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Waverley TBS creditors form committee following administration

05 December 2012 by
Waverley TBS creditors form committee following administration

Creditors of Waverley TBS have now formed a creditors' committee, following a meeting in Sheffield last week.

Creditors of the firm, which collapsed into administration owing £40.5m unpaid to 200 trade creditors in October, met at the Doubletree by Hilton in Sheffield on 27 November.

The formation of a creditors' committee is a normal part of the administration process, which is being handled by Deloitte in the case of the drinks distribution firm. Creditors' committees, which are normally made up of just a few creditors, are supposed to assist the administrator and determine how much the administrator is supposed to be paid.

It emerged earlier last month that Waverley TBS owed a total of £64.5m to unsecured creditors, including major drinks firms and HMRC.

Nearly 700 staff were laid off shortly afterwards as it emerged that Deloitte would be unable to find anyone to buy the business as a going concern.

Waverley TBS ceased trading leaving £40.5m unpaid to 200 trade creditors >>
Administrators lay off 685 Waverley TBS workers and start asset sell-off >>
By Neil Gerrard

E-mail your comments to Neil Gerrard here.

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