Plant and Consumable Services Limited (in administration)

Transcription

1 Joint administrators progress report from 6 March 2017 to 5 September 2017 Plant and Consumable Services Limited (in administration) 25 September 2017 High Court of Justice, Chancery Division, Leeds District Registry Case no. 261 of 2017

2 Contents Abbreviations and definitions 2 Key messages 3 Overview of what we ve done to date 4 Progress since we last reported 5 Appendix A: Receipts and payments 9 Appendix B: Expenses 10 Appendix C: Remuneration update 11 Appendix D: Other information 24 Plant and Consumable Services Limited PwC Contents

3 Abbreviations and definitions The following table shows the abbreviations and insolvency terms that may be used in this report: Abbreviation or definition Administrators Bank Company firm HMRC Meaning Anthony S Barrell and Toby S Underwood Clydesdale Bank plc Plant and Consumable Services Limited PricewaterhouseCoopers LLP HM Revenue & Customs IA86 Insolvency Act 1986 IF Invoice financing IR16 Insolvency (England and Wales) Rules 2016 preferential creditors prescribed part proposals R&P RPS ROT claims Claims for unpaid wages earned in the four months before the insolvency up to 800, holiday pay and unpaid pension contributions in certain circumstances The amount set aside for unsecured creditors from floating charge funds in accordance with section 176A IA86 and the Insolvency Act 1986 (Prescribed Part) Order 2003 The joint administrators proposals for achieving the purpose of administration dated 28 April 2017 Receipts and Payments account in Appendix A Redundancy Payments Service, an executive agency sponsored by the Department for Business, Energy & Industrial Strategy, which authorises and pays the statutory claims of employees of insolvent companies under the Employment Rights Act 1996 Claims to retention of title over goods supplied to the Company but not paid for before the administrators appointment Sch.B1 IA86 Schedule B1 to the Insolvency Act 1986 secured creditors TUPE unsecured creditors Creditors with security in respect of their debt, in accordance with section 248 IA86 Transfer of Undertakings (Protection of Employment) Regulations 2006 Creditors who are neither secured nor preferential 2

4 Key messages Why we have sent you this report We re writing to update you on the progress of the administration of Plant and Consumable Services Limited in the six months since our appointment. How much creditors may receive The following table summarises the possible outcome for creditors*, based on present information. Class of creditor Secured creditor Preferential creditors Unsecured creditors Current estimate (p in ) Uncertain Nil Nil *Please note this guidance on dividends is only an indication and should not be used as the main basis of any bad debt provision or debt trading. We do not believe the secured creditor will be fully repaid its lending of 7.7 million out of its security over the Company s assets. We do not believe preferential creditors will receive any dividend. Based on what we currently know we do not think unsecured creditors will receive any dividend. What you need to do This report is for your information and you do not need to do anything. 3

5 Overview of what we ve done to date As detailed in our proposals when we were appointed, the position was as follows: The Company s principal activity was the hiring out of non-operated plant and sale of engineering consumables. In early February 2017 the Company requested to increase its IF facility limit with the Bank by 0.5m to 8.0m. The Bank asked the Company for financial information to demonstrate the requirement and provide an explanation of the underlying reasons for the increase. On 27 February 2017 the Bank received correspondence from the Company advising that it had identified an accounting irregularity leading to a material reduction in its trade debtors. Consequently, the Company was struggling to pay its debts as they fell due and required ongoing support in order to be able to continue to trade in the short term. The Bank contacted PwC for advice and a meeting was scheduled between the Bank, the Company, PwC and the Company s accountants on 2 March This meeting was convened to understand the nature of the accounting irregularity, the impact upon the Bank s security position and the overall current financial position of the Company. During the course of the meeting, the Company again advised that it was unable to continue to trade without the support of the Bank and required significant additional funding. Given the position above, the Bank took steps to enforce its security as qualifying floating charge holder and the Company entered Administration on 6 March After an initial review, we decided the most appropriate strategy was to cease to trade the majority of business with a staged wind-down to maximise realisations and reduce contractual claims for the benefit of all creditors. Immediately on our appointment, we secured and took control of the Company s assets, which included: Stock and chattel assets The debtors ledger Customer contracts Interests in leasehold properties We remain in office mainly to finalise the collection of the debtors ledger against which the Bank holds specific security and to fulfil the administrators statutory responsibilities. 4

