BusinessBusiness RecoveryRacing car administrator sued by liquidator

Racing car administrator sued by liquidator

Liquidators of A1 Holdings is pursuing the administrator Tim Bramston for loss of profit for more than £300,000

The liquidator of racing car business A1 Holdings has filed a claim for
damages for more than £300,000, against the administrator of its subsidiary A1
Grand Prix Operations.

The claim is over money from the sale of high performance racing cars by the
administrator which was not passed on to the liquidator.

The claim was filed by liquidators from
Bridge Business Recovery for damages,
loss of profit and interest against administrator Tim Bramston of
Griffins Insolvency
Practitioners
.

Stephen Metcalfe, Tim Bramston’s solicitor at Beachcroft, told
Accountancy Age: “Liability is denied and the claim will be vigorously
defended.”

Tony Murphy, lead liquidator at Bridge, said it was “”disappointing that we
had to issue proceedings to resolve matters.”

In the legal documents seen by Accountancy Age the claim is against
Bramston and three brokers engaged to sell the cars.

The documents also said that in January a judge ruled the cars were the
property of A1 Holdings and not the subsidiary.

Further reading:

UHY
called to help fight football creditor rule

Insolvencies
lower than before recession

B
ridge Business Recovery supervises first stockbroker CVA

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