Squibb Group’s liquidators say they have had “significant difficulty” finding millions of pounds worth of plant and other assets the firm said it owned before it went under.
The contractor was wound up in the High Court in December 2023 following an aborted attempt to save the firm.
In their latest liquidation report, liquidators Jonathan Thielmann and David Standish from Interpath said Squibb Group valued its plant and machinery at around £2.5m when it filed for a company voluntary arrangement (CVA) in October 2023.
At that time, Squibb also estimated that it owned scrap metal with a book value of around £200,000, office equipment with a book value of approximately £32,000, motor vehicles with a book value of approximately £264,000 and fixtures and fittings with a book value of approximately £24,000.
But the liquidators said they have had “significant difficulty identifying and realising [Squibb’s] assets”.
They said they had so far only found plant and machinery belonging to Squibb with a market value of around £167,000, which they sold for around £100,000.
The liquidators also said they understood that no scrap metal, vehicles, office equipment, or fixtures and fittings had been found at Squibb’s premises when the liquidation process began.
“The fate of these assets are being investigated by the joint liquidators,” Interpath said in its report.
Elsewhere in the report, Interpath confirmed it wa “uncertain” whether Squibb’s supply chain creditors will receive dividends as part of the liquidation process, due to its investigations into the firm’s assets.
So far, Interpath has received claims from unsecured creditors valued at £56.8m.
In its application for the CVA, Squibb indicated that it owed £20.2m to its trade creditors.
HMRC has submitted a preferential creditor claim for £4.1m and an unsecured creditor claim for £14.2m.
Begbies Traynor, HMRC and Interpath Advisory declined to comment.
Former Squibb managing director Les Squibb has been approached for comment.