6 Progress since we last reported Company Staff On appointment the Company had 68 employees, with eight remaining as at the time of the proposals as detailed below. 7 of these employees were subsequently transferred to a new employer under TUPE on 28 April The final remaining employee was made redundant on 31 July Realisation of business and assets Stock and other assets The Company s stock holding on appointment was estimated at approximately 900k and comprised a wide range of engineering consumables. We explored a disposal of some, or all, of the stock to the Company s competitors and key customers but received limited interest. Although some assets were realised by private treaty, we identified the most appropriate realisation strategy was to clear the Company s premises of the remaining stock during the week commencing 9 April 2017 and dispose via auction. All of the stock has now been realised for a total value of 164,897 before costs as shown in R&P at Appendix A. We have also realised separately the following assets via private treaty sales: Fixtures & Fittings 8,800 Motor vehicles 5,800 IT Equipment 1,092 Debtors The Bank financed the Company s debtor ledger via the IF Facility and on the administrators appointment had outstanding advanced funds of approximately 6.9m. Immediately prior to our appointment, the Bank believed the Company s debtors ledger totalled approximately 8.4m; however, due to the accounting irregularity referred to previously, the administrators reviewed the debtors ledger and estimated that the actual outstanding balance on appointment was 2.9m. Please note that this is based upon present information and may change as further information becomes available. We commenced a collection process for the debtors ledger and have corresponded with all debtors either by via telephone or in writing. Collections to date in respect of the ledger total 2.1m. The cash receipts have been received directly into the Company s pre-appointment IF facility bank account held with the Bank and are therefore not reflected on the R&P. Customer contracts The Company held a number of contracts with its key customers. These included Siemens plc ( Siemens ), for which the Company had a number of employees wholly assigned to the contract and located at a Siemens location in Newcastle. An agreement was eventually reached for sale of this contract, which resulted in the 7 members of staff transferring to Siemens under TUPE, and sale consideration of 37,500 being received. Prior to the completion of this sale, Siemens provided 46, to meet the ongoing salary and administration costs of these employees (see Contribution from Debtors in Appendix A). 5

7 Work in Progress The Company has received a payment of 10,000 in respect of work in progress. Leasehold premises At the date of our appointment, the Company held leasehold interests in four premises: its head office, warehouse, and additional storage facilities in Castle Donington, and a regional office/warehouse in Thornaby. The Company vacated all of these premises and has no further interest in the leases. Informal surrenders of the leases have therefore been offered to the respective landlords. The landlord of the warehouse (Unit 9B Warke Flatt, Willow Farm Business Park, Castle Donington, Derbyshire, DE74 2UB) accepted an informal surrender on 13 April The landlord of the head office (Unit 4, Boundary Court, Willow Farm Business Court, Castle Donnington, DE74 2UD) accepted the Company s informal surrender on 27 March The remaining two leases are yet to be surrendered. We have informed the Landlords of our vacation and attempted to surrender as we have no interest in the lease. Any rent due post vacation will be classed as an unsecured claim. If surrender cannot be obtained this will not delay bringing the administration to an end. Other matters Pre appointment VAT and Tax Investigations Shortly after appointment we liaised with our corporation tax and VAT teams in order to investigate if there were any potential recoveries available. Although there was scope for a potential recovery it was not of benefit to the administration to pursue them, as the cost involved was not proportionate to the chance of success in a recovery and in any event it was likely that crown set off would apply. Post appointment claims from former employees Permission has been granted post appointment for certain employees to pursue claims at an employment tribunal in relation to their redundancy. If successful this will increase their unsecured claims, and not be payable as an expense of the administration. As there is currently no prospect of dividend to any class of creditor this will not affect the outcome of the case. Utilities We are continuing to liaise with the relevant utility suppliers of the properties with a view to settling any liability relating to the Company s occupation during the course of the administration and hope this will be concluded shortly. Connected party transactions Two sales to connected parties have occurred since appointment as detailed in the table below. Date of Asset details Consideration Connected party Valuation Transaction 18 April 2017 Mobile Phone 240 including Mark Evans None VAT (Director) 27 March 2017 Mobile Phone 200 including VAT Chris Eccleshall (Director) None Approval of our proposals We issued to creditors our proposals for achieving the purpose of administration dated 28 April

