Woods of Perth Limited (in Administration) Court of Session Case No. PB584 of 2010 Joint Administrators progress report for the six month period from 21 April 2011 to 20 October 2011 and final progress report for the period to 21 November 2011 22 November 2011 Contact details for queries Contact Address Direct line E-mail Fax Scott Walker PricewaterhouseCoopers, 141 Bothwell Street, Glasgow, G2 7EQ 0131 524 2367 scott.f.walker@uk.pwc.com 0131 260 4029
Contents Section Pages 1 Joint Administrators progress report for the six month period from 21 April 2011 to 20 October 2011 and the final progress report for the period to 21 November 2011 2-3 2 Statutory and other information 4 3 Receipts and payments account for the six month period from 21 April 2011 to 20 October 2011 5 4 Receipts and payments account for the final period to 21 November 2011 6 5 The Administrators original approved proposals 7-8 Appendix A Appendix B Form 2.26B (Scot) Notice of move from administration to dissolution Scheme of division Woods of Perth Limited (in Administration) 1
1. Joint Administrators progress report for the six month period from 21 April 2011 to 20 October 2011 and final progress report for the period to 21 November 2011 Introduction In accordance with Rule 2.38 and Rule 2.42 of the Insolvency (Scotland) Rules 1986 ( ISR86 ), the Joint Administrators ( the Administrators ) write to provide creditors with details of the progress of the Administration of Woods of Perth Limited ( the Company ) for the six month period, from the date of the progress report submitted to creditors in support of the request for an extension of the Administration, that is from 21 April 2011 to 20 October 2011. In addition, this is also the final progress report covering the period to 21 November 2011. Background information, initial actions taken by the Administrators and asset realisations to date Details of the background to, and actions taken since our appointment are contained in our progress reports dated 5 January 2011 and 5 May 2011 and the Administrators proposals dated 12 July 2010. Immediately following their appointment, the Administrators took steps to protect, preserve and realise the Company s assets which comprised: plant and equipment - sales of unencumbered plant and machinery have generated income of 99k; stock and work in progress - sales of stock and work in progess to both customers and competitors realised 44k; and motor vehicles - the sale of the Company s only owned vehicle generated income of 3k. Pre-appointment book debts The director s Statement of Affairs indicated that the Company had a debtors ledger balance of 988,545 on the date of the Administrators appointment. Title to the debtors ledger vested in Lloyds TSB Commercial Finance Limited ( LTSBCF ) which has dealt with the collection of the ledger. Realisations from the debtors ledger were insufficient to satisfy the debt due to LTSBCF. As such there has been no return to the Company of any surplus. Extension of the Administration The statutory 12 month period of the Administration, (i.e. the 12 month period to 27 May 2011) was extended by resolution of the secured creditors and preferential creditors on 23 May 2011 for a period of six months to 27 November 2011, this additional period being the maximum permissable without Court involvement. Circulation and approval of the Administrators proposals On 12 July 2010 the Administrators circulated their proposals for achieving the purpose of administration to creditors. An initial meeting of creditors was held on 29 July 2010 and the proposals were approved without modification at that meeting. Receipts and payments accounts An account of the receipts and payments in the Administration for the six months ended 20 October 2011 is set out in section 3 to this report. Receipts in the period comprised: further realisation of plant and machinery of 9,792. Payments comprised: agent s fees of 979 relating to commission on the realisation of the plant and machinery; and distributions of 86.3p in the (eighty six point three pence in the ) to the preferential creditors (net of cheques subsequently cancelled and reissued in the following period) of 58,364.09. Woods of Perth Limited (in Administration) 2
