Park Manufacturing Limited (In Administration) Joint Administrators ...
Park Manufacturing Limited (In Administration) Progress Report to Secured and Preferential Creditors 8 September 2011
Park Manufacturing Limited (In Administration)
Joint Administrators’ Report to the Secured and Preferential Creditors For the period from 1 April 2011 to 8 September 2011 Pursuant to Rule 2.112(2) of the Insolvency Rules 1986, as amended
8 September 2011
CRRATE RESTRUCTURING
Park Manufacturing Limited (In Administration) Progress Report to Secured and Preferential Creditors 8 September 2011
Names of Joint Administrators:
Geoffrey Wayne Bouchier Matthew Peter Bond
Date of appointment:
1 October 2010
Date of report:
8 September 2011
Appointed by:
The Royal Bank of Scotland plc 2’ Floor 280 Bishopsgate London EC2M 4RB
Court reference:
High Court of Justice Chancery Division Companies Court London Court No. 7982 of 2010
MCR 43-45 Portrnan Square London W1H 6LY
Park Manufacturing Limited (In Administration) Progress Report to Secured and Preferential Creditors 8 September 2011
CONTENTS 1.
Introduction
2.
Background
3.
Progress of the Administration
4.
Creditors’ Meeting
5.
Investigations
6.
Dividend Prospects/Prescribed Part
7.
Joint Administrators’ Receipts and Payments Account
8.
Joint Administrators’ Costs and Expenses
9.
EC Regulations
10.
Extension of Administration
11.
End of Administration
APPENDICES 1.
Statutory Information
2.
Joint Administrators’ Receipts and Payments Account
3
Analysis of Time Charged and Expenses Incurred
4
Postal Resolution
CORPORATE
IMLJ&
RESTRLJDTURINO
Park Manufacturing Limited (In Administration) Progress Report to Secured and Preferential Creditors 8 September 2011
DEFINITIONS "Appointment Date"
means 1 October 2010, being the date of appointment of the Joint Administrators over the Company;
"the Joint Administrators"
means Geoffrey Bouchier and Matthew Bond of MCR, 43-45 Portman Square, London, W1H 6LY;
"the Directors"
means Allan McKay;
"the Company"
means Park Manufacturing Limited (Company Number 06290016);
Edwards,
Sally Norcross-Webb
(In
and Frank
Administration)
"RBSIF"
means The Royal Bank of Scotland Invoice Finance Limited, the holder of a qualifying floating charge and provider of a book debt invoice financing facility;
"RBS"
means The Royal Bank of Scotland plc, the holder of a qualifying floating charge and the Company’s bankers;
"Agents"
means Hilco Appraisal Europe Limited, the Joint Administrators’ valuation and plant and machinery sales agents;
"SOA"
means Statement of Affairs, documentation supplied by the Directors outlining the Company’s position as at the Appointment Date;
"EC Regulation"
means EC Regulation on Insolvency Proceedings 2000;
"CVL"
means Creditors’ Voluntary Liquidation,
"RPO"
means the Redundancy Payments Office,
"the Act"
means the Insolvency Act 1986, as amended,
"the Rules"
means the Insolvency Rules 1986, as amended, and
"the Vendors"
means Messrs Higson and Archer, formerly trading as Higson Archer LLP (formerly Park Engineering Group LLP)
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Park Manufacturing Limited (In Administration) Progress Report to Secured and Preferential Creditors 8 September 2011
1.
INTRODUCTION
1.1
The Joint Administrators were appointed on 1 October 2010 by RBS, the holder of a qualifying floating charge under Paragraph 14 of Schedule BI to the Act.
1.2
In accordance with Paragraph 100(2) of Schedule B1 to the Act the functions of the Joint Administrators are being exercised jointly and severally.
1.3
The purpose of this report is to seek an extension of the Administration for a period of six months in accordance with Paragraph 76(2)(b) of Schedule Bi to the Act and to provide you with an update on the progress of the Administration.
1.4
Please would you sign and return to my office, by 26 September 2011, Form 2.25B attached at Appendix 4.
1.5
This report should be read in conjunction with the Joint Administrators’ earlier reports to creditors dated 25 November 2010 and 28 April 2011.
2.
BACKGROUND
2.1
For information relating to the Company’s background and events leading up to the appointment of the Joint Administrators, please refer to the previous reports to creditors, copies of which are available upon request.
2.2
Statutory information on the Company is attached at Appendix 1.
3.
PROGRESS OF THE ADMINISTRATION
3.1
The manner in which the affairs and business of the Company have been managed and will continue to be managed are set out as follows. Administration Trading Period
3.2
The Joint Administrators’ receipts and payments account as at 8 September 2011 shows a trading surplus of £240,217. The Joint Administrators have finalised all outstanding trading liabilities and to this effect believe this to be the final balance.
3.3
The administration sales for the trading period total £563,227. Sale of Business
3.4
The business and assets of the Company were sold on 28 October 2010 for £350,000. Book Debts
3.5
As at the Appointment Date the Company’s debtor ledger was reported as being £1,062m.
3.6
Book debt collections to date total £967,763.
3.7
The Joint Administrators do not expect any further book debt realisations.
CORPORATE REOTRUCTURINO
Park Manufacturing Limited (In Administration) Progress Report to Secured and Preferential Creditors 8 September 2011
Sundry Refunds
3.8
Bank interest of £253 has been received to date along with a rates refund of £397 and a sundry refund of £206.
4.
CREDITORS’ MEETING
4.1
Pursuant to Paragraph 52(1) of Schedule B1 of the Act a creditors’ meeting was not convened as it was the Joint Administrators’ view at the time that there would be insufficient assets to enable a distribution to non-preferential unsecured creditors other from the Prescribed Part pursuant to Section 176A of the Act.
4.2
No meeting was convened and in accordance with Rule 2.33(5) of the Rules, the Joint Administrators’ proposals were deemed to have been approved by creditors.
S.
INVESTIGATIONS
5.1
The Joint Administrators have a statutory obligation to file a report with DBIS regarding the conduct of all directors of the Company that served in the three years prior to the appointment. The content of this report is confidential and was submitted to DBIS on 5 January 2011.
5.2
Should any creditor have further information concerning the Company’s affairs that they would like to bring to the Joint Administrators’ attention, please contact this office.
6.
DIVIDEND PROSPECTS! PRESCRIBED PART Secured Creditors
RBS 6.1
RBS hold a debenture dated 25 April 2008 which confers fixed and floating charges overall of the assets of the Company. RBS hold a deed of priority over the Vendors in relation to their debenture.
6.2
As at the Appointment Date, the Company’s indebtedness to RBS was £2,211,468 subject to accruing interest and charges.