8 The proposals indicated that we believed the Company did not have enough assets to pay a dividend to unsecured creditors even from the prescribed part. This meant that we did not have to seek a decision from creditors to approve our proposals. As creditors did not request a decision to be sought our proposals were treated as approved on 10 May Investigations and actions The administrators submitted their report to the Department for Business, Energy & Industrial Strategy on the directors conduct on 26 May This report is required by statute and does not necessarily suggest any misconduct on the part of the directors. As per our duty as administrators we will assist with any follow up work if required. Furthermore since the issue of our proposals we have been made aware of other transactions that we are investigating. We will update creditors on the outcome of these when we can. Our receipts and payments account We set out in Appendix A an account of our receipts and payments in the administration from 6 March 2017 to 5 September Our expenses We set out in Appendix B a statement of the expenses we ve incurred to the date covered by this report and an estimate of our future expenses. As the administration is coming to a conclusion we are hopeful that some of the provisions for expenses such as utility costs, will be released shortly as closing costs are provided. The statement excludes any potential tax liabilities that we may need to pay as an administration expense in due course because amounts due will depend on the position at the end of the tax accounting period. Our fees We set out in Appendix C an update on our remuneration which covers our fees, disbursements and other related matters in this case. Creditors will be aware that we issued a remuneration reported dated 4 July 2017 providing a fee estimate for the administration. The fee proposal was approved by the Bank on 26 July Creditors rights Creditors have the right to ask for more information within 21 days of receiving this report as set out in Rule 18.9 IR16. Any request must be in writing. Creditors can also challenge fees and expenses within eight weeks of receiving this report as set out in Rule This information can also be found in the guide to fees at: You can also get a copy free of charge by telephoning Thomas Wadey on What we still need to do We will remain in office for the following reasons: 1. Finalise collection of debtors ledger 2. Finalise remaining costs of administration 3. Distribute any funds to the Bank as appropriate 4. Finalise tax affairs and clearance 5. Finalise remaining statutory tasks 6. Apply for dissolution 7

9 Next steps We are currently considering the best strategy for ending the administration, taking into account the cost, tax and statutory implications. It is likely this will be by dissolution. We ll provide an update on this in our next report. We expect to send our next report to creditors at the end of the administration or in about six months, whichever is the sooner. If you ve got any questions, please get in touch with Thomas Wadey on Yours faithfully For and on behalf of Plant and Consumable Services Limited Anthony S Barrell Joint administrator Anthony Barrell and Toby Underwood have been appointed as joint administrators of Plant and Consumable Services Limited to manage its affairs, business and property as its agents without personal liability. Both are licensed in the United Kingdom to act as an Insolvency Practitioner by the Institute of Chartered Accountants in England and Wales. The joint administrators are bound by the Insolvency Code of Ethics which can be found at: The joint administrators are Data Controllers of personal data as defined by the Data Protection Act PricewaterhouseCoopers LLP will act as Data Processor on their instructions. Personal data will be kept secure and processed only for matters relating to the administration. 8

