THE ADMINISTRATION of Innovate Logistics continues to drag on 19
11th February 2010, Page 7
11th February 2010
Page 7
Page 7, 11th February 2010
— THE ADMINISTRATION of Innovate Logistics continues to drag on 19
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Keywords :
Bankruptcy, Insolvency, Business, Finance, Financial Economics, Economics, Unsecured Creditor, Unsecured Debt, Preferential Creditor, Secured Creditor
months after BDO was appointed to handle the affairs of the failed group.
The Innovate group of companies collapsed on 30 June 2008, owing a staggering £176.6m to unsecured creditors.
In the latest report to creditors, joint administrator Shay Bannon notes that the forensic investigation into the group's deficiency "is still ongoing".
Similarly, the E1 .4m claim made against Grampian Country Transport and Innovate Logistics for lost pallets remains unresolved.
Secured creditor RBS Invoice Finance has collected sufficient book debts, so much
so that Innovate's debt is now cleared. In addition, Bannon expects there to be sufficient funds to make a payment to preferential creditors, but unsecured creditors will definitely not see a penny.