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Portland pays dividends
Published on: 22 May 2007
When a company goes bust, typically the creditors don't expect to get any of their money back, but that's not always the case says Carl Faulds, Managing Director of Portland Business Recovery, the South's leading independent business recovery firm.
Carl was appointed at a meeting of creditors held six years ago as the liquidator of Bournemouth based Brackendale Homes Ltd, a building company that failed owing creditors over £600,000. But with some persistence and with the help of lawyers and working closely with the creditor members of the liquidation committee, nearly £250,000 has been recovered from the directors and associated parties which would not otherwise have been available. Carl said, "This recovery has significantly enhanced the realisations in the liquidation and as a result we have been able to create a fund out of which we can pay dividends to creditors and I have just had the pleasure of signing over 100 dividend cheques."
One of the creditors commented, "In the building trade insolvencies are not uncommon and we all take a risk whenever we provide credit, but in return we expect fair play; when this is not the case we expect the liquidator to do something about it."
Carl concluded by saying, "Most directors of businesses that go into liquidation are honest and straightforward but, to ensure fair play, it is important that proper enquires are made and where appropriate those that don't play by the rules are taken to task and made to make amends."
Portland is a true leader in the insolvency market across the South as highlighted in a recent report based on appointments advertised in the London Gazette. It indicated that Portland had dealt with in excess of 130 appointments during 2006, well ahead of its nearest rival which had only received 87.
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