10 Appendix A: Receipts and payments Statement of 6 March 2017 to 5 Affairs September 2017 Receipts Sale of Contract 37, , Sale of Fixtures & Fittings 8, , Sale of Stock 164, Sale of WIP 10, , Sale of Motor Vehicles 5, , Sale of IT Equipment 1, Pre-appointment Insurance Refund 3, , Cash at bank - Petty cash in hand 1, Sundry Debts & Refunds Contribution from Debtors* 46, Bank Interest Gross Funding from Chargeholder for Administrators Fees** 300, , Warehouse Plant*** - 6, Computer Software**** - Total 579, Payments Rents (12,682.01) Utilities & Rates (3,421.61) Insurance (7,576.64) Repairs and Maintenance (151.15) Office Costs (586.30) Storage Costs (9,019.87) Auction Fees (18,213.60) Valuation fees (8,333.46) Legal Fees (10,615.00) Administrators Fees (250,000.00) Statutory Advertising (73.00) Bank Charges (51.76) Employee Wages (74,236.35) PAYE/NIC and Pension Deductions (29,450.16) Employee Expenses (18,871.97) Payroll Services (1,030.00) Total (444,312.88) VAT Control Account (50,735.20) Total Cash at bank 84, Funds held in an interest bearing account * Siemens provided funds to meet the costs of 7 employees (see Customer Contracts) ** the Secured creditor transferred 300,000 from debtors ledger receipts received directly into the pre-appointment IF facility account in oder to settle an element of the administrators fee based on there being insufficient floating charge realisations *** what we believe the directors meant as Warehouse plant has been included as Fixtures & Fittings and Motor Vehicles **** There was no realisable value for the Company's computer software 9

11 Appendix B: Expenses The following table provides details of our expenses. Expenses are amounts properly payable by us as administrators from the estate and includes our fees, but excludes distributions to creditors. The table also excludes any potential tax liabilities that we may need to pay as an administration expense because amounts becoming due will depend on the position at the end of the tax accounting period. The table should be read in conjunction with the receipts and payments account at Appendix A, which shows expenses actually paid during the period and the total paid to date. Incurred in the period under review Estimated future Anticipated total Initial estimate Variance Agents fees and disbursements Employee Wages and salaries Other payroll costs Employee expenses 26, ,547 27,288 (741) 74, ,236 76,082 (1,846) 30, ,480 28,996 1,484 18, ,872 18, Bank charges Insurance 7,577 1,134 8,711 1,618 7,093 Repairs and maintenance Legal fees and expenses Office holders fees Office holders disbursements Statutory advertising ,500 1,500 14,000 13, ,668 32, , ,821 36,047 4,062 1,015 5,077 3,902 1, Storage costs 9,020 3,930 12,950 12,950 0 Rent 12, ,682 8,052 4,630 Utilities 3,422 2,578 6,000 6,000 0 Office costs Total 688,928 42, , ,971 49,472 Our expenses have exceeded the estimate provided to all creditors before the basis of our fees was fixed. As discussed in our remuneration update at Appendix C we will not be looking to draw the total of our time costs. Insurance costs were incorrectly stated in the remuneration report, which is why costs are higher than the initial estimate. We are still waiting to hear from some utility suppliers in relation to administration expenses, however we are confident that these should come in under budget. 10

12 Appendix C: Remuneration update Our fees were approved on a time costs basis by the secured creditor. To 5 September 2017 we have drawn fees of 250,000 plus VAT in line with the approval given, as shown on the enclosed R&P at Appendix A. The time cost charges incurred in the period covered by this report are 488,668. Although our time costs will exceed our initial estimate of 484,871, as approved by the secured creditor as fee approving body, we are not intending to draw fees over the initial estimate, and therefore will are not seeking approval for an increase. Any future fee discussions, approval and payment in excess of the 250,000 paid to date will be subject to the consent of the Bank. We set out later in this Appendix details of our work to date, anticipated future work, disbursements, subcontracted work and payments to associates. 11