6.3
To date, distributions totalling £600,000 have been made to RBS pursuant to their fixed and floating charges. The quantum and timing of further distributions remains subject to the costs of finalising the administration. RBSIF
6.4
In consideration for the monies advanced under the invoice discounting agreement the Company granted RBSIF a debenture, dated 2 May 2008, which confers fixed and floating charges over all of the assets of the Company.
6.5
The total indebtedness to RBSIF was £535,068, including interest and charges. RBSIF have now been repaid in full from book debt collections.
da.
EDRPORAYE RESTRUCTURINb
Park Manufacturing Limited (In Administration) Progress Report to Secured and Preferential Creditors 8 September 2011
The Vendors 6.6
The Vendors were granted a debenture dated 25 April 2008, which confers fixed and floating charges over all of the assets of the Company.
6.7
The debenture was granted to secure the deferred consideration owing to the Vendors from the sale of Park Engineering Group LLP.
6.8
At the appointment date, the indebtedness to the Vendors was Elm plus interest of £53,198. A deed of priority exists between RBS and the Vendors such that RBS’ security ranks in priority to the Vendor’s security. It is therefore anticipated that there will be insufficient realisations to enable a distribution to the Vendors pursuant to their fixed and floating charges. Preferential Creditors
6.9
Preferential creditor claims consist of employee claims for arrears of pay and holiday pay, the majority of which are likely to be subrogated to Department of Business, Innovation and Skills following payment to the employees by the Redundancy Payments Office.
6.10
The RPO submitted a preferential claim totalling £15,651 on 7 July 2011 in respect of payments made to the Company’s former employees, this amount has been paid in full.
6.11
The Joint Administrators have also received further preferential claims, in excess of the limits imposed by the RPO, totalling £4,742 from former employees, of this amount claims totalling £4,595 have been paid to date.
6.12
The preferential creditors will be paid in full. Prescribed Part
6.13
Pursuant to Section 176A of the Act where a floating charge is created after 15 September 2003 a Prescribed Part of a company’s net property shall be made available to nonpreferential unsecured creditors.
6.14 The Prescribed Part is calculated as a percentage of net property, as follows: Net property less than £10,000: Net property greater than £10,000:
50%, of net property; and 50% up to £10,000 plus 20% thereafter to a maximum of £600,000.
6.15 The maximum value of the ring-fenced proportion of the funds, known as the Prescribed Part, is £600,000. 6.16
In this case the Prescribed Part provision applies as the RBS charge was created after 15 September 2003.
6.17
Based on the quantum of book debt collections and other floating charge asset realisations to date it is anticipated there will be a distribution to non-preferential unsecured creditors via the Prescribed Part. It is the Joint Administrators’ intention to apply to court to pay the distribution in Administration in accordance with Paragraph 65(3) of Schedule B1 of the Act.
CDRPc3RATE RZSTRUCTURItIS
Park Manufacturing Limited (In Administration) Progress Report to Secured and Preferential Creditors 8 September 2011
Non-Preferential Unsecured Creditors
6.18
According to the SOA, non-preferential unsecured creditors totalled £1,902,385 at the Appointment Date. The non-preferential unsecured creditors can be summarised as follows: Amount
Trade and Expense Creditors Hire Purchase Agreements Employees HMRC - VAT HMRC PAYE Landlord Total
() 904,978 491,165 340,530 101,842 29,970 33,900 1,902,385
6.19
Based upon the current information available, it is anticipated that there will be insufficient realisations to enable a distribution to the non-preferential unsecured creditors of the Company, other than by way of the Prescribed Part.
7.
JOINT ADMINISTRATORS’ RECEIPTS AND PAYMENTS ACCOUNT
7.1
A detailed receipts and payments account, for the period from 1 October 2010 to 8 September 2011 is shown in Appendix 2.
7.2
As at 8 September 2011 there was an estate balance of £218,385.
8.
JOINT ADMINISTRATORS’ COSTS AND EXPENSES
8.1
The basis of remuneration has been fixed by reference to the time properly spent by the Joint Administrators and their staff in attending to matters arising in the Administration, as approved by the secured and preferential creditors of the Company.
8.2
The time costs incurred in the period 1 October 2010 to 8 September 2011 total £430,758 and are analysed at Appendix 3.
8.3
Remuneration of £150,000 plus VAT and disbursements has been paid to date. Details of payments are shown on the receipts and payments account at Appendix 2.
8.4
Information regarding the fees of administrators called "A Creditors’ Guide to Administrators’ Fees" can be found on NCR’s website at www.mcr.uk.com . Should you require a copy, please contact this office.
8.5
The expenses incurred by the Joint Administrators in dealing with the Administration of the Company are detailed at Appendix 3 in accordance with Rule 2.47(1) of the Rules.
8.6
In accordance with Rule 2.48A of the Rules, secured or non-preferential unsecured creditors (with the concurrence of at least 5% in value of the non-preferential unsecured creditors) may make a request in writing to the Joint Administrators for further information about the remuneration or expenses set out in this report.
CORPORATE
RE8TRLJCTL3RING
Park Manufacturing Limited (In Administration) Progress Report to Secured and Preferential Creditors 8 September 2011
8.7
In addition to the above any secured creditor, or any non-preferential unsecured creditor (with either the support of at least 10% in value of the non-preferential unsecured creditors or the permission of the Court), may apply to the Court on the grounds that the remuneration or basis fixed for the Joint Administrators’ remuneration or the expenses incurred by the Joint Administrators are considered to be excessive. In accordance with Rule 2.109 of the Rules, this application must be made no later than 8 weeks after receipt of this progress report, where the charging of the remuneration or the incurring of expenses in question occurs.
9.
EC REGULATIONS
9.1
It is the Joint Administrators’ opinion that the EC Regulation apply and these proceedings are main proceedings as defined in Article 3 of the EC Regulation. The centre of main interest of the Company is in England.
10.
EXTENSION OF ADMINISTRATION
10.1
In accordance with Paragraph 78(2)(a) of Schedule Bi of the Act, the Joint Administrators are seeking the consent of the secured and preferential creditors to allow the term of the Administration to be extended by a period of six months to 31 March 2012.
10.2
The extension is necessary in order for the Joint Administrators to make further distributions to RBS, preferential creditors and non-preferential unsecured creditors from the Prescribed Part.
10.3
Please would you complete and sign form 2.2513 attached at Appendix 4 and return it to my office by no later than 26 September 2011.
11.
END OF ADMINISTRATION
11.1
In accordance with the Proposals, upon completion of all outstanding matters, necessary steps will be taken to give notice to the Registrar of Companies to the effect that the Company have no further property which might permit any further distributions to creditors, at which time the Administration will cease. Notice will be served on all creditors at that time.
