There are still insufficient funds to pay creditors for Michael J Lonsdale, administrators for the collapsed mechanical and electrical (M&E) specialist said.<\/p>\n
In their third progress report since being appointed in October 2023, Jamie Taylor and Dominik Thiel-Czerwinke from Begbies Traynor said they had clawed back \u00a3672,578 from Lonsdale\u2019s debtors to date.<\/p>\n
However, this amount is only \u00a354,852 higher than in their previous report last November.<\/p>\n
\u201cThere are unlikely to be sufficient funds for a dividend to be paid to HM Revenue & Customs as secondary preferential creditor,\u201d the administrators said.<\/p>\n
They also reiterated that there will be \u201cinsufficient funds\u201d available to pay unsecured creditors.<\/p>\n
The administrators said last November that recovering debts owed to Lonsdale will be an \u201cuphill battle\u201d<\/a>.<\/p>\n And in their first progress report<\/a> last May, they announced that under \u00a3600,000 of the \u00a3120m owed by the M&E specialist was unlikely to be paid out.<\/p>\n Among this total is \u00a365m owed to its supply chain, \u00a32.9m owed to employees and \u00a31.8m to HMRC.<\/p>\n The latest report mentioned that just \u00a333,164 had been paid to these secondary and unsecured creditors since last November, and \u00a3402,418 in total since the administration began.<\/p>\n Lonsdale was one of the UK\u2019s largest M&E specialists and the 77th\u00a0biggest contractor in the UK, according to the CN100 2023<\/a> rankings.<\/p>\n It posted turnover of \u00a3191m in its most recent accounts for the 12 months to 30 September 2022, making a \u00a32.5m pre-tax profit.<\/p>\n