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PBC announce large return to creditors

PBC are pleased to announce a significant dividend has recently been paid to the non-preferential creditors of Eldean Ironmongery Limited.

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Earlier this month, the joint liquidators were able to issue a dividend of 61.59pence in the pound to non-preferential creditors, with the amount distributed totalling over £89,500. This had been preceded by full payment to the preferential creditors and a payment of over £67,000 which full redeemed the company’s secured creditor, which in turn safeguarded the directors who had given personal guarantees that will not be called on.

The ability of the joint liquidators to make these payments was down to the sale of the company’s freehold property. PBC worked closely with a local firm of estate agents to ensure a sale of the property at a price 30% higher than the estimated value.

Joint liquidator Gary Pettit said, “At PBC the key word is “Awareness”.  This is not just for stakeholders but is also relevant to the PBC team.  That awareness resulted in us thinking outside of the box when looking to sell the property, culminating in a significantly enhanced price when compared with the initial valuation.  All in all, a good outcome for creditors as a whole”.