Sibley creditors will not get money owed
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ADMINISTRATORS FOR F Swain & Son subsidiary Sibley Haulage have conirmed that unsecured creditors will not receive money owed to them as there are not enough funds available.
Hopes had been raised that irms that had traded with the Milton Keynes business before its administration would receive a dividend, after BDO said there could be “a little pot of money available” under a section of the Insolvency Act known as the prescribed part.
However, in its latest report announcing the move into dissolution, the administrator says: “The court ordered in view of the level of the prescribed part, the high number of potential creditors and the costs of distributing the same to those creditors, which would result in very little beneit for creditors, that the joint administrators dispense with the provision of the prescribed part to the unsecured creditors. No dividend will be paid.”