Unsecured creditors owed money by a closed Birmingham firm are likely to receive no dividend, administrators have revealed.
Legal aid specialist Glaisyers LLP appointed administrators last summer as its remaining family and civil litigation work was transferred to other firms, Cartwright King and Davison’s Solicitors. The deal ensured that the majority of jobs were saved.
The first administrators’ report from Opus Restructuring LLP suggested a small payout may be found for unsecured creditors, as well as 15p in the pound for secured creditors. In the latest report published last week, that forecast has now been adjusted to nil for secondary preferential creditors and unsecured creditors, and ‘uncertain’ for secured creditors.
The administrators have been able to recoup around £218,000 from work in progress and cash reserves but the administration has already cost almost £95,000 and further fees will be incurred.
Source UK Law Gazette
