Liquidation
On 1 December 2010, the company was moved from administration and into creditors' voluntary liquidation. The final progress report from the Administrators showed that the largest of the Secured Creditors, Royal Bank of Scotland, had been repaid £3.278m from the realisation of their legal charges over one freehold and two long leasehold sites, leaving a shortfall of £1.2m owing. Scripture Union had recovered £311k from an arrangement to receive proceeds from debtor realisations, which left 14% outstanding on the amount owing. Preferential claims comprising outstanding holiday pay to employees were settled in full. Unsecured Creditor claims aggregating to over £9.5m had not been paid at all at the end of the administration and would be addressed during liquidation. With the administrator fees and costs totalling over £500k, the funds remaining from the realised assets amounted to £2.15m. The final dividend for distribution to unsecured creditors was just over £35,000.
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