Administrators working for Alno UK, which filed for administration in September 2017 following the collapse of German parent company Alno AG, have sent a letter to creditors requesting a 12-month extension to the process.
Gareth Harris and Keith Marshall of RSM Restructuring Advisory LLP explained that the asset realisation exercise, as set out in their progress report dated April 18, 2018, is ongoing and additional time is required to ensure that this can be completed “in order that realisations are maximised”.
“Book debt realisations to date total circa £2.25 million and future realisations are expected to amount to circa £285,000,” the letter stated. “In addition, the administrators are awaiting a response from HMRC to corporation tax returns submitted in respect of pre-appointment periods, which show terminal losses to be carried back against the taxable profits of earlier years.
“The value to creditors of the terminal loss claim is currently uncertain and was provisionally estimated at £500,000 in our progress report. This would improve the outcome for creditors.”
The letter went on to explain that an extension of the administration would also provide time for the adjudication of creditors’ claims to be completed and a dividend, provisionally estimated at up to 25 pence in the pound, to be paid.
“Creditors will be deemed to have consented to the administrators’ proposals by 23.59 hours on the decision date unless the threshold for objecting, or requisitioning a physical meeting, is met or exceeded within the requisite time scale.
“A creditor who disagrees with the manner in which they are treated in relation to the above decision procedure may appeal to the court within 21 days of the decision date.”