Background
Hugh Jesseman, one of our Licensed Insolvency Practitioners was appointed as Liquidator of 2020 Leisure Limited (The Company) on 8 October 2021. Based in Portsmouth, the Company was incorporated on 2nd January 2020, and intended to trade as a nightclub. However, as a result of the Covid 19 pandemic and the subsequent national lockdowns, the Company was unable to trade in any way, which resulted in it becoming insolvent and entering a Creditors Voluntary Liquidation.
We work with businesses of all sizes and in all sectors to help find practical, common-sense solutions to financial difficulties. Where possible we will recommend and implement restructuring plans to help turn failing businesses around.
The outcome
When, as in this case, there is no alternative to liquidation, our traditional standards of integrity, professionalism and care really come to the fore at what can be a very difficult and stressful time, especially given the unexpected arrival of Covid 19 and the massive disruption it caused to business.
The outcome of this CVL was that on 21st February 2023 we were able to declare a dividend to unsecured creditors (there were no secured creditors) of 43.16p in the £.
