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Lythgoe Mileage Descrepancy Help!
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Ive been in touch with the administrators again. They say they are confident of those submitting unsecured claims (like me) getting 100 pence in the pound.
That cant be right - if they have enough money to pay all the unsecured claims at 100% then they were not insolvent so wouldnt have appointed the administrators!0 -
plane_boy2000 wrote: »That cant be right - if they have enough money to pay all the unsecured claims at 100% then they were not insolvent so wouldnt have appointed the administrators!
It's possible if they went bust through lack of cashflow - their assets could be greater than their liabilities, but they'd need to sell off things to cover the debts. I saw somewhere that the administrators have been auctioning off their stuff, and were expecting £500,000 for things like mechanical equipment, computers, etc. That amount of capital might be able to pay off the debts, but you have to wind-up the business in order to get your hands on it.0
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