Each year, thousands of companies and individuals are subject to insolvency procedures. In turn, this means thousands of insolvency notices are sent to creditors.
In this particular case, we were appointed as a Liquidator in a Liquidation case following the presentation of a petition to the Court by a creditor who was owed over £3,500,000.
On appointment, we undertook various investigations including an in depth review of the books and records of the company and an analysis of their bank statements. This uncovered personal spending by the director in excess of £500,000.
Through discussions with the director we were able to recover £141,000 from him personally. We subsequently petitioned for the Sequestration of the director and are confident of recovering further funds through this process.
This will result in an increased dividend for the creditors.
The team at Middlebrooks works very closely with businesses owners, courts and creditors to make sure that businesses have every chance to move forward and creditors are presented with the best course of action.