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15
August
2012

Report illustrates Simclar’s mess

A new report from Deloitte administrators says most creditors will not see their debts paid, despite the assets of the Scottish company Simclar being sold.
Simclar filed for administration last year, leaving 138 people out of work and debts to unsecured creditors of 12.2 million GBP, reports Mark Williamson for the Scotland Herald. Simclar’s assets were sold for 134,000 GBP.

The Herald reports that seven factory units are still for sale and will be used to pay debt owing to the Bank of Scotland. The report by Deloitte indicates that the debt to the bank, 28 million GBP, is unlikely to be paid back.
Sam Russell reached a out of court agreement with liquidators in April, who were seeking cash-paid out months before the closure of business .

The company also paid out 3 million GBP in dividends in June 2006 – money now being sought by accountants at PriceWaterhouse Coopers reports the Herald.
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