11.2
Following registration of the Notice by the Registrar of Companies, the Joint Administrators appointment will cease to have effect, and they will be discharged from liability under Paragraph 98(3) of Schedule B1 to the Act.
11.3
At the end of three months beginning with the date of the Notice being registered by the Registrar of Companies the Company will be dissolved.
Park Manufacturing Limited (In Administration) Progress Report to Secured and Preferential Creditors 8 September 2011
If you have any queries or require any further assistance, please do not hesitate to contact Paul Murton. Yours faithfully For and on behalf of Park Manufacturing Limited
3rty Bouchier
Joint Administrator
The affairs, business and property of the company are being managed by the Joint Administrators, Geoffrey Bouchier and Matthew Bond, who act as agents for the company and without personal liability. They are both licensed by the Insolvency Practitioners Association.
- CORPORATE RZSTRUCTuRINO
Park Manufacturing Limited (In Administration) Progress Report to Secured and Preferential Creditors 8 September 2011
APPENDIX 1 Statutory Information
tyN&_1 I
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Park Manufacturing Limited (In Administration) Progress Report to Secured and Preferential Creditors 8 September 2011
STATUTORY INFORMATION
Date of incorporation
22 June 2007
Registered number
06290016
Company director
Allan Edwards Westbrook House 11 Church Street Weymouth Dorset DT3 5BQ
Company secretary
Formerly Mr Peter Tarrant, who resigned on 14 August 2009. No replacement was made.
Issued share capital
31,874,998 shares of 1 pence each divided into 7,968,750 Preferred Ordinary shares and 23,906,248 Ordinary Shares
Shareholders
Frontline Manufacturing Group Limited holds 15,729,165 Ordinary shares Sally Norcross Webb holds 3,984,375 Ordinary shares Mckay Portfolio LLP holds 3,984,375 Ordinary shares Edward Kelleher holds 208333 Ordinary shares RBS holds 7,968,750 Preferred Ordinary shares
Head office
19-22 Surrey Close Granby Industrial Estate Weymouth Dorset
Registered Office
Current:
Formerly:
43-45 Portman Square London W1H 6LY
Portwali Place (4th Floor) Portwall Lane Bristol BS1 6NA
Any Other Trading Names
Sally Norcross-Webb Portwall Place Portwall Lane Bristol BSI 6NA
Not applicable
_______
RE:TRUITUING
Park Manufacturing Limited (In Administration) Progress Report to Secured and Preferential Creditors 8 September 2011
APPENDIX 2 Joint Administrators’ Receipts and Payments Account
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CORPORATE RESTRUCTURING
Park Manufacturing Limited (In Administration) Joint Administrators’ Abstract of Receipts and Payments
Statement of Affairs () 800,000.00
-
500,000.00 55,000.00 9,200.00 3,000.00 112,582.00
From 01 April 2011 To 8 September 2011
Total To 8 September 2011
()
()
15,689.89
967,762.59
(40,000.00)
(535,068.00) (45,000.00)
(24,310.11)
387,694.59
-
99,997.00
-
(71,071.00) (10,000.00) (7,500.00)
-
11,426.00
14,763.98 4.01 76.79 14,844.78
240,217.91 165,000.00 75,000.00 5,000.00 5,000.00 71,922.14 2,957.61 12,000.00 1,000.00 397.83 206.14 249.87 114.26 1.00 1.00 1.00 579,068.76
(20,000.00) (38.81) (528.20) (275.00) (3.55) (20,845.56)
(95,000.00) (4,529.63) (20,301.91) (8,395.90) (76,070.42) (2,610.00) (1,060.00) (1,538.27) (1,025.00) (75.60) (19.95) (3.55) (210,630.23)
1,007.23 20,246.00 (21,253.23)
1,007.23 19,238.12 (20,245.35)
100,000.00 (100,000.00)
528,929.00 (528,929.00)
151,564.12)
218,384.77
ASSETS SPECIFICALLY ASSIGNED - RBSIF Debtors Less: Distribution to RBSIF pursuant to ID Facility Joint Administrators’ Remuneration
ASSETS SUBJECT TO FIXED CHARGE - RBS Goodwill and Intellectual Property Rights Less: Distribution to RBS Pursuant to Fixed Charge Joint Administrators’ Remunueration Legal Fees and Disbursements
ASSET REALISATIONS - FLOATING Trading Surplus/(Deficit) Stock Plant & Machinery Motor Vehicles Fixtures and Fittings Licence Fee Reimbursement of Legal Fees Apportionments - Sale of Business Sale of Contracts - Sprayweld Rates Refund Sundry Refund Bank Interest Petty Cash Supply Contracts Customer Contracts Commercial Records Inter-company Account
COST OF REALISATIONS - FLOATING Joint Administrators’ Remuneration Joint Administrators’ Disbursements Legal Fees & Disbursements Agent’s Fees - Valuation Rent Sale of Business Advertising Petitioning Creditor’s Costs Stationery & Postage Accountant’s Fees Statutory Advertising Storage Costs Searches
DISTRIBUTION TO PREFERENTIAL CREDITORS Inland Revenue Employee Arrears and Holiday Pay
DISTRIBUTION TO FLOATING CHARGE CREDITORS Floating Charge Distribution - RBS
REPRESENTED BY Barclays Floating Account RBSIF Trust Account Floating/Main Current Account Fixed Charge VAT Receivable VAT Receivable VAT Payable VAT Control Account
87,366.63 16,056.00 110,567.20 (25.70) 65,412.91 (99,489.54) 38,497.27 218,384.77
Park Manufacturing Limited (In Administration) Joint Administrators’ Trading Account
TRADING INCOME Administration Sales
TRADING EXPENDITURE Rents Utilities Carriage Insurance Hire of EauiDment Wages Materials PAYE & NI Consultancy Fees Lease/HP Payments Materials - ROT Professional Fees Repairs & Maintenance Employee Pension Contribution Telephone! Internet Security Employee CSA Contribution Bank Charges
TRADING SURPLUS/ (DEFICIT)
From 1 April 2011 To 8 September 2011 ()
Total To 8 September 2011 ()
19,252.41 19,252.41
563,227.17 563,227.17
(73.99) (2,446.06)
(5.59) (4,488.43)
(3,500.60) (6,066.66) (2,679.03) (4,854.09) (250.00) (116,236.32) (92,711.53) (46,983.79) (15,537.59) (10,721.39) (18,570.48) (741.25) (378.50) (322.64) (1,569.30) (183.59) (40.00) (1,662.50) (323,009.26)
14,763.98
240,217.91
(1,644.18) (120.54) (29.79)
(168.28)
Park Manufacturing Limited (In Administration) Progress Report to Secured and Preferential Creditors 8 September 2011
APPENDIX 3 Analysis of Time Charged and Expenses Incurred
MR..1
... T.M..
