拢250m turnover M&E contractor went into administration last autumn
Unsecured creditors of London M&E specialist MJ Lonsdale have been told there is little prospect of them receiving any money back following the firm鈥檚 collapse last year.
The 拢250m turnover company, which was set up in 1986, sank into administration last October owing trade creditors 拢65m. HMRC is owed a further 拢1.8m, while the firm鈥檚 265 staff are owed 拢586,000 between them.
In an update, administrator Begbies Traynor said it expected 鈥渢here will be insufficient funds available to enable a dividend to be paid to the unsecured creditors鈥�.
The update said it expected to recover between 拢1.1m and 拢3.7m from Lonsdale鈥檚 debtors but warned that further recoveries are 鈥渘ow tied up in legal disputes [meaning it] will be an uphill battle to achieve recovery鈥�.
HMRC has also been warned it is unlikely to get any of its money back but preferential creditors, which include staff, have been told there will be enough money to pay them a dividend.
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