Insolvency specialists are still trying to recover money believed to be owed to creditors of the Shaylor Group, more than six years after the contractor went under.
A report from FRP Advisory says a timeline for expected recoveries of money still cannot be stated in case it prejudices those efforts.
The £152m-turnover Walsall-headquartered company went under in June 2019, causing 200 employees to lose their jobs.
Administrators received £51.6m in claims from 518 unsecured creditors in the years that followed, while Allied Irish Banks (AIB) was owed nearly £14.5m in debts racked up by the firm.
AIB has been paid £3.2m to date, including £2.2m from the sale of Shaylor’s former premises.
Last year, Shaylor moved from administration into liquidation – but the process of attempting to recover potential debts remains ongoing.
More than six years after the company’s collapse, FRP Advisory says it is unable to estimate how much the bank is likely to receive in total.
The majority of the 518 unsecured creditors are not set to receive any cash.
Those holding a floating charge created after 15 September 2003 and having property available to them exceeding £10,000 could be in line for a payout under a category called “the prescribed part”, however.
The report does not state how many businesses would be covered by this.
“It is not currently possible to estimate with any accuracy the likely prescribed-part distribution given the uncertainty around both realisable value of the company’s assets and potential actions, and the final quantum of unsecured creditor claims,” FRP adds.
Nevertheless, it is now estimated these creditors could receive 68p in the pound, although the costs of the insolvency process would be deducted from that total.
A final administration progress report in June 2024 said that administrators had assigned work seeking claims from companies to a specialist litigation funder, with the money recouped being shared between the recovery firm and Shaylor.
No further details were provided, “in order to not prejudice the potential claims”.
Earlier in 2024, those acting on behalf of Shaylor failed in a legal bid over money they claimed was owed on a job building 157 apartments for developer Valescure Property in Birmingham’s Jewellery Quarter.
Shaylor Group, which was only entitled to cover money for work it had carried out, went under during the project.
Representatives claimed its contribution had been undervalued by Valescure and pushed for more than double the £9.01m it was paid.
But a judge said that raising its fee to £20.3m could amount to an “unlawful windfall”.
Valescure itself went into liquidation in 2022.