Trade creditors owed money by Gloucester-based Lima Logistics, which collapsed into administration as a result of the Covid-19 pandemic, are expected to receive a dividend.
In a progress report from Quantuma Advisory, it said that unsecured claims had initially been thought to be £270,806 but it had now received 11 claims totalling £315,594.
However, even though the figure is almost £45,000 more than estimated, this class of creditor should still receive at least some money back.
The report summarises the progress of the parcel delivery firm’s administration, since Quantuma was appointed in September 2020.
It said the administrators had agreed with Lima’s director Claire Morphew that she would assist with the collection of book debts, given that she was an experienced accountant.
The report confirmed that “the recovery of the book debts has been finalised and that realisations total £88,003.57.
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“The sum of £9,257.73 was paid to Claire Morphew by way of commission in respect of book debts which were collected with her assistance,” it said.
In addition, the administrators outlined how they instructed solicitors to liaise with a company connected to Lima Logistics called GL Transport Solutions, “in respect of a DPD income stream they had taken on following the company’s insolvency.
“Whilst [Lima] had no contractual entitlement to the DPD income stream, it was agreed with GL Transport Solutions that a consideration be paid to the company in relation to this matter.”
The solicitors concluded that the offer by GL Transport Solutions to Lima of £12,000 plus VAT should be accepted, via 12-monthly instalments of £1,000.
The report added that there are no secured or preferential creditors.
The company had grown into a £300,000 turnover business before Covid-19 meant it lost income from most of its customers
