Administrators say government鈥檚 housing agency to get back just 拢5m of missing 拢69m
Administrators are close to wrapping up their work on Ilke Homes, the modular construction firm which went into liquidation last October with debts of more than 拢319m.
According to an administrators report from AlixPartners UK, the few outstanding asset realisations that remain to be dealt with will likely be completed within the next six months.
As things stand, Homes England, the UK鈥檚 housing and regeneration agency and Ilke鈥檚 biggest single creditor, will recoup just over 拢5m from the administration 鈥� 拢4.9m from Ilke Homes Land Limited (IHLL) and another 拢100,000 from Ilke Homes Holdings Limited (IHHL).
That is around 7% of the 拢68.8m it is owed in total.
The administration process has seen Redlawn Land receive the entirety of the 拢7.7m it was owed by IHLL.
This money was a deferred payment connected to a deed of transfer relating to a parcel of land in Milton Keynes sold to Ilke by Redlawn, a joint venture between Milton Keynes Council and the housing association L&Q.
Administrators facilitated the sale of this land to Dandara Northern Home Counties Limited last December for 拢11m, after which Redlawn was paid.
A total of 拢16,333 will be paid out to employees of IHLL, which is comprised entirely of unpaid holiday pay.
Unsecured creditors of IHLL will receive 800,000 of the 拢39m they are owed, while unsecured creditors of IHHL will receive just 拢29,000 of the 拢23.9m they are owed.
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