Creditors of collapsed parcel firm City Link are likely to receive just 1p for every pound they are owed, according to the company’s administrator. In its latest progress report, administrator Ernst & Young (EY) revised down the amount that non-preferential creditors should expect to receive. When it published its proposals for the administration in February, EY expected creditors would receive a dividend of 2p in the pound. However the administrator admitted that the final amount available to non-preferential creditors, including […]
City Link narrowed its losses by 54% in 2012, but a reduction in volumes from higher margin B2B customers meant that its performance was behind the expectations of parent company Rentokil Initial.
The Widdowson Corporation has been officially dissolved, closing a tumultuous chapter in the long running saga that saw haulier AM Widdowson & Son hit the skids and ultimately cease to be.
An Employment Tribunal has ruled that City Link failed to properly consult with its employees ahead of its administration in December 2014, and has awarded over 700 ex-staff a maximum pay-out of around £2.5m.