The firm’s administrators, Gareth Harris and Keith Marshall of RSM Restructuring Advisory LLP, have confirmed that their request for another year to tie up the administration process was approved by the firm’s secured and unsecured creditors.
The administration period will be extended to September 20.
In a letter to creditors last month, the administrators said that additional time would be required to ensure that asset realisations are maximised.
The letter said the value to creditors of the terminal loss claim “is currently uncertain” and has been estimated at £500,000.
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.”