Jonathan Taylor, Insolvency Practitioner at T H Financial Recovery was appointed Liquidator of Seahawk Clothing Limited on 8th January 16. Subequently, the team at THFR have worked to secure a sale which we are pleased to announce has resulted in the employees retaining their jobs.
Jonathan Taylor
This is a good outcome for a number of reasons, particularly:
- The staff (approx 20) have kept their jobs (benefiting each staff member directly).
- The redundancy claim liability is mitigated which reduces the insolvent company’s deficiency.
- The state is released from liability (which impacts the general taxpayer).
- As overall deficiency is reduced, any potential distribution will increase the dividend to unsecured creditors.
- Prospect of future business for suppliers.
- Economic benefit to the area.
We would like to take this opportunity to wish the staff and the purchasers well for the future.