Park Manufacturing Limited (In Administration) Analysis of Administrators’ time costs for the period 1 October 2010 to 1 September 2011
Classification of Work Function
Hours Partner
Manager
Senior
Assistant
Support
Total
Time
Av hourly
Hours
Cost
Rate
£
£
Administration and Planning Case review and Case Diary manaaement Cashiering & accounting
0.40
1.40
4.20
8.50
29.50 33.10
143.50
1.60
20.90
Dealings with Directors and Management Insurance IPS set up & maintenance
13,10 3.80
Tax Compliance/Planning
4,787.50
152.96
189.50
30,196.00
159.35
22.50
2,829.00
125.73
0.10
9.40
9.50
1,304.00
137.26
0.50
4.30
19.60
24.40
3,617.00
148.24
0.20
4.80
5.00
725.50
145.10
11.00
32.00
44.50
100.60
26,549.00
264.90
6.00
67.60
44.00
121.40
28,289.00
233.02
0.50
5.20
7.70
13.40
2,896.00
216.12
0.20
34.80
38.50
6,265.50
162.74
7.90
5.70
1160
2,490.00
183.09
Statement of affairs Statutory matters (Meetings, Reports and Notices) Strategy planning & control
0.20
31.30
Investigations CODA, reports & Communicaton
0.30
3.20
Financial review and investigations (5238/239 etc)
-
Realisation of Assets Book debts
2.40
Freehold and Leasehold Property
8.50
187.00
77.00
274.90
63,051.00
229.36
10.80
9.70
18.40
38.90
8,892.00
228.59 199.00
Hire Purchase and Lease Assets
0.50
0.50
99.50
Other Intangible Assets
0.90
0.90
93.00
10133
Plant, Machinery, Fixtures and Motor Vehicles Pm-Appointment Tax Reclaims
1.60
1.60
174.00
108.75
Sale of business
33.30
43.00
12.70
Stock and Work In Progress
0.80
0.80
172.00
215.00
65.70
154.70
48,323.00
312.37
0.30
0.30
64.50
215.00
Trading Trading - Accounting
14.50
19.80
21.10
9.40
64.80
21,742.50
335.53
Trading - Employees
1.40
7.00
10.40
13.00
31.80
8,006.00
251.76
Trading - Hire Purchase Matters
0.10
3.00
2.40
5.50
1,702.50
309.55
5.20
5.20
1,018.00
195.77
191.80
387.30
95,849.50
247.48
69.50
86.60
19,479.50
224.94
1.60
142.50
152.70
21,449.00
140.46
0.10
7.50
7.60
1,106.00
145.53
Trading - Insurance Trading - Operations Trading - Retention of Title, Claims handlino
24.40
108.00
2.60
14.50
4.20
4.40
63.10
Creditors Communications with Creditors/Emolovees Non Pref Creditor claims adjudication and dist’n Non Pref Creditors/Employee claims handlino Pref claims adjudication and distribution Prescribed Part Secured Creditors
0.90
0.30
0.20
69.10
70.50
11,932.00
169.25
0.20
1.00
0.90
9.50
11.60
2,456.50
211.77
1.00
514.50
514.50
14.00
2.10
1.30
26.20
10,979.50
419.06
16.30
21.30
3,605.00
169.25
0.90 8.80
0.10
Case Specific Matters 5.00
Total Hours Total Fees Claimed
()
115.50
27040
57,882.50
107,487.50
461 20 123,068.501
Category 2 Disbursements: There are no category 2 disbursements for this case to date.
1,067 10 142,313.501
0.201 6.001
1,91440
22501 430,758.00
Park Manufacturing Limited (In Administration) Progress Report to Secured and Preferential Creditors 8 September 2011
APPENDIX 4 Postal Resolution
I
CflRncJRAtE RESTRUCTURINb
Form 2.25B Rule 2.48
(a) Insert full name(s) and address(es) of administrator(s)
(b) Insert full name and address of registered office of the company
(c) Insert number of resolutions enclosed
(d) Insert address to which form is to be delivered
Notice of conduct of business by correspondence Name of Company
Company number
Park Manufacturing Limited Limited
06290016
In the High Court of Justice, Chancery Division, London (full name of court)
Court case number 7982 of 2010
Notice is hereby given by (a) Geoffrey Wayne Bouchier and Matthew Peter Bond of 43-45 Portman Square, London, W1H 6LY.
To the creditors of (b) Park Manufacturing Limited C/O MCR, 43-45 Portman Square, London, W1H 6LY.
That, pursuant to paragraph 58 of Schedule Bi to the Insolvency Act 1986, below is (c) one resolution for your consideration. Please indicate below whether you are in favour or against the resolution. This form must be received at (d) MCR, 43-45 Portman Square, London, W1H 6LY
(e) Insert closing date
By 12.00 hours on (e) 21 September 2011 in order to be counted. It must be accompanied by details in writing of your claim. Failure to do so will lead to your vote(s) being disregarded.
Repeat as necessary for the number of resolutions attached
1. "That the term of the Administration be extended for a period of six months" I am
Favour/Against
TO BE COMPLETED BY CREDITOR WHEN RETURNING FORM Name of creditor:
Signature of creditor (if signing on behalf of creditor, state capacity e.g. director/solicitor)
If you require any further details or clarification contact me/us at the address above. /
Signed Joint Administrator
Dated
to returning your votes, please
Form 2.24
Rule 2.47
The Insolvency Act 1986
2.24B
Administrator’s progress report
Name of Company
[iPanY number
Park Manufacturing Limited
[ 06290016
In the High Court of Justice, Chancery Division, London (full name of court)
(a) Insert full name(s) and address(es) of administrators
For court use only 7982 of 2010
I/We (a) Geoffrey Wayne Bouchier and Matthew Peter Bond of NCR, 43-45 Portman Square, London, W1H 61-Y.