2. Statutory and other information Court details for the Administration: Court of Session P584 of 2010 Full name: Woods of Perth Limited Trading name: Woods of Perth Limited Registered number: SC041807 Registered address: 141 Bothwell Street Glasgow, G2 7EQ Company directors: M B Eddington Company secretary: Aberdein Considine & Company Shareholdings held by the directors and secretary: M B Eddington - 44,200 Ordinary A shares Date of the Administration appointment: 28 May 2010 Administrators names and addresses: Laurie K Manson, PricewaterhouseCoopers, 141 Bothwell Street, Glasgow, G2 7EQ J Bruce Cartwright, 68-73 Queen Street, Edinburgh, EH2 4NH Appointor s / applicant s name and address: The Director, Inveralmond Industrial Estate, 1 Auld Bond Road, Perth, PH1 3GD Objective pursued by the Administrators: (b) Achieving a better result for the Company s creditors as a whole than would be likely if the Company were wound up (without first being in Administration); or failing that (c) Realising property in order to make a distribution to one or more secured or preferential creditors. Division of the Administrators responsibilities: Pursuant to Paragraph 100(2) of Schedule B1 of the Insolvency Act 1986 that all and/or any of the powers which are conferred by the Joint Administrators by the Insolvency Act 1986 may be done by either or both of the Joint Administrators acting jointly or alone Extensions to the Administration The Administrators received consent from the secured and preferential creditors to a six month extension of the Administration to 27 November 2011. End of the Administration: Dissolution Dividend for unsecured creditors: Nil Values of the prescribed part and the Company s net property: Nil Whether and why the Administrators applied to court under Not applicable Section 176A(5) IA86: The European Regulation on Insolvency Proceedings (Council The European Regulation on Insolvency Proceedings applies to this Regulation (EC) No. 1346/2000 of 29 May 2000): Administration and the proceedings are main proceedings. Woods of Perth Limited (in Administration) 4
3. Receipts and payments account for the six month period from 21 April 2011 to 20 October 2011 A receipts and payments account for the six month period from 21 April 2011 to 20 October 2011 has been included over the next two pages. Woods of Perth Limited (in Administration) 5
Administration of Woods of Perth Limited Statement of Affairs TRADING ACCOUNT Period From: 21/04/2011 To: 20/10/2011 Cumulative From: 28/05/2010 To: 20/10/2011 Post-Appointment Sales nil Post appointment trading sales 0.00 43,795.76 0.00 43,795.76 Trading Overheads nil Gross wages & salaries 0.00 (953.84) nil Employers NIC 0.00 (93.93) 0.00 (1,047.77) Surplus/(Deficit) 0.00 42,747.99
Administration of Woods of Perth Limited Statement of Affairs REALISATION ACCOUNT Period From: 21/04/2011 To: 20/10/2011 Cumulative From: 28/05/2010 To: 20/10/2011 RELATING TO FLOATING CHARGE/UNSECURED ASSETS Realisations Surplus/Deficit from Trading 0.00 42,747.99 nil Plant & Machinery 9,791.67 98,601.67 nil Motor Vehicles 0.00 3,055.00 nil Intangible assets 0.00 255.33 nil Book debts 0.00 608.94 nil Cash in hand 0.00 168.52 nil Refunds 0.00 651.22 nil Interest received gross 0.00 637.17 9,791.67 146,725.84 Costs of realisation nil Agents' Fees (979.00) (9,847.00) nil Insurance 0.00 (2,154.83) (979.00) (12,001.83) Administration and appointment-related costs nil Casual Labour 0.00 (2,494.50) nil Heat, Light & Power 0.00 (1,551.21) nil Water Rates 0.00 (972.76) nil Rates 0.00 (3,704.56) nil IT costs 0.00 (466.30) nil Health & Safety 0.00 (1,482.00) nil Storage costs 0.00 (904.61) nil