13 Our hours and average rates Plant and Consumable Services Limited - in administration Analysis of time costs for the period from 6 Mar 2017 to 5 Sep 2017 Aspect of assignment Partner Director Senior Manager Manager Senior Associate Associate Secretarial Total hours Time cost Average hourly rate Strategy & Planning , Secured creditors , Assets , Investigations , Creditors , Accounting and treasury , Statutory and compliance , Tax & VAT , Employees & pensions , Total for the period , ,

14 Variance Aspect of assignment Total hours Time cost Average hourly rate Estimated Total hours Estimated Time cost Average hourly rate Variance in Total hours Variance in Time cost Variance in hourly rate Strategy & Planning , , , (44.52) Secured creditors , , , (0.48) Assets (combined with book debts) , , (3.55) (6,150.50) (2.17) Investigations , , (752.50) (113.10) Creditors , , (78.00) (18.11) Accounting and treasury , , (4.08) Statutory and compliance , , , (28.53) Tax & VAT , , (25.86) (6,296.15) Employees & pensions , , (21.00) (6,961.30) (4.23) Closure procedures , , Total for the period 1, , , , (3,796.60) (34.82) Our time costs are slightly in excess of our initial estimate per the Remuneration Report. Although currently we are still under on total hours spent on the case the average hourly rate is above what we initially expected. Because of this the overall time costs are over budget. Time spent securing assets is above our initial estimate as more time has been spent realising book debts in order to maximise recovery for the bank. Tax & VAT time is above budget due to discussions around potential pre-appointment recoveries, as detailed earlier in this report. There were also questions raised internally around exported assets and other post-appointment invoices. We also kept on Company employees to assist the administrators for longer that we initially predicted, and have also since received claims against the Company by former employees, which is why costs are higher in this category of work. Our time charging policy and hourly rates We and our team charge our time for the work we need to do in the administration. We delegate tasks to suitable grades of staff, taking into account their experience and any specialist knowledge that is needed and we supervise them properly to maximise the cost effectiveness of the work done. Anything complex or important matters of exceptional responsibility are handled by our senior staff or us. 13

15 All of our staff who work on the administration (including our cashiers, support and secretarial staff) charge time directly to the case and are included in any analysis of time charged. Each grade of staff has an hourly charge out rate which is reviewed from time to time. Work carried out by our cashiers, support and secretarial staff is charged for separately and isn t included in the hourly rates charged by partners or other staff members. Time is charged in six minute units. The minimum time chargeable is three minutes (i.e units). We don t charge general or overhead costs. 14

16 We set out below the maximum charge-out rates per hour for the grades of our staff who already or who are likely to work on the administration. Grade Up to 30 June 2017 From 1 July 2017 Partner Director Senior manager Manager Senior associate qualified Senior associate unqualified Associate Support staff We utilise colleagues in our Tax, VAT, Real Estate and Pensions teams where we need their expert advice. Their specialist charge-out rates vary but the following are the maximum rates by grade per hour. Grade Up to 30 June 2017 From 1 July 2017 Partner 1,250 1,315 Director 1,175 1,210 Senior manager 1,040 1,230 Manager Senior Associate / consultant Associate / assistant consultant Support staff In common with many professional firms, our scale rates may rise to cover annual inflationary cost increases. Payments to associates We have not made any payments to associates in the period. 15

