BDO administrators managed to retrieve £4m from the directors of collapsed
Christmas savings club Farepak this week.
Following long negotiations between the administrators and former directors
of Farepak, the directors will make payments from their own pockets the
“The action issued by the joint liquidators of Farepak Food and Gifts Limited
against the directors of Farepak has been settled with no admission of liability
by the directors. An amount of £4m (inclusive of costs) has been received by the
joint liquidators,” said a spokesman at BDO.
The payout equates to 15p in the Pound, up from its orginal estimates of
Martha Thompson and Dermot Power, both partners at BDO, were appointed
administrators to Farepak on 4 October 2007. Thompson and Shagun Dubey were
previously appointed administrators to Farepak assets on 13 October 2006.
Farepak collapsed owing more than £40m after the parent company European Home
Retail went into administration in 2006.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children