Administrator(s) of the above company attach a progress report for the period To
From
(b) Insert date
\)
(b) 1 April 2011
(b) 8 September 2011
Signed Joint Administrator(s)
Dated
9 "
Contact Details: You do not have to give any contact information in the box opposite but if you do, it will help Companies House to contact you if there is a query on the form. The contact information that you give will be visible to searches of the public record
MCR 43-45 Portman Square London
Tel: 020 7487 7240
When you have completed and signed this form please send it to the Registrar of companies at: Companies House, Crown Way, Cardiff CF14 3UZ
DX 33050 Cardiff
Park Manufacturing Limited (In Administration)
Joint Administrators’ Report to the Secured and Preferential Creditors For the period from 1 April 2011 to 8 September 2011 Pursuant to Rule 2.112(2) of the Insolvency Rules 1986, as amended
8 September 2011
CRRATE RESTRUCTURING
Park Manufacturing Limited (In Administration) Progress Report to Secured and Preferential Creditors 8 September 2011
Names of Joint Administrators:
Geoffrey Wayne Bouchier Matthew Peter Bond
Date of appointment:
1 October 2010
Date of report:
8 September 2011
Appointed by:
The Royal Bank of Scotland plc 2’ Floor 280 Bishopsgate London EC2M 4RB
Court reference:
High Court of Justice Chancery Division Companies Court London Court No. 7982 of 2010
MCR 43-45 Portrnan Square London W1H 6LY
Park Manufacturing Limited (In Administration) Progress Report to Secured and Preferential Creditors 8 September 2011
CONTENTS 1.
Introduction
2.
Background
3.
Progress of the Administration
4.
Creditors’ Meeting
5.
Investigations
6.
Dividend Prospects/Prescribed Part
7.
Joint Administrators’ Receipts and Payments Account
8.
Joint Administrators’ Costs and Expenses
9.
EC Regulations
10.
Extension of Administration
11.
End of Administration
APPENDICES 1.
Statutory Information
2.
Joint Administrators’ Receipts and Payments Account
3
Analysis of Time Charged and Expenses Incurred
4
Postal Resolution
CORPORATE
IMLJ&
RESTRLJDTURINO
Park Manufacturing Limited (In Administration) Progress Report to Secured and Preferential Creditors 8 September 2011
DEFINITIONS "Appointment Date"
means 1 October 2010, being the date of appointment of the Joint Administrators over the Company;
"the Joint Administrators"
means Geoffrey Bouchier and Matthew Bond of MCR, 43-45 Portman Square, London, W1H 6LY;
"the Directors"
means Allan McKay;
"the Company"
means Park Manufacturing Limited (Company Number 06290016);
Edwards,
Sally Norcross-Webb
(In
and Frank
Administration)
"RBSIF"
means The Royal Bank of Scotland Invoice Finance Limited, the holder of a qualifying floating charge and provider of a book debt invoice financing facility;
"RBS"
means The Royal Bank of Scotland plc, the holder of a qualifying floating charge and the Company’s bankers;
"Agents"
means Hilco Appraisal Europe Limited, the Joint Administrators’ valuation and plant and machinery sales agents;
"SOA"
means Statement of Affairs, documentation supplied by the Directors outlining the Company’s position as at the Appointment Date;
"EC Regulation"
means EC Regulation on Insolvency Proceedings 2000;
"CVL"
means Creditors’ Voluntary Liquidation,
"RPO"
means the Redundancy Payments Office,
"the Act"
means the Insolvency Act 1986, as amended,
"the Rules"
means the Insolvency Rules 1986, as amended, and
"the Vendors"
means Messrs Higson and Archer, formerly trading as Higson Archer LLP (formerly Park Engineering Group LLP)
RTUrnTURN
Park Manufacturing Limited (In Administration) Progress Report to Secured and Preferential Creditors 8 September 2011
1.
INTRODUCTION
1.1
The Joint Administrators were appointed on 1 October 2010 by RBS, the holder of a qualifying floating charge under Paragraph 14 of Schedule BI to the Act.
1.2
In accordance with Paragraph 100(2) of Schedule B1 to the Act the functions of the Joint Administrators are being exercised jointly and severally.
1.3
The purpose of this report is to seek an extension of the Administration for a period of six months in accordance with Paragraph 76(2)(b) of Schedule Bi to the Act and to provide you with an update on the progress of the Administration.
1.4
Please would you sign and return to my office, by 26 September 2011, Form 2.25B attached at Appendix 4.
1.5
This report should be read in conjunction with the Joint Administrators’ earlier reports to creditors dated 25 November 2010 and 28 April 2011.
2.
BACKGROUND
2.1
For information relating to the Company’s background and events leading up to the appointment of the Joint Administrators, please refer to the previous reports to creditors, copies of which are available upon request.
2.2
Statutory information on the Company is attached at Appendix 1.
3.
PROGRESS OF THE ADMINISTRATION
3.1
The manner in which the affairs and business of the Company have been managed and will continue to be managed are set out as follows. Administration Trading Period
3.2
The Joint Administrators’ receipts and payments account as at 8 September 2011 shows a trading surplus of £240,217. The Joint Administrators have finalised all outstanding trading liabilities and to this effect believe this to be the final balance.
3.3
The administration sales for the trading period total £563,227. Sale of Business
3.4
The business and assets of the Company were sold on 28 October 2010 for £350,000. Book Debts
3.5
As at the Appointment Date the Company’s debtor ledger was reported as being £1,062m.
3.6
Book debt collections to date total £967,763.
3.7
The Joint Administrators do not expect any further book debt realisations.
CORPORATE REOTRUCTURINO
Park Manufacturing Limited (In Administration) Progress Report to Secured and Preferential Creditors 8 September 2011
Sundry Refunds
3.8
Bank interest of £253 has been received to date along with a rates refund of £397 and a sundry refund of £206.
4.
CREDITORS’ MEETING
4.1
Pursuant to Paragraph 52(1) of Schedule B1 of the Act a creditors’ meeting was not convened as it was the Joint Administrators’ view at the time that there would be insufficient assets to enable a distribution to non-preferential unsecured creditors other from the Prescribed Part pursuant to Section 176A of the Act.
4.2
No meeting was convened and in accordance with Rule 2.33(5) of the Rules, the Joint Administrators’ proposals were deemed to have been approved by creditors.
S.
INVESTIGATIONS
5.1
The Joint Administrators have a statutory obligation to file a report with DBIS regarding the conduct of all directors of the Company that served in the three years prior to the appointment. The content of this report is confidential and was submitted to DBIS on 5 January 2011.
5.2
Should any creditor have further information concerning the Company’s affairs that they would like to bring to the Joint Administrators’ attention, please contact this office.
6.
DIVIDEND PROSPECTS! PRESCRIBED PART Secured Creditors
RBS 6.1
RBS hold a debenture dated 25 April 2008 which confers fixed and floating charges overall of the assets of the Company. RBS hold a deed of priority over the Vendors in relation to their debenture.
6.2
As at the Appointment Date, the Company’s indebtedness to RBS was £2,211,468 subject to accruing interest and charges.