17 Our work in the period Earlier in this section we have included an analysis of the time spent by the various grades of staff. Whilst this is not an exhaustive list, in the following table we provide more detail on the key areas of work Area of work Work undertaken Why the work was necessary Strategy & Planning Secured creditors Assets Completing job acceptance tasks Preparing fee budgets & monitoring cost Holding team meetings not relating to trading and discussions regarding status of administration Preparing reports to secured creditor Responding to secured creditor s queries Liaising with purchasers and solicitors Holding internal meetings to discuss/review offers received Negotiating and agreeing sale contracts Securing relevant property records Securing possession of property Liaising with agents, utility suppliers and landlords Negotiating with landlords for surrender Liaising with valuers, auctioneers and interested parties Assessment and implementation of stock realisation strategy Reviewing asset listings Negotiating offers and sale agreements To ensure efficient progression of the administration Required by the secured creditor To ensure assets realisations were maximized, and costs against these realisations were minimised Ensure third party assets are dealt with correctly What, if any, financial benefit the work provided to creditors OR whether it was required by statute Indirect financial benefit to the administration as costs will have minimised Required by the secured creditor Direct financial benefit due to asset realisations 16

18 Arranging for the completion of retention of title claim forms Responding and dealing with retention of title claims Negotiation sale of contracts with Speedy & Siemens Identifying potential issues requiring attention of insurance specialists Reviewing insurance policies Corresponding with insurer regarding initial and ongoing insurance requirements Realising any value within policies Reviewing leasing documents and liaising with owners/lessors Dealing with the debtors ledgers Liaising with debt collectors and solicitors Monitoring collections Investigations Collecting company books and records where related to investigatory work Reviewing books and records Required by statute Required by statute Potential recovery to the administration depending on outcome Reviewing specific transactions and liaising with directors and Company advisors Fulfilling statutory obligations in respect of directors conduct and assistance with work following on from its submission Looking into potential recoveries available from the pre-appointment accounting irregularities Investigations around information brought to the administrators attention 17

19 Creditors Attending to negotiations and settlement matters Setting up a dedicated website for delivery of initial and ongoing communications and reports Ensure creditor records are maintained Indirect financial benefit as creditor claims are monitored and queries dealt with Receiving and responding to a large volume of creditor enquiries via telephone, and post Reviewing and preparing correspondence to creditors and their representatives Receipting and filing proofs of debt Corresponding with employees and RPS regarding claims Accounting and treasury Opening and closing bank accounts and arranging facilities Ensure efficient account management Required in order to realise assets and pay liabilities Entering receipts, payments and journals into accounting system Monitoring costs in the case Preparing and authorising receipt and payment vouchers Carrying out bank reconciliations and managing investment of funds Corresponding with bank regarding specific transfers Statutory and compliance Preparing and circulating to creditors a report giving details of the work we expect to carry out during the case, our fees estimate and the expenses that are likely to be incurred Required by statute Required by statute Drafting and reviewing a statement of proposals to creditors including preparing receipts and payments accounts and statutory information 18

20 Preparing decision notice and associated documentation Circulating notice of deemed approval and filing at Companies House Preparing documents and information for the purpose of obtaining approval to fees, Category 2 disbursements and other matters in the administration Collecting company books and records where not related to investigatory work Dealing with records in storage Tax & VAT Gathering information for the initial tax review Carrying out tax review and subsequent enquiries Required to maintain tax compliance Required by statute Minimises tax liabilities which may be payable as an expense of the administration Preparing tax computations Ensures VAT refunds are obtained Liaising with HMRC Filing of documents Investigating potential pre-appointment tax relief claims Updating checklists and diary management system Gathering information for the initial VAT review Carrying out VAT review and subsequent enquiries Preparing VAT return Deregistering for VAT Liaising with HMRC Investigating pre-appointment VAT and corporation tax position and potential 19

21 recoveries that may be obtained due to accounting irregularities Employees & pensions Drafting, issuing and delivering initial communications and announcements Preparing letters to employees advising of their entitlements and options available Required by statute Ensured effective management of employee issues and claims Required by statute Ensured employee records are correctly maintained Holding regular meetings with retained employees Receiving and following up employee enquiries via telephone, post and Reviewing employee files and company s books and records Reviewing awards and payroll structure Calculating and paying periodic payroll Deducting and paying over PAYE/NIC to HMRC and other deductions to relevant agencies and third parties Commencing / continuing a consultation process Selecting and making redundancies Liaising with the RPS and external agencies Issuing statutory notices Dealing with general pension scheme issues Calculating contributions and requesting payments to the relevant scheme or policy Dealing with post appointment claims from former employees 20

22 Our future work We still need to do the following work to achieve the purpose of administration. Area of work Work we need to do Estimated cost Strategy & Planning Secured creditors Assets Investigations Creditors Accounting and treasury Statutory and Compliance Tax & VAT Closure procedures Case progression meetings Meetings with the appointment taker Reporting and liaison with secured creditor Distributing to secured creditor Recovery of book debts Assigning debt recoveries of insolvent debtors to the Bank Ongoing enquiries with suppliers Maintenance of creditor database Responding to creditor enquiries Creating payments and coding receipts Bank reconciliations Creation and issue of a progress report to creditors Filing progress report at Companies house Submission of 2 corporation tax returns Seeking clearance for corporation tax purposes Submission of an Insolvent VAT 426 Creation and issue of a final report and moving the Company to dissolution Final distributions and closing accounts 2,500 3,500 3,000 2, ,500 3,500 9,500 6,200 Whether or not the work will provide a financial benefit to creditors Indirect financial benefit Required by Secured creditor Financial benefit to secured creditor Required by statute Required to maintain creditor database Required to maintain accounts Required by statute Required by statute To reclaim VAT Required by statute to bring the administration to a close 21

23 Disbursements We don t need to get approval to draw expenses or disbursements unless they are for shared or allocated services provided by our own firm, including room hire, document storage, photocopying, communication facilities. These types of expenses are called Category 2 disbursements and they must be directly incurred on the case, subject to a reasonable method of calculation and allocation and approved by the same party who approves our fees. Our expenses policy allows for all properly incurred expenses to be recharged to the administration and has been approved by the secured creditor where required. The following disbursements arose in the period of this report. Category 2 2 Policy Photocopying - at 5 pence per sheet copied, only charged for circulars to creditors and other bulk copying. Mileage - At a maximum of 71 pence per mile (up to 2,000cc) or 93 pence per mile (over 2,000cc) Costs incurred All other disbursements reimbursed at cost: Postage 1, Storage Car parking charges Courier fees Hotels/Accommodation Bordereau fees Other travel costs Other tech costs Total 4, Our relationships We have no business or personal relationships with the parties who approve our fees or who provide services to the administration where the relationship could give rise to a conflict of interest. 22

24 Legal and other professional firms We ve instructed the following professionals on this case: Service provided Name of firm / organisation Reason selected Basis of fees Legal services, including: appointment related matters; advice on ROT claims; and sale of business contracts Legal Services, including: Preparing letters for specific book debt collections Chattel agents and valuers Auctioneers Gateley PLC Browne Jacobson LLP Hilco Appraisal Ltd John PYE & Sons Ltd Insolvency expertise Industry knowledge Time costs + disbursements Fixed fee per letter Industry knowledge Fixed fee + disbursements Industry specialism % of realisations + disbursements 23

25 Appendix D: Other information Court details for the administration: Leeds District Registry 261 of 2017 Company s registered name: Plant and Consumable Services Limited Trading name: PACS Registered number: Registered address: Date of the joint administrators appointment: Joint administrators names, addresses and contact details: Central Square, 29 Wellington Street, Leeds, LS1 4DL, formerly Unit 4 Boundary Court, Willow Farm Business Park, Castle Donington, Derbyshire, DE74 2UD 6 March 2017 Anthony Steven Barrell of PricewaterhouseCoopers LLP, Donington Court Herald Way, East Midlands, DE74 2UZ and Toby Scott Underwood of PricewaterhouseCoopers LLP, 8 th Floor Central Square, 29 Wellington Street, Leeds, LS1 4DL 24