01937 420500Insolvency Case Study: Digging Deeper
Our success in supporting insolvency practitioners lies partly in our knack for detecting when things are not as they at first appear.
Service Provided: Post-Construction – Insolvency support
The Client: The liquidator of an interior fit-out contractor appointed Cooper & Hall.
The company involved had been working as a subcontractor on a high-profile project when it became insolvent and its subcontract was taken over by another company.
Our Role: The company director agreed a final account settlement with the debtor immediately prior to the insolvency, leaving a substantial retention sum to be collected at a later date.
When the liquidator attempted to collect that retention the debtor produced paperwork purporting to show that the account had previously been paid in full.
The Outcome: After a thorough examination of the company’s books and project records Cooper & Hall established beyond doubt that the retention sum was payable.
Furthermore, Cooper & Hall found compelling evidence that the final account settlement had been agreed by the parties at under value. This information was presented to the debtor, following which the liquidator was able to agree a settlement with the debtor at twice the value of the retention originally sought.
