the Partnership and its individual Partners protected not only the value of the business but also the personal financial affairs of the Partners thereby avoiding bankruptcy

P & A Developments (UK)

Appointed Law of Property Act Receiver by Clydesdale Bank over a portfolio of 28 residential investment properties
Extensive marketing campaign resulting in an orderly program of auction/private treaty sales
All properties successfully sold in an extremely depressed housing market
£1.4 million recovered for the Bank

R W Anderson & Sons

Administration (and subsequent liquidation) of an historic outfitting retail business in York
Administrators traded the business to maximise stock values
Lease granted to a new tenant resulting in a program of significant capital improvement and creating an attractive income yielding investment property
Successful sale of the investment property
Secured and unsecured creditors repaid in full

North East Construction Company

Company Voluntary Arrangement of struggling construction business facing pressure from creditors and potential breach of contract claims
Restructuring allowed the business to continue to trade and generate profits to fund working capital and make contributions into the arrangement
Payment of regular dividends made it possible for the directors to maintain good working relationships with the creditors and avoid personal guarantees being called
Creditor claims of circa £400,000 discharged in full in a little over three years
Owner directors retained ownership of a profitable and solvent Company

Mobile Phone/Computer Component Retailer

Liquidation of a mobile phone/computer component retailer based in Manchester
The Company was subject to an investigation by H M Revenue & Customs into alleged VAT carousel fraud
The liquidators, working closely with H M Revenue & Customs, successfully recovered circa US$ 640,000 held in an offshore bank account in Curaçao, Netherland Antilles
The recovery allows for a substantial dividend to be paid to the unsecured creditors
Potential for further recoveries to follow

JW Taylor

Administration (and subsequent Liquidation) of a well established, 82 year old joinery firm based in Harrogate
Traded by the Administrators for a period of 3 weeks
Sale of the business achieved
Substantial funds raised following on-site auction of plant, machinery, stock and other assets
Freehold property sold for £1.225 million
Secured creditor of circa £520,000 repaid in full
Preferential creditors of circa £30,000 paid in full
Substantial funds available for distribution to unsecured creditors

Property Development Group

Administration of Holding Company and Property Holding Company to effect orderly winding-up of nine subsidiary companies
Substantial return expected for unsecured creditors of Holding Company
Going concern sale of business and assets of Subsidiary Company, resulting in saved jobs
£1.4 million recovered for Secured Creditor to date.
Sale of 138,000 square feet property

Doncaster Racecourse

Ciro Citterio

Jump

Gaskell MacKay

Tanya Knitwear