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PBC announce large dividend from complex liquidation

Gary Pettit, the liquidator of Alexander – Bale Facilities Management Ltd, is pleased to announce the payment of an unexpected dividend following extensive investigations into the company’s affairs.

The company was placed into compulsory liquidation on 21 November 2011 and R Neil Marshman was appointed liquidator on 6 July 2012. Following his retirement from the practice he was replaced as office holder by Gary Pettit on 22 May 2014.

After substantive investigations into the company’s affairs, the former liquidator successfully obtained judgment against the directors to be jointly and severally liable for £1,208,585 as a result of the various payments made out by the company in the period leading up to its winding up.

Following the appointment of Mr Pettit, a freezing order was obtained and following further detailed enquiries a number of bank accounts and properties were identified resulting in significant realisations.

I am now pleased to report payment of a dividend of 34.17 pence in the pound to unsecured creditors. Creditors’ claims totalling £993,827.96 were admitted and the dividends paid totalled some £339,614.

Gary said, “It is always pleasing to see investigations bear fruit and lead to significant returns to creditors. On the face of it there were no assets available and creditors had resigned to writing off their debt.  This liquidation demonstrates the value of insolvency practitioners when the evidence is available.”