Kitsons now enters voluntary liquidation.
Kitsons Environmental Europe Ltd, the Silverdell Group company whose administration sparked the company’s sudden downturn in July last year when it was served with a winding-up order, has entered into Creditors’ Voluntary Liquidation.
According to administrators Zolfo Cooper, the “required statutory notice will be followed by a final progress report that will be made available to creditors once the necessary documentation has been registered with the Registrar of Companies”.
The assets of Kitsons were bought out by fellow Silverdell Group company EDS at the end of July 2013 with orders being transferred to EDS. But Kitsons itself remained in administration. DemolitionNews understands that an investigation is currently underway to analyse a number of inter-company transactions, several of which are thought to exceed £1.0 million. The outcome of those investigations, together with the funds realised from the sale to EDS, will significantly influence the amount that creditors receive.
The administrators currently estimate that the total unsecured creditor claim to be approximately £11 million. The company also estimates a dividend of five pence per pound to the unsecured creditors, although this is subject to change whilst claims are received on an on-going basis.
