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Electronics Production | June 23, 2008

Simclar owners receive ‘unlawful’ dividend

The owners of the Simclar Group have received unlawful dividends in 2006/2007 that are worth several hundred thousand pounds.
At the same time, the company laid off some 400 employees in their two Scottish plants in Ayrshire, as the company decided to close the locations, said The Herald. In documents filed at Companies House, the group states that the payments were made by a holding company. However, companies that have accumulated losses are not allowed to pay dividends, to prevent creditors losing money.

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