Liquidators from KPMG and PwC have begun selling cars, property and personal items belonging to the owners of failed scrap metal business JKL Wakefield.
The company’s creditors include Her Majesty’s Revenue and Customs (HMRC) - who are owed over £47m.
The Yorkshire-based firm, which traded as Eric France Metal Recycling, went into administration in February 2013 with debts of £22m, £21m of which was related to unpaid VAT, and all 18 employees were made redundant.
KPMG and PwC said in a progress report that the business’ former premises had been sold off for £445,000 and a company-owned residential property was sold for £90,000. Two properties owned by shareholders Kathleen France and Jody Firth are being advertised for sale at £1.5m and £1.4m, respectively.
The sale of JKL Wakefield’s supply of scrap metal raised just under £120,000. In addition £348,350 has been raised by selling two “high value” supercars, a Porshe Panamera and a MacLaren MP4-12C, owned by the shareholders.
A further £7,500 was raised through an online auction where two watches and a mobile phone owned by the shareholders were sold off.
The liquidators said in their progress report: “It is anticipated that there will be sufficient funds to make a distribution to unsecured creditors. HMRC are the largest creditor in the liquidation by a significant margin with a submitted claim in excess of £47m.”