No dividend for unsecured creditors of William Sinclair Holdings

William Wright and Mark Orton of KPMG were appointed Joint Administrators of William Sinclair Holdings Plc by order of the Court following an application by its directors on 31 July 2015.

Immediately following the appointment, the business and certain assets of the Group were sold to Westland (GB Trading) Limited for consideration of £13.5 million, as revealed in Horticulture Week last week.

KPMG has now stated in its joint administrators' proposals document dated 1 September: "Based on current estimates, we do not anticipate that unsecured creditors of the Company will receive a dividend.

"At this stage we anticipate the most likely exit route will be for the Company to be moved to dissolution following the administration process. The Company will be dissolved three months after a notice of move from administration to dissolution is registered with the Registrar of Companies.

"The Group’s funder and first ranking debenture holder is Leumi ABL Limited with an indebtedness of approximately £8.4 million (after cash in transit) at appointment. In addition Holdings had issued loan notes in favour of a number of beneficiaries with indebtedness of approximately £9.8 million at appointment cross guaranteed against the Group."

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