BusinessBusiness RecoveryCreditor hunt proves problematic for Begbies

Creditor hunt proves problematic for Begbies

Paul Stanley has been unable to locate creditors that paid a deposit to Millshomes for planned flats, prior to its collapse

AN ADMINISTRATOR from Begbies Traynor is struggling to locate creditors to property developer Millshomes, which collapsed in April.

Paul Stanley (pictured) said he was unable to locate creditors that had paid deposits to Millshomes for a number of planned flats.

A pot of £85,000 had been uncovered but, Begbies Traynor regional managing partner, Stanley has so far been unable to locate financial records on payments and details of creditors.

“The way in which the cash deposits were banked and later moved around means we may have been unable to trace all the prospective buyers who put down a deposit for a flat in Elizabeth Mill,” said Stanley.

“Although the plans to transform Elizabeth Mill into a modern living space were promising, there is little appetite from other developers to complete the original project at this time.”

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