6.3
To date, distributions totalling £600,000 have been made to RBS pursuant to their fixed and floating charges. The quantum and timing of further distributions remains subject to the costs of finalising the administration. RBSIF
6.4
In consideration for the monies advanced under the invoice discounting agreement the Company granted RBSIF a debenture, dated 2 May 2008, which confers fixed and floating charges over all of the assets of the Company.
6.5
The total indebtedness to RBSIF was £535,068, including interest and charges. RBSIF have now been repaid in full from book debt collections.
da.
EDRPORAYE RESTRUCTURINb
Park Manufacturing Limited (In Administration) Progress Report to Secured and Preferential Creditors 8 September 2011
The Vendors 6.6
The Vendors were granted a debenture dated 25 April 2008, which confers fixed and floating charges over all of the assets of the Company.
6.7
The debenture was granted to secure the deferred consideration owing to the Vendors from the sale of Park Engineering Group LLP.
6.8
At the appointment date, the indebtedness to the Vendors was Elm plus interest of £53,198. A deed of priority exists between RBS and the Vendors such that RBS’ security ranks in priority to the Vendor’s security. It is therefore anticipated that there will be insufficient realisations to enable a distribution to the Vendors pursuant to their fixed and floating charges. Preferential Creditors
6.9
Preferential creditor claims consist of employee claims for arrears of pay and holiday pay, the majority of which are likely to be subrogated to Department of Business, Innovation and Skills following payment to the employees by the Redundancy Payments Office.
6.10
The RPO submitted a preferential claim totalling £15,651 on 7 July 2011 in respect of payments made to the Company’s former employees, this amount has been paid in full.
6.11
The Joint Administrators have also received further preferential claims, in excess of the limits imposed by the RPO, totalling £4,742 from former employees, of this amount claims totalling £4,595 have been paid to date.
6.12
The preferential creditors will be paid in full. Prescribed Part
6.13
Pursuant to Section 176A of the Act where a floating charge is created after 15 September 2003 a Prescribed Part of a company’s net property shall be made available to nonpreferential unsecured creditors.
6.14 The Prescribed Part is calculated as a percentage of net property, as follows: Net property less than £10,000: Net property greater than £10,000:
50%, of net property; and 50% up to £10,000 plus 20% thereafter to a maximum of £600,000.
6.15 The maximum value of the ring-fenced proportion of the funds, known as the Prescribed Part, is £600,000. 6.16
In this case the Prescribed Part provision applies as the RBS charge was created after 15 September 2003.
6.17
Based on the quantum of book debt collections and other floating charge asset realisations to date it is anticipated there will be a distribution to non-preferential unsecured creditors via the Prescribed Part. It is the Joint Administrators’ intention to apply to court to pay the distribution in Administration in accordance with Paragraph 65(3) of Schedule B1 of the Act.
CDRPc3RATE RZSTRUCTURItIS
Park Manufacturing Limited (In Administration) Progress Report to Secured and Preferential Creditors 8 September 2011
Non-Preferential Unsecured Creditors
6.18
According to the SOA, non-preferential unsecured creditors totalled £1,902,385 at the Appointment Date. The non-preferential unsecured creditors can be summarised as follows: Amount
Trade and Expense Creditors Hire Purchase Agreements Employees HMRC - VAT HMRC PAYE Landlord Total
() 904,978 491,165 340,530 101,842 29,970 33,900 1,902,385
6.19
Based upon the current information available, it is anticipated that there will be insufficient realisations to enable a distribution to the non-preferential unsecured creditors of the Company, other than by way of the Prescribed Part.
7.
JOINT ADMINISTRATORS’ RECEIPTS AND PAYMENTS ACCOUNT
7.1
A detailed receipts and payments account, for the period from 1 October 2010 to 8 September 2011 is shown in Appendix 2.
7.2
As at 8 September 2011 there was an estate balance of £218,385.
8.
JOINT ADMINISTRATORS’ COSTS AND EXPENSES
8.1
The basis of remuneration has been fixed by reference to the time properly spent by the Joint Administrators and their staff in attending to matters arising in the Administration, as approved by the secured and preferential creditors of the Company.
8.2
The time costs incurred in the period 1 October 2010 to 8 September 2011 total £430,758 and are analysed at Appendix 3.
8.3
Remuneration of £150,000 plus VAT and disbursements has been paid to date. Details of payments are shown on the receipts and payments account at Appendix 2.
8.4
Information regarding the fees of administrators called "A Creditors’ Guide to Administrators’ Fees" can be found on NCR’s website at www.mcr.uk.com . Should you require a copy, please contact this office.
8.5
The expenses incurred by the Joint Administrators in dealing with the Administration of the Company are detailed at Appendix 3 in accordance with Rule 2.47(1) of the Rules.
8.6
In accordance with Rule 2.48A of the Rules, secured or non-preferential unsecured creditors (with the concurrence of at least 5% in value of the non-preferential unsecured creditors) may make a request in writing to the Joint Administrators for further information about the remuneration or expenses set out in this report.
CORPORATE
RE8TRLJCTL3RING
Park Manufacturing Limited (In Administration) Progress Report to Secured and Preferential Creditors 8 September 2011
8.7
In addition to the above any secured creditor, or any non-preferential unsecured creditor (with either the support of at least 10% in value of the non-preferential unsecured creditors or the permission of the Court), may apply to the Court on the grounds that the remuneration or basis fixed for the Joint Administrators’ remuneration or the expenses incurred by the Joint Administrators are considered to be excessive. In accordance with Rule 2.109 of the Rules, this application must be made no later than 8 weeks after receipt of this progress report, where the charging of the remuneration or the incurring of expenses in question occurs.
9.
EC REGULATIONS
9.1
It is the Joint Administrators’ opinion that the EC Regulation apply and these proceedings are main proceedings as defined in Article 3 of the EC Regulation. The centre of main interest of the Company is in England.
10.
EXTENSION OF ADMINISTRATION
10.1
In accordance with Paragraph 78(2)(a) of Schedule Bi of the Act, the Joint Administrators are seeking the consent of the secured and preferential creditors to allow the term of the Administration to be extended by a period of six months to 31 March 2012.
10.2
The extension is necessary in order for the Joint Administrators to make further distributions to RBS, preferential creditors and non-preferential unsecured creditors from the Prescribed Part.
10.3
Please would you complete and sign form 2.2513 attached at Appendix 4 and return it to my office by no later than 26 September 2011.
11.
END OF ADMINISTRATION
11.1
In accordance with the Proposals, upon completion of all outstanding matters, necessary steps will be taken to give notice to the Registrar of Companies to the effect that the Company have no further property which might permit any further distributions to creditors, at which time the Administration will cease. Notice will be served on all creditors at that time.
