Trade creditors given no hope of missing money
The administrator for collapsed contractor Shaylor Group has said it has recouped just a fraction of the 拢38m the firm was owed when it went under last summer.
Shaylor went into administration last June, ending more than 50 years of business, leaving 210 people without jobs and creditors on the hook for more than 拢47m.
Trade creditors are out of pocket by 拢19m while the only secured creditor Allied Irish Bank (AIB) is owed more than 拢14m.
In its second progress report on the collapse, administrator FRP Advisory said it had recouped just over 拢251,000, including nearly 拢7,000 from Birmingham council in bonds held for completed projects.
The 拢38m Shaylor was owed at the time it imploded was made up of oustanding invoices, work in progress and retentions.
FRP鈥檚 report held out little prospect of making significant inroads into the missing 拢38m with unsecured creditors again told they will get just 0.39p for every pound they are owed meaning of the 拢19m outstanding, just over 拢74,000 will be returned.
AIB, which is owed close to 拢14.5m, has recouped 拢2.2m following the sale of Shaylor鈥檚 offices in Walsall
FRP said the bank would get some more money back but warned that it 鈥渨ill suffer a significant shortfall on its indebtedness鈥�.
The administration had been due to end last month but has been extended by a further 12 months to June 2021.
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