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Sale of Business and Prescribed Part Dividend Payment to Creditors

Appointed as Liquidators of a Wiltshire hotel business in November 2008. We Successfully completed a sale of the business, together with further asset disposals, realised c160K. This enabled a payment to be made to the floating charge creditor as well as a prescribed part dividend to unsecured creditors.   

The prescribed part represents an element of recoveries set aside for the general body of creditors ahead of any fixed and floating charge creditor.

In this case a further unsecured dividend was able to be made from non charged assets.

It is essential that businesses and individuals seek early advice as it is often possible to avoid formal insolvency proceedings and implement a recovery plan

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