11.2
Following registration of the Notice by the Registrar of Companies, the Joint Administrators appointment will cease to have effect, and they will be discharged from liability under Paragraph 98(3) of Schedule B1 to the Act.
11.3
At the end of three months beginning with the date of the Notice being registered by the Registrar of Companies the Company will be dissolved.
Park Manufacturing Limited (In Administration) Progress Report to Secured and Preferential Creditors 8 September 2011
If you have any queries or require any further assistance, please do not hesitate to contact Paul Murton. Yours faithfully For and on behalf of Park Manufacturing Limited
3rty Bouchier
Joint Administrator
The affairs, business and property of the company are being managed by the Joint Administrators, Geoffrey Bouchier and Matthew Bond, who act as agents for the company and without personal liability. They are both licensed by the Insolvency Practitioners Association.
- CORPORATE RZSTRUCTuRINO
Park Manufacturing Limited (In Administration) Progress Report to Secured and Preferential Creditors 8 September 2011
APPENDIX 1 Statutory Information
tyN&_1 I
wi.
cr RE9TRUTUNG
Park Manufacturing Limited (In Administration) Progress Report to Secured and Preferential Creditors 8 September 2011
STATUTORY INFORMATION
Date of incorporation
22 June 2007
Registered number
06290016
Company director
Allan Edwards Westbrook House 11 Church Street Weymouth Dorset DT3 5BQ
Company secretary
Formerly Mr Peter Tarrant, who resigned on 14 August 2009. No replacement was made.
Issued share capital
31,874,998 shares of 1 pence each divided into 7,968,750 Preferred Ordinary shares and 23,906,248 Ordinary Shares
Shareholders
Frontline Manufacturing Group Limited holds 15,729,165 Ordinary shares Sally Norcross Webb holds 3,984,375 Ordinary shares Mckay Portfolio LLP holds 3,984,375 Ordinary shares Edward Kelleher holds 208333 Ordinary shares RBS holds 7,968,750 Preferred Ordinary shares
Head office
19-22 Surrey Close Granby Industrial Estate Weymouth Dorset
Registered Office
Current:
Formerly:
43-45 Portman Square London W1H 6LY
Portwali Place (4th Floor) Portwall Lane Bristol BS1 6NA
Any Other Trading Names
Sally Norcross-Webb Portwall Place Portwall Lane Bristol BSI 6NA
Not applicable
_______
RE:TRUITUING
Park Manufacturing Limited (In Administration) Progress Report to Secured and Preferential Creditors 8 September 2011
APPENDIX 2 Joint Administrators’ Receipts and Payments Account
fl
CORPORATE RESTRUCTURING
Park Manufacturing Limited (In Administration) Joint Administrators’ Abstract of Receipts and Payments
Statement of Affairs () 800,000.00
-
500,000.00 55,000.00 9,200.00 3,000.00 112,582.00
From 01 April 2011 To 8 September 2011
Total To 8 September 2011
()
()
15,689.89
967,762.59
(40,000.00)
(535,068.00) (45,000.00)
(24,310.11)
387,694.59
-
99,997.00
-
(71,071.00) (10,000.00) (7,500.00)
-
11,426.00
14,763.98 4.01 76.79 14,844.78
240,217.91 165,000.00 75,000.00 5,000.00 5,000.00 71,922.14 2,957.61 12,000.00 1,000.00 397.83 206.14 249.87 114.26 1.00 1.00 1.00 579,068.76
(20,000.00) (38.81) (528.20) (275.00) (3.55) (20,845.56)
(95,000.00) (4,529.63) (20,301.91) (8,395.90) (76,070.42) (2,610.00) (1,060.00) (1,538.27) (1,025.00) (75.60) (19.95) (3.55) (210,630.23)
1,007.23 20,246.00 (21,253.23)
1,007.23 19,238.12 (20,245.35)
100,000.00 (100,000.00)
528,929.00 (528,929.00)
151,564.12)
218,384.77
ASSETS SPECIFICALLY ASSIGNED - RBSIF Debtors Less: Distribution to RBSIF pursuant to ID Facility Joint Administrators’ Remuneration
ASSETS SUBJECT TO FIXED CHARGE - RBS Goodwill and Intellectual Property Rights Less: Distribution to RBS Pursuant to Fixed Charge Joint Administrators’ Remunueration Legal Fees and Disbursements
ASSET REALISATIONS - FLOATING Trading Surplus/(Deficit) Stock Plant & Machinery Motor Vehicles Fixtures and Fittings Licence Fee Reimbursement of Legal Fees Apportionments - Sale of Business Sale of Contracts - Sprayweld Rates Refund Sundry Refund Bank Interest Petty Cash Supply Contracts Customer Contracts Commercial Records Inter-company Account
COST OF REALISATIONS - FLOATING Joint Administrators’ Remuneration Joint Administrators’ Disbursements Legal Fees & Disbursements Agent’s Fees - Valuation Rent Sale of Business Advertising Petitioning Creditor’s Costs Stationery & Postage Accountant’s Fees Statutory Advertising Storage Costs Searches
DISTRIBUTION TO PREFERENTIAL CREDITORS Inland Revenue Employee Arrears and Holiday Pay
DISTRIBUTION TO FLOATING CHARGE CREDITORS Floating Charge Distribution - RBS
REPRESENTED BY Barclays Floating Account RBSIF Trust Account Floating/Main Current Account Fixed Charge VAT Receivable VAT Receivable VAT Payable VAT Control Account
87,366.63 16,056.00 110,567.20 (25.70) 65,412.91 (99,489.54) 38,497.27 218,384.77
Park Manufacturing Limited (In Administration) Joint Administrators’ Trading Account
TRADING INCOME Administration Sales
TRADING EXPENDITURE Rents Utilities Carriage Insurance Hire of EauiDment Wages Materials PAYE & NI Consultancy Fees Lease/HP Payments Materials - ROT Professional Fees Repairs & Maintenance Employee Pension Contribution Telephone! Internet Security Employee CSA Contribution Bank Charges
TRADING SURPLUS/ (DEFICIT)
From 1 April 2011 To 8 September 2011 ()
Total To 8 September 2011 ()
19,252.41 19,252.41
563,227.17 563,227.17
(73.99) (2,446.06)
(5.59) (4,488.43)
(3,500.60) (6,066.66) (2,679.03) (4,854.09) (250.00) (116,236.32) (92,711.53) (46,983.79) (15,537.59) (10,721.39) (18,570.48) (741.25) (378.50) (322.64) (1,569.30) (183.59) (40.00) (1,662.50) (323,009.26)
14,763.98
240,217.91
(1,644.18) (120.54) (29.79)
(168.28)
Park Manufacturing Limited (In Administration) Progress Report to Secured and Preferential Creditors 8 September 2011
APPENDIX 3 Analysis of Time Charged and Expenses Incurred
MR..1
... T.M..
Park Manufacturing Limited (In Administration) Analysis of Administrators’ time costs for the period 1 October 2010 to 1 September 2011
Classification of Work Function
Hours Partner
Manager
Senior
Assistant
Support
Total
Time
Av hourly
Hours
Cost
Rate
£
£
Administration and Planning Case review and Case Diary manaaement Cashiering & accounting
0.40
1.40
4.20
8.50
29.50 33.10
143.50
1.60
20.90
Dealings with Directors and Management Insurance IPS set up & maintenance
13,10 3.80
Tax Compliance/Planning
4,787.50
152.96
189.50
30,196.00
159.35
22.50
2,829.00
125.73
0.10
9.40
9.50
1,304.00
137.26
0.50
4.30
19.60
24.40
3,617.00
148.24
0.20
4.80
5.00
725.50
145.10
11.00
32.00
44.50
100.60
26,549.00
264.90
6.00
67.60
44.00
121.40
28,289.00
233.02
0.50
5.20
7.70
13.40
2,896.00
216.12
0.20
34.80
38.50
6,265.50
162.74
7.90
5.70
1160
2,490.00
183.09
Statement of affairs Statutory matters (Meetings, Reports and Notices) Strategy planning & control
0.20
31.30
Investigations CODA, reports & Communicaton
0.30
3.20
Financial review and investigations (5238/239 etc)
-
Realisation of Assets Book debts
2.40
Freehold and Leasehold Property
8.50
187.00
77.00
274.90
63,051.00
229.36
10.80
9.70
18.40
38.90
8,892.00
228.59 199.00
Hire Purchase and Lease Assets
0.50
0.50
99.50
Other Intangible Assets
0.90
0.90
93.00
10133
Plant, Machinery, Fixtures and Motor Vehicles Pm-Appointment Tax Reclaims
1.60
1.60
174.00
108.75
Sale of business
33.30
43.00
12.70
Stock and Work In Progress
0.80
0.80
172.00
215.00
65.70
154.70
48,323.00
312.37
0.30
0.30
64.50
215.00
Trading Trading - Accounting
14.50
19.80
21.10
9.40
64.80
21,742.50
335.53
Trading - Employees
1.40
7.00
10.40
13.00
31.80
8,006.00
251.76
Trading - Hire Purchase Matters
0.10
3.00
2.40
5.50
1,702.50
309.55
5.20
5.20
1,018.00
195.77
191.80
387.30
95,849.50
247.48
69.50
86.60
19,479.50
224.94
1.60
142.50
152.70
21,449.00
140.46
0.10
7.50
7.60
1,106.00
145.53
Trading - Insurance Trading - Operations Trading - Retention of Title, Claims handlino
24.40
108.00
2.60
14.50
4.20
4.40
63.10
Creditors Communications with Creditors/Emolovees Non Pref Creditor claims adjudication and dist’n Non Pref Creditors/Employee claims handlino Pref claims adjudication and distribution Prescribed Part Secured Creditors
0.90
0.30
0.20
69.10
70.50
11,932.00
169.25
0.20
1.00
0.90
9.50
11.60
2,456.50
211.77
1.00
514.50
514.50
14.00
2.10
1.30
26.20
10,979.50
419.06
16.30
21.30
3,605.00
169.25
0.90 8.80
0.10
Case Specific Matters 5.00
Total Hours Total Fees Claimed
()
115.50
27040
57,882.50
107,487.50
461 20 123,068.501
Category 2 Disbursements: There are no category 2 disbursements for this case to date.
1,067 10 142,313.501
0.201 6.001
1,91440
22501 430,758.00
Park Manufacturing Limited (In Administration) Progress Report to Secured and Preferential Creditors 8 September 2011
APPENDIX 4 Postal Resolution
I
CflRncJRAtE RESTRUCTURINb
Form 2.25B Rule 2.48
(a) Insert full name(s) and address(es) of administrator(s)
(b) Insert full name and address of registered office of the company
(c) Insert number of resolutions enclosed
(d) Insert address to which form is to be delivered
Notice of conduct of business by correspondence Name of Company
Company number
Park Manufacturing Limited Limited
06290016
In the High Court of Justice, Chancery Division, London (full name of court)
Court case number 7982 of 2010
Notice is hereby given by (a) Geoffrey Wayne Bouchier and Matthew Peter Bond of 43-45 Portman Square, London, W1H 6LY.
To the creditors of (b) Park Manufacturing Limited C/O MCR, 43-45 Portman Square, London, W1H 6LY.
That, pursuant to paragraph 58 of Schedule Bi to the Insolvency Act 1986, below is (c) one resolution for your consideration. Please indicate below whether you are in favour or against the resolution. This form must be received at (d) MCR, 43-45 Portman Square, London, W1H 6LY
(e) Insert closing date
By 12.00 hours on (e) 21 September 2011 in order to be counted. It must be accompanied by details in writing of your claim. Failure to do so will lead to your vote(s) being disregarded.
Repeat as necessary for the number of resolutions attached
1. "That the term of the Administration be extended for a period of six months" I am
Favour/Against
TO BE COMPLETED BY CREDITOR WHEN RETURNING FORM Name of creditor:
Signature of creditor (if signing on behalf of creditor, state capacity e.g. director/solicitor)
If you require any further details or clarification contact me/us at the address above. /
Signed Joint Administrator
Dated
to returning your votes, please
Form 2.24
Rule 2.47
The Insolvency Act 1986
2.24B
Administrator’s progress report
Name of Company
[iPanY number
Park Manufacturing Limited
[ 06290016
In the High Court of Justice, Chancery Division, London (full name of court)
(a) Insert full name(s) and address(es) of administrators
For court use only 7982 of 2010
I/We (a) Geoffrey Wayne Bouchier and Matthew Peter Bond of NCR, 43-45 Portman Square, London, W1H 61-Y.
Administrator(s) of the above company attach a progress report for the period To
From
(b) Insert date
\)
(b) 1 April 2011
(b) 8 September 2011
Signed Joint Administrator(s)
Dated
9 "
Contact Details: You do not have to give any contact information in the box opposite but if you do, it will help Companies House to contact you if there is a query on the form. The contact information that you give will be visible to searches of the public record
MCR 43-45 Portman Square London
Tel: 020 7487 7240
When you have completed and signed this form please send it to the Registrar of companies at: Companies House, Crown Way, Cardiff CF14 3UZ
DX 33050 Cardiff