Registrars' Fees 0.00 (15.00) nil Office holder's fees 0.00 (50,000.00) nil Office holder's expenses 0.00 (3,529.48) nil Statutory advertising 0.00 (63.45) nil Sundry Appointment Related Costs 0.00 (51.97) nil Legal Fees & Expenses 0.00 (10,048.67) nil Corporation tax 0.00 (178.08) 0.00 (75,462.59) Distributions nil Preferential Creditors - National Insurance Fund (42,601.18) (42,601.18) nil Preferential Creditors - Employees (15,762.91) (15,762.91) (58,364.09) (58,364.09) Balance (49,551.42) 897.33 REPRESENTED BY: General sterling - current bank account 897.33 897.33............................. Laurie Katherine Manson Administrator
4. Receipts and payments account for the final period to 21 November 2011 A receipts and payments account for the final period to 21 November 2011 has been included over the next two pages. Woods of Perth Limited (in Administration) 6
Administration of Woods of Perth Limited Statement of Affairs TRADING ACCOUNT Period From: 21/10/2011 To: 21/11/2011 Cumulative From: 28/05/2010 To: 21/11/2011 Post-Appointment Sales nil Post appointment trading sales 0.00 43,795.76 0.00 43,795.76 Trading Overheads nil Gross wages & salaries 0.00 (953.84) nil Employers NIC 0.00 (93.93) 0.00 (1,047.77) Surplus/(Deficit) 0.00 42,747.99
Administration of Woods of Perth Limited Statement of Affairs REALISATION ACCOUNT Period From: 21/10/2011 To: 21/11/2011 Cumulative From: 28/05/2010 To: 21/11/2011 RELATING TO FLOATING CHARGE/UNSECURED ASSETS Realisations Surplus/Deficit from Trading 0.00 42,747.99 nil Plant & Machinery 0.00 98,601.67 nil Motor Vehicles 0.00 3,055.00 nil Intangible assets 0.00 255.33 nil Book debts 0.00 608.94 nil Cash in hand 0.00 168.52 nil Refunds 0.00 651.22 nil Interest received gross 0.00 637.17 0.00 146,725.84 Costs of realisation nil Agents' Fees 0.00 (9,847.00) nil Insurance 0.00 (2,154.83) 0.00 (12,001.83) Administration and appointment-related costs nil Casual Labour 0.00 (2,494.50) nil Heat, Light & Power 0.00 (1,551.21) nil Water Rates 0.00 (972.76) nil Rates 0.00 (3,704.56) nil IT costs 0.00 (466.30) nil Health & Safety 0.00 (1,482.00) nil Storage costs 0.00 (904.61) nil Registrars' Fees 0.00 (15.00) nil Office holder's fees 0.00 (50,000.00) nil Office holder's expenses 0.00 (3,529.48) nil Consignation receipt fees (20.00) (20.00) nil Statutory advertising 0.00 (63.45) nil Sundry Appointment Related Costs 0.00 (51.97) nil Legal Fees & Expenses 0.00 (10,048.67) nil Corporation tax 0.00 (178.08) (20.00) (75,482.59) Distributions nil Preferential Creditors - National Insurance Fund 0.00 (42,601.18) nil Preferential Creditors - Employees (323.81) (16,086.72) nil Unclaimed dividends (553.52) (553.52) (877.33) (59,241.42) Balance (897.33) 0.00 REPRESENTED BY: 0.00............................. Laurie Katherine Manson Administrator
5. The Administrators original approved proposals Woods of Perth Limited (in Administration) 7
5. The Administrators original approved proposals Woods of Perth Limited (in Administration) 8
Appendix A - Form 2.26B (Scot) Notice of move from administration to dissolution A copy of Form 2.26B (Scot) Notice of move from administration to dissolution is included on the following page Woods of Perth Limited (in Administration) 9
Appendix B Scheme of division A copy of the final scheme of division is included on the following page. Woods of Perth Limited (in Administration) 10
Woods of Perth Limited (In Administration) Final Scheme of Division at 11 October 2011 Funds on hand at 11/10/2011 59,261.42 Less: Preferential claims (68,707.17) Administrators fees to close - Other (legal fees, return of rates) 20.00 Prescribed part - (20.00) Estimated funds available for distribution to floating chargeholder (9,465.75) Prescribed part - less costs - Funds available for distribution 59,241.42 being 0.863 in the Claim am't To Distribute Preferential claims Employees 19,299.03 16,640.21 Redundancy Payments Office 49,408.14 42,601.21 68,707.17 59,241.42