Ryan Grant, Chris Pole and Will Wright were appointed Joint Administrators of Joules Limited – in Administration (the ‘Company’) on 16 November 2022.
Joint Administrators have received some enquiries from creditors in relation to
the Directors’ Statement of Affairs and specifically the Directors’ view of the
potential deficiency to unsecured creditors. In this regard, the
information stated below has been issued to provide further clarity to the
Directors’ Statement of Affairs.
the Statement of Affairs, the value to carry forward to the preferential
creditors should have been noted as £48m and not £22m. Therefore, based
on the Directors’ estimated to realise values and using the correct assumption,
the estimated surplus to unsecured creditors per the Statement of Affairs would
be c. £15m bringing the overall deficiency to unsecured creditor as per the
Statement of Affairs to £88m. Please
note that the Statement of Affairs does not take into consideration the costs
of the administration.
reported within our Proposals, based on current estimates, we anticipate that
unsecured creditors should receive a dividend. We have yet to determine
the amount of this, but we will do so when we have completed the realisation of
the Company’s residual assets (namely book debts and cash balances) and discharged
all associated costs of the administration. We will provide creditors
with an update on the recovery process in our first 6-months’ progress report.