The former Van Hool UK premises in Wellingborough have been sold for more than £2 million by administrators of the business, which is moving into a creditors’ voluntary liquidation to allow a dividend to be paid to unsecured creditors.
That sum is well ahead of an earlier valuation of the facilities. It is listed in a final progress report to 3 November from PBC Business Recovery and Insolvency that was published by Companies House on 6 November.
PBC is now the liquidator, having been appointed administrator on 13 November 2024 after the collapse of Van Hool UK parent Van Hool NV in Belgium. Parts of the latter’s coach and bus activities were subsequently bought by VDL, and production of some Van Hool coach models was restarted, although not all have been continued under new ownership.
An estimated outcome statement for the Van Hool UK liquidation that is within the final progress report outlines expected realisations of around £2.53 million, which when costs and fees are deducted leaves approximately £2.32 million for creditors.
Noted is how the Wellingborough site was placed on the market under a sealed bid process, with an offer for £2.06 million received and accepted. The sale completed in late October, although a capital gains tax liability is likely to arise.
The final Van Hool UK accounts as of 31 December 2022 showed outstanding book debts of £1.48 million, although the administrator does not hold details relating to the sales ledger.
“Despite numerous enquiries, no information has been forthcoming to enable the administrator to consider the recoverability or accuracy of the reported figures,” the final progress report continues.
“Further to the above, numerous former customers have reported [that] they paid deposits for good that have not been received, and it appears from information available that these customers also represent the amount recorded as debtors, whether wholly or in part, for orders that remained incomplete.”
Ordinary preferential creditors and secondary preferential creditors are expected to receive 100p in the pound from the liquidation. Dues to the latter had been forecast at £934,171, although a VAT claim from HMRC of an estimated £1.23 million has been made. A final sum in that respect is to be requested.
Unsecured claims received by the liquidator at 3 November totalled £5.04 million against an estimate at the outset of £5.46 million. A dividend of 20.4p in the pound is expected to be paid to those parties, slightly above what was previously anticipated. Unsecured creditors that have not already made a claim can do so via a form attached to the report.
No information about the conduct of Van Hool UK directors is given, but the document notes an investigation having been undertaken with a confidential report sent to the Insolvency Service on 31 January.
