Creditor Realisation of Assets ‘not owned’ by the company
Williams and Partners were instructed to value and sell a large Heidelberg printing press. It was discovered that the machine was subject to a lease purchase finance agreement with the finance division of a major high street bank, who had obtained their own report valuing the press at £70,000, against outstanding finance of £36,000. As title to the printing press had always resided with the bank, they were entitled to recover and sell asset for their benefit.
At Williams and Partners we valued the Heidelberg in excess of £100,000 and subsequently agreed with the bank to purchase and take ownership of the press for £70,000. The printing press was subsequently sold for £125,000 with the full balance of proceeds being made available to the liquidator.
The course of action followed by Williams and Partners enabled the creditors to benefit from a further realisation of £55,000 of assets that were never owned by the company.