Wed, 15 Aug 2012 | ADMINISTRATION
Following a CVL, liquidators have managed to recover funds from Centaur Global Ltd.
The business provided members of the public and institutions with the opportunity to invest in gambling and gaming-related funds. However, it was placed into liquidation in January of this year, with debts to creditors of more than £2 million.
A significant shortfall of client account monies also caused problems for the business.
It is unclear where the funds were recovered from because the precise settlement details remain confidential. However, the joint liquidators Jamie Taylor and Kristie Provan of Begbies Traynor were able to achieve significant recoveries.
The company's assets are expected to be sold off over the next 12 months.
Jamie Taylor commented: “Following the liquidation, most of the creditors did not expect to recover any monies owing to them. I am delighted that by using our expertise we have been able to recover a significant proportion of the overall loss within an unusually short time frame.”
Mr Taylor added that the company's operation was the subject of a full investigation by the Contentious Insolvency Division at Begbies Traynor. By progressing proactive aggressive litigation against the directors, the liquidators were able to maximise the potential recovery of funds on behalf of